What is statement of work in SAP CEC-SAL-CLM - Contract Lifecycle Management?

SAP Term: statement of work

• Component: CEC-SAL-CLM

• Component Name: Contract Lifecycle Management

• Description: A document within a contract that describes the work or service requirements.

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• Key Concepts: 
  A Statement of Work (SOW) is a document used in the Contract Lifecycle Management (CLM) component of SAP CEC-SAL. It is a legally binding document that outlines the scope of work, timeline, and deliverables for a project. It also includes details such as payment terms, milestones, and any other relevant information. 
  
  How to use it: 
  The SOW should be created before the start of a project and should be reviewed and signed by both parties involved. It should be updated throughout the project to reflect any changes in scope or timeline. The SOW should also be used to track progress and ensure that all deliverables are met. 
  
  Tips & Tricks: 
  When creating a SOW, it is important to be as detailed as possible. This will help ensure that both parties are on the same page and that all expectations are met. It is also important to include any contingencies or clauses that may apply in case of unforeseen circumstances. 
  
  Related Information: 
  The SOW is an important part of the CLM process and should be used in conjunction with other documents such as contracts, purchase orders, and invoices. It is also important to keep track of all documents related to the project in order to ensure that all requirements are met.