service agreement
noun [ C ]
ukus 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:
Our service agreements cover far more than repair for mechanical breakdown.
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.