The Devil Is in the Contract

Any good institution-vendor relationship needs a good contract that defines relative roles and responsibilities, mutual expectations, costs, and liabilities—and it should do it in terms that nonlawyers can understand. Too many schools fail to carefully examine vendor contracts and don't understand their rights. In this case study discussion, we will explore how to define hourly versus fixed price versus fixed price/fixed scope, requirements for any major software contract and consulting contract, and how a tight contract helped a client avoid massive cost overruns.