Features of SOW
Project Objectives
Typically outline the specific goals and outcomes that the project aims to acheive.
Benefits
Deliverables & Milestones
It gives the complete scope of work. A detailed explanation of the tasks that the vendor is responsible for completing.
Benefits
Timeline
A timeline or schedule that outlines the start and end dates of the project, as well as any important milestones or deadlines.
Benefits
Resources & Deliverables
The roles and responsibilities of both the organization and the vendor, including the resources, personnel, and equipment required for the project.
Benefits
Payment Terms
The agreed-upon payment terms, including the payment schedule, invoicing procedures, and any penalties or incentives related to meeting project milestones or deliverables.
Benefits
Change Management
A process for managing any changes or modifications to the project scope, timeline, or budget, including how change requests will be submitted, evaluated, and approved.
Benefits
Signatures
The SOW should be signed by both the organization and the vendor to indicate their agreement and commitment to the outlined terms and conditions.