Considering business outsourcing? It might be time to draw up a contractual agreement for you and the outsourcing company or party. This agreement will define the project in full including items such as the time line, budget, people, and more. When attempting to outsource, it is important to draw up a contract. The contract will spell out all of your expectations for the project and what the role of the company and their employees will be. This gives you the opportunity to hold the company accountable for the work you are asking to be done. When you sign a contractual agreement for business outsourcing, the contract will specify the time frame of the project and set a timeline. The timeline will set milestones during the project and specify an expected completion date. In addition, many contractual agreements will highlight percentages of payment according to the completion of each set milestone. If the completion or the milestone is not met on the expected date, a stipulation may be defined on the contractual agreement also. The contract signed between you and a business outsourcing company will define the budget of the project and what the company has agreed to do the project for. If the company has underbid the project, then they must pay the excess funds to complete the project. It is not your responsibility if the company underbids, and the contract should be clear on this. This includes the amount of hours it takes for completion of the project. If the company promised the project would be completed in a certain amount of hours and it is not then their staff will be working for free until the project is completed. You must sign a contractual agreement along with the business outsourcing company you are hiring. This is to protect the company and the funds you have for the project.