Contracts -- Key Steps: Sourcing. Contracts. A master service agreement (MSA) is a fundamental contract outlining the scope of the relationship between two parties.1.06 "Contract" means the advance payment contract and is the complete and exclusive contract between the Account. This Master Agreement shall apply to and control, and shall be deemed incorporated into, all agreements related to Service Provider providing. THIS MASTER AGREEMENT is entered into between the State of Florida, Department of Elder Affairs, hereinafter referred to as the "department," and the. Master Agreements are agreements that embody agreed-upon terms and conditions of a basic relationship between the University and a sponsor. A master agreement can be used to set out standard terms and conditions so that any new agreements don't need to cover the same information again.