APRA CPS 230 para 53 (formal agreement contents)

For every material arrangement the entity must hold a formal, legally binding agreement that at least: (a) defines the services and their service levels; (b) sets each party's rights, duties and expectations, including asset ownership, data ownership and control, dispute resolution, audit access, indemnity and liability; (c) lets the entity satisfy its legal and compliance obligations; (d) obliges the provider to notify the entity when it materially relies on other material service providers through subcontracting or similar to deliver the service; (e) makes the provider responsible for any subcontractor's failure; (f) contains a force majeure clause stating which parts survive a force majeure event; and (g) gives termination rights over the whole arrangement or parts of it, and for an RSE licensee a right to terminate where continuing would breach the best financial interests duty (SIS Act s 52(2)(c)). Para 57 can exempt the arrangement (Attachment category provider on standardised terms or no formal agreement), and APRA can exempt it in writing under para 58.