Agreement

last edited by: Moloy Chakraborty on May 10, 2018 12:25 PM login/register to edit this page


An Agreement is a legal document which is signed between two parties, one party is called the Buyer and another party is called the seller. The Seller supplies the goods and Buyer pays the money in return. An agreement can be a contract, purchase order, understanding or undertaking. It should have legal remedies.

Some of the possible components of an agreement are - • Statement of Work - Brief description of the project and deliverable • Schedule - Start and End date of the Project • Reporting Structure - The template • Frequency of Reporting - Weekly of Monthly • Operating Location - Premises of the seller or buyer • Price - The contract price • Penalty Clauses - For any delays or violations • Payment Terms - Frequency, criteria for the payment • Retaining Clauses - Based on performance • Insurance - If applicable • Change request handling - Use of contract change control system • Termination Clause - The exit policy either from the buyer or from the seller • Subcontractor - Approval from the buyer if the seller chooses the subcontract • Force Majeure - Natural calamities such earthquake, flood


last edited by: Moloy Chakraborty on May 10, 2018 12:25 PM login/register to edit this page


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