Once the scope has been copiously understood and the project deliverables are clearly defined the project team can move forward with developing a project charter. A statement of work (SOW) will be developed and used as a primary source of procurement. During the solicitation phase, a total of five companies will be selected to bid on the project. The project will need to be completed by the first week of October. When the bids for the project have been filled out and returned to the project team, …show more content…
A PFIF contract will give incentive to the contractor to finish the project before the deadline to receive a bonus. If the project is not completed on time, Will is also protected with fees that will cost the contractor more money. If a deliverable is not meet or the features are not as outlined in the scope, the contractor will also have to pay fees to Will. If the project is completed on time and the agreements followed the incentive and project total will not exceed the $55,000, which will help to keep the budget on