Common Pitfalls to Avoid During the Contracting Process
The success of a project depends on the processes that are followed, by the people who execute them, and, most importantly, with the contractual terms and conditions. One of the main components in execution of a project lies in how to distribute and outsource work to the right stakeholders. This is true in several industries, be it construction, manufacturing, or information technology (IT), etc.
For example, a company can design a product in one country, execute the work in another country, and launch the product in another place. Think of the automobile industry, where multiple components are sourced from vendors across the world. Similarly, the IT industry, to a great extent, runs on an outsourcing model where work is carried out by distributed teams across the world.
One must carefully understand this before attempting to take up any distributed or outsourced projects. This subject is all the more relevant to start-up companies who venture into taking up work with little background and experience. The article discusses some of the common pitfalls that should be avoided by the sellers before signing the contract. While each industry has its own background and context, this article is specific to the IT industry, but it can be related to by professionals from different backgrounds. While the topics in the below article look familiar, a different perspective on each of
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