Contracts
Defining contractual obligations and agreements.
Also Known As
- Agreement
- Service Agreement
- Terms
Related
Addresses / Mitigates
- Agency Risk: Clearly defines roles, responsibilities, and expectations, reducing dependency issues.
- Funding Risk: Outlines cost structures and helps manage budget expectations.
- Schedule Risk: Establishes timelines and milestones to keep the project on track.
Attendant Risks
- Boundary Risk: Contracts can create rigid boundaries that limit flexibility.
- Coordination Risk: Requires careful coordination to ensure all terms are met.
- Process Risk: The process of drafting, negotiating, and managing contracts can be complex and time-consuming.
Description
"A contract is a legally binding agreement that recognizes and governs the rights and duties of the parties to the agreement." - Contract, Wikipedia
Contracts in software development define the terms and conditions under which services are provided. They outline roles, responsibilities, timelines, costs, and deliverables, helping to manage expectations and reduce risks. Effective contract management is crucial for ensuring that all parties adhere to agreed-upon terms and that the project runs smoothly.