Common terms and definitions

These are some of the common words and definitions you will see when working with eServices. 

• Contract. This is a legal document binding eServices and the vendor. It describes the scope, approved budget, timeline, and payment terms of the project.
• Fixed cost contract. The vendor assumes budget risk and ensures clearly defined scope. The scope is to be delivered by the vendor for the budget identified in the contract.
• Progress. Work that has been completed or started since the last progress report to eServices.
• Project. A unique undertaking with a clearly defined start and finish. The project may be associated with one contract, or several contracts.
• Risk. An event that, should it occur, will adjust the planned schedule, scope, quality, or budget of the project.
• Status. The current state of a project or aspect of a project. For example, budget status and schedule status.
• Time and materials contract. The vendor and client share budget risk and manage the project scope and schedule together. We agree on a contract value cap and detailed reporting from the vendor.