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O'Connors and idRisk negotiate broker service agreement for FTSE services company
Having identified the insurance broker the FTSE services group wished to appoint, the company sought the help of O'Connors and idRisk in capturing the agreed appointment terms in a comprehensive service agreement, to reflect the services required across the group's operations in over 100 countries.
Working with the company's in-house team, we constructed a tailored service agreement to reflect the group's specific service needs. We then negotiated its terms with the proposed appointee's legal team to formalize the agreed deal, including the specifics of the services, service levels, key performance indicators, fee arrangements and liability provisions.
The company now has a service agreement with its new broker which codifies all the key deliverables in a clear and logical format with straightforward, measurable key performance indicators. The document not only clarifies the roles and responsibilities of both client and service provider but provides both parties with a benchmark against which to evaluate performance on an ongoing basis. This clarity should enable everyone to get on with their respective jobs and build a strong, long-term working partnership.
Commenting on the project, the Company Secretary said: "We found the O'Connors and idRisk blend of insurance market knowledge and legal expertise extremely beneficial in this project. Contract negotiations with service providers always need careful handling and having advisers with such a professional attitude was important in achieving a workable and balanced outcome."
