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Understanding Statements of Work (SoWs)
Definition and Purpose
A Statement of Work (SoW) is a comprehensive document used in project management and procurement to define the scope, deliverables, and expectations of a project. It serves as a legally binding agreement between a client and a service provider, outlining the specific responsibilities, deliverables, and timelines for the project.
Key Components of an SoW
Typically, an SoW includes the following key components:
- Project scope and objectives
- Deliverables and milestones
- Timelines and deadlines
- Performance metrics
- Budget and payment terms
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