PMBOK 12.2.3.2 p. 489
meta:
A contract is a mutually binding agreement that obligates the seller to provide the specified products, services, or results; obligates the buyer to compensate the seller; represents a legal relationship that is subject to remedy in the courts. The major components in an agreement document will vary, and may include but are not limited to:
- Procurement statement of work or major deliverables;
- Schedule, milestones, or date by which a schedule is required;
- Performance reporting;
- Pricing and payment terms;
- Inspection, quality, and acceptance criteria;
- Warranty and future product support;
- Incentives and penalties;
- Insurance and performance bonds;
- Subordinate subcontractor approvals;
- General terms and conditions;
- Change request handling; and
- Termination clause and alternative dispute resolution mechanism