Meaning of “service agreement” in the English Dictionary

"service agreement" in Business English

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service agreementnoun [ C ]

uk us

COMMERCE an agreement between a company and a customer, stating that the company will check and repair equipment for an agreed price during a fixed period of time:

Give yourself time to compare quality, price, and service agreements elsewhere.

HR a formal agreement between a company and an employee in a high position about their pay and conditions of employment:

Directors' service agreements of more than 12 months' duration can be inspected by any shareholder.
Chief executive Anders Erikson has a one-year service agreement with a salary of €170,000.

(Definition of “service agreement” from the Cambridge Business English Dictionary © Cambridge University Press)