Select a project from your experience or research which requires procurement (a vendor or seller to complete a portion of work for the project). Provide a summary of the project, including: the project scope statement, high level budget and high level project timeframe. Create a Request for Proposal (RFP) for the work to be outsourced, which includes the necessary parts of a RFP. The specifications of the product, service, or result needed for this procurement must be detailed in the RFP.

The major components in an agreement document will vary, and may include but are not limited to:

Procurement statement of work or major deliverables

Schedule, milestones, or date by which a schedule is required

Performance reporting

Pricing and payment terms

Inspection, quality, and acceptance criteria

Warranty and future product support

Incentives and penalties

Insurance and performance bonds

Subordinate subcontractor approvals

General terms and conditions

Change request handling

Termination clause and alternative dispute resolution mechanisms The items on this list are also the elements commonly found in an RFP. Include at least 9 of these elements in your RFP.