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A statement of work should contain; an overview, governance detail, the approach, phases and tasks, deliverables, timeline and milestones, estimate and payment schedule, and any assumptions.

Lay out what will be accomplished, and when. Include deadlines, milestones, and other relevant information. Think of it as the verbal, more friendly version of the Terms and Conditions (see below). After all, a large factor in meeting your own deliverables is having a cooperative partner on the other end.

A statement of work is legally binding, but it is not the final, formal contract signed at the end of the contracting process. It can be thought of as the formal foundation of a final contract.

The statement of work (SOW) is a legally binding document that captures and defines all the work management aspects of your project. You'll note the activities, deliverables and timetable for the project.

Here are the 7 things you should include in your Statement of Work:Scope of Work. Include what's actually going to be done, or what could be done if required.Deliverables.Timeline and Resources.Payment Terms.Client Services.Changes.Terms and Conditions.

Elements of an SOW can include:Purpose of the project.Scope of work being performed.Location of the project, project length, and any work requirements.Expected deadlines and deliverables.Acceptance criteria.Any hardware and software required.Performance-based standards to be met.

The statement of work should include:All deliverables and due dates.The individual tasks that lead to the deliverable, and who these tasks are assigned to.The resources needed for the project including facilities, equipment, and QA procedures.The governance process for the project.Costs and deadlines for payment.