Sam 386 unit 8 - Assignment Example

A service contract can be defined as a legal document that outlines the agreed terms as part of a professional agreement (Jane, . Contracts include the terms that both parties must abide by during the life of the contract. It is important to include all the terms in writing for the contract to be legally binding. An oral contract is a valid agreement, but it is hard to proof its existence in a court of law. Six elements of a service contract are the parties, scope of work, term and timeline, payment details, intellectual property ownership, and contract termination (Artofbusiness, 2014).

A contract must include the names of both or more parties involved. The parties when dealing with businesses must include the type of entity and state of establishment. The scope of the work describes in detail the things that must be done to comply with the terms of the contract. It also includes a specific list of deliverables for the project and a process for expanding the scope of work, should the client want you to provide additional services (Artofbusiness, 2014). The precise terms of the contract and the timeline for delivery of the contract are important elements.

The project manager must provide progress reports to upper management about the completion status of the project. The payment details is probably the most important element of a service contract. The contract must clearly states who owns any patents, copyright, or trademarks that are product during the course of business of the contract. ReferencesArtofbusiness.com (2014). Elements of a Good Professional Service Contract. Retrieved July 15, 2014 from http://artofbusiness.com/elements-of-a-good-professional-services-contract/ Jane, M. (2014). What is a Service Contract Agreement?

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