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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. [1]
Note that in many cases the statement of work is a binding contract. [2] Master service agreements or consultant/training service agreements postpone certain work-specific contractual components that are addressed in individual statements of work. The master service agreement serves as a master contract governing the terms over potentially ...
See the executed contract agreement for additional language regarding the Schedule of Values. Each Project/Job shall have a separate Schedule of Values. If multiple Projects/Jobs are included in one contract, then the Contractor/Vendor must create a separate Schedule of Values which clearly segregates costs among each Job for billing, reporting ...
The International Federation of Consulting Engineers (commonly known as FIDIC, acronym for its French name Fédération Internationale Des Ingénieurs-Conseils) is an international standards organization for construction technology and consulting engineering. The organization is best known for the FIDIC suite of contract templates.
Such clauses refers to the standardized clauses in contracts, and they are to be found towards the end of the agreement. [1] Including boilerplate clauses is the process by which parties to the contract may better define their relationship and the will to provide certainty if terms in the contract are ever disputed.
This phrase "terms of reference" often refers to the task(s) assigned to a consultant or adviser. Such a consultant or adviser may be engaged via a contract with general terms of engagement that also incorporate the terms of reference that specifically describe the consultant's task. [6]
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