Short-Term Sheet for Development
I. Project Overview
This Term Sheet is established by [YOUR COMPANY NAME] to outline the essential terms and conditions of a short-term development project between [YOUR COMPANY NAME] and [PARTNER 'S COMPANY NAME]. The primary goal is a cutting-edge mobile application for inventory management, expected to be completed within 6 months.
The project will encompass various stages of development, each requiring rigorous attention to detail to ensure that final deliverables meet the agreed-upon requirements. This document serves as a foundational agreement to ensure that all parties are aligned with the project scope and expectations before the development begins.
II. Parties Involved
The following parties are engaged in this short-term development project:
[YOUR COMPANY NAME], [YOUR LOCATION]
[PARTNER'S COMPANY NAME], [PARTNER'S LOCATION]
Both parties agree to cooperate fully and execute their responsibilities as outlined in this document. Communication will be maintained regularly to ensure all milestones are achieved effectively and efficiently within the stipulated periods.
III. Project Scope and Deliverables
The project's precise scope and the deliverables are detailed below to ensure mutual understanding and agreement:
Scope of the project: Develop a user-friendly mobile application for inventory management, with features including real-time tracking, data visualization, and automated alerts.
Key Deliverables:
Mobile App Prototype, Due by September 15, 2050
Beta Version of App, Due by November 30, 2050
Final Release, Due by January 31, 2051
Any changes to the scope or additional requests outside the listed deliverables will necessitate a revised term sheet and might impact the project timeline and budget.
IV. Timeline and Milestones
The planned timeline for each deliverable is outlined as follows:
Milestone | Description | Due Date |
|---|
Mobile App Prototype | Completion of initial design and basic functionality | September 15, 2050 |
Beta Version of App | Integration of advanced features and testing | November 30, 2050 |
Final Release | User acceptance testing and deployment | January 31, 2051 |
Each milestone must be completed satisfactorily before moving on to the next phase, as adherence to this schedule is crucial for the timely delivery of the project.
V. Budget and Payment Terms
The total budget agreed upon for the completion of this project is $150,000. The payment schedule is as follows:
Initial deposit: 30% upon signing of this term sheet.
Progress payment: 40% upon completion of the Beta Version milestone.
Final payment: 30% upon project delivery and final acceptance.
All payments will be made within 15 days of invoicing, and invoices must be detailed, reflecting the actual work completed by the project milestones.
VI. Jurisdiction
This agreement shall be governed by and construed by the laws of [APPLICABLE JURISDICTION]. In the event of any disputes, both parties agree to first seek an amicable resolution. If a resolution cannot be reached, they agree to submit to the exclusive jurisdiction of the courts in [SPECIFIED LOCATION].
It is understood that this term sheet is not a definitive contract but an agreement to the terms outlined herein. The full formal contract will be drafted and signed following the acceptance of this term sheet by all parties concerned.
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