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It's also important for both parties to sign off on an SOW before any work begins as this makes it legally binding on both sides. Failure to do so could mean that one party has no legal recourse should things go wrong further down the line.

While a statement of work can be sent to the client for approval and is flexible to change and negotiable, a contract is the final step in the negotiation process that binds both parties together. Both terms are often used interchangeably, but depending on the context, there's yet a slight difference between the two.

A statement of work (SOW) is a document that provides a description of a given project's requirements. It defines the scope of work being provided, project deliverables, timelines, work location, and payment terms and conditions.

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.

There are three main types of statement of work: Functional SOW. Performance SOW. Design SOW.

Each project requires a unique SOW that outlines the specifics of that engagement. That said, almost all SOWs will include seven elements: the Scope of Work, deliverables, time and resources, payment terms, client services, changes, and terms and conditions.

A Statement of Work, often known as an SOW, is a business agreement that outlines deliverables and project goals. It's created to keep everyone on the same page about deadlines, scope of work, and project expectations.