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Letter Of Understanding
A Letter of Understanding (LOU) is a formal text that sums up the terms of an undertakings of a contract which may have been negotiated up to this point only in spoken form or otherwise informally. It reviews the terms of an agreement for a service, a project or a deal and is often written as a step before a more detailed contract is issued. The LOU may provide for example: * Detailed summary of the work to be performed * Tasks of the service provider and the receiver * Milestone A milestone is a numbered marker placed on a route such as a road, railway line, canal or boundary. They can indicate the distance to towns, cities, and other places or landmarks; or they can give their position on the route relative to so ...s for the work to be done * Work steps that have been accomplished already References {{reflist Law and economics ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract
A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or rescission. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Contract law, like other areas of private law, varies between jurisdictions. The various systems of contract law can broadly be split between common law jurisdictions, civil law jurisdictions, and mixed law jurisdictions which combine elements of both common and civil law. Common law jurisdictions typically require contracts to include consideration in order to be valid, whereas civil and most mixed law jurisdictions solely require a meeting of the mind ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Service (economics)
A service is an "(intangible) act or use for which a consumer, firm, or government is willing to pay." Examples include work done by barbers, doctors, lawyers, mechanics, banks, insurance companies, and so on. Public services are those that society (nation state, fiscal union or region) as a whole pays for. Using resources, skill, ingenuity, and experience, service providers benefit service consumers. Services may be defined as intangible acts or performances whereby the service provider provides value to the customer. Key characteristics Services have three key characteristics: Intangibility Services are by definition intangible. They are not manufactured, transported or stocked. One cannot store services for future use. They are produced and consumed simultaneously. Perishability Services are perishable in two regards: * Service-relevant resources, processes, and systems are assigned for service delivery during a specific period in time. If the service consumer does not ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Project
A project is any undertaking, carried out individually or collaboratively and possibly involving research or design, that is carefully planned to achieve a particular goal. An alternative view sees a project managerially as a sequence of events: a "set of interrelated tasks to be executed over a fixed period and within certain cost and other limitations". A project may be a temporary (rather than a permanent) social system ( work system), possibly staffed by teams (within or across organizations) to accomplish particular tasks under time constraints. A project may form a part of wider programme management or function as an ''ad hoc'' system. Note that open-source software "projects" or artists' musical "projects" (for example) may lack defined team-membership, precise planning and/or time-limited durations. Overview The word ''project'' comes from the Latin word ''projectum'' from the Latin verb ''proicere'', "before an action," which in turn comes from ''pro-'', which d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Service Provider
A service provider (SP) is an organization that provides services, such as consulting, legal, real estate, communications, storage, and processing services, to other organizations. Although a service provider can be a sub-unit of the organization that it serves, it is usually a third-party or outsourcing, outsourced supplier. Examples include telecommunications service providers (TSPs), application service providers (ASPs), storage service providers (SSPs), and internet service providers (ISPs). A more traditional term is service bureau. IT professionals sometimes differentiate between service providers by categorizing them as type I, II, or III. The three service types are recognized by the IT industry although specifically defined by ITIL and the U.S. Telecommunications Act of 1996. *Type I: internal service provider *Type II: shared service provider *Type III: external service provider Type III SPs provide IT services to external customers and subsequently can be referred to as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Milestone (project Management)
Milestones are tools used in project management to mark specific points along a project timeline. These points may signal anchors such as a project start and end date, or a need for external review or input and budget checks. Some contracts for products include a "milestone fee" that may be paid out when certain points are achieved. In many instances, milestones do not impact project Duration (project management), duration. Instead, they focus on major progress points that must be reached to achieve success. Using milestones in scheduling Milestones can add significant value to project Schedule (project management), scheduling. When combined with a scheduling methodology such as Program Evaluation and Review Technique (PERT) or the Critical Path Method (CPM), milestones allow project managers to much more accurately determine whether or not the project is on schedule. By constraining the dates associated with milestones, the critical path can be determined for major schedule int ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
