Here is about the paper work:
1. Master Service Agreement (MSA)
- Prepare a draft MSA
- Get the legal departments sign off
- Get the client sign off
- Get the company legal representative (CFO, COO) sign off
- Keep the record in the legal or contract management departments
This is generic, not specific to a project and include the default terms that can be overridden at the SOW level.
2. Statement of Work (SOW)
This is more project specific and include the deliverables and times.
The financial terms, including the monthly pay rates, are included in SOW.
For maintenance work, the SOW may be renewed periodically.
3. Non-disclosure Agreement (NDA )
Both sides need to sign this NDA, before the contractor can start work.
4. Purchasing Order (PO)
PO are created in the system for the contracting services.
The MSA and SOW are the attachment for getting PO approved.
The PO will also need to be approved by Financial department against budget items.
5. Time Sheets and Work Verifications
The vendor will send the invoice to the company.
The invoice should have an invoice number that is generated by the service providers.
The Invoice should refer to a PO that was created by the receiving company.
The PO should be an approved PO before the invoice can be verified and paid.