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Understanding the Statement of Work (SOW)

Support Admin | October 19, 2017 | Knowledge Base

So you’ve chosen your Service provider and are now ready to review your Statement of Work (SOW). This is the all-important contract between you and Maistro.

To ensure project success, it’s best to make sure the SOW covers every aspect of your project, from the scope of the project through to the payment schedule.

Below, we’ll walk you through your SOW and give you some helpful advice on reviewing its contents before your project kicks off.

Project Overview

The project overview should cover the details of the project. This will include a number of areas including.

  • Project Background: What work needs to be completed and what is the purpose of the project?
  • Project Scope/Deliverables: What is the Service Provider expected to deliver? It is important to make sure this is correct when agreeing to this contract.
  • Targets or Key Performance Indicators (KPI’s): These will be used to measure the success of the project.
  • Expectations: A guidance to the expectations of how the project should be delivered and managed by both you and the Service Provider.
  • Agreements: Any clauses and agreements between you and Maistro around expenses or changes to project scope.

Project Milestones

The milestones will be a simple list of key deliverables for the project. These will have been specified by the Service Provider on the project schedule included in their pitch and, after been reviewed by and agreed to with you, will form the milestones of the SOW. These are key measures of project success, so it’s important to make sure that this list contains everything that will be delivered in your project.

Payment Schedule

The payment schedule is a date-based schedule of your agreed contractual payments with Maistro, and specifies when these payments will be made. These payments are vital to ensuring the project progresses as expected.

That’s it!

Once you are happy and have agreed to the content with Maistro, your Statement of work will be finalised. A final copy will then be sent out to all parties – both you and your chosen Service Provider.

You can read this document at anytime by logging into Project Space via your Dashboard.

Your project will now kick off, and you can start to use some of the Project Space’s fantastic to manage your project throughout its lifecycle, from kick-off to completion.

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