Minor contract types like letters of intent, statements of work, task orders, and purchase orders are much less cumbersome than major master services agreements. The positive is that these agreements can be executed more quickly. The negative is that these agreements cover fewer issues and can leave you exposed to more risks.
- There are minor types of contracts you can use…that are less cumbersome and less complicated…than a master services agreement…or a full services agreement.…Letters of agreement are typically used…for an individual project.…If you sell another project in the future,…you'll need to do another letter of agreement.…These agreements tend to be much lighter…in terms of the topics they cover.…The positive of this is that there are fewer…clauses to review and negotiate.…
The negative is it can expose you to greater risks…because things like liability,…intellectual property ownership,…warranties, and other risks aren't included.…Letters of agreement can be great for very limited…scope engagements like a paid presentation.…For larger consulting projects, they're risky…and ill-advised because of all the issues they don't cover.…Letters of intent outline an agreement…before a formal agreement is finalized.…
Generally, it's non-binding with the exception…of some of the provisions like…confidentiality and non-disclosure.…It's not recommended to perform…
- Major and minor contracts
- Registering as a supplier
- Setting pricing, payment, and other contract terms
- Insurance requirements
- Defining your project
- Negotiating the contract
Skill Level Intermediate
1. Start the Contracting Process
Register as a supplier2m 31s
2. Understand Contract Elements
3. Define Your Project
4. Negotiate the Contract
Next steps1m 18s
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