Use the borrower's property as collateral
Release a lien or claim against property
Certify that a project is complete
State terms and conditions of a bid
Request proposals or bids for services
Request bids for a speciific project
Establish the completion date for a project
Request payment for work completed on a project
Notify a contractor to begin work on a project
Back a bid financially to show it will be honored
Guarantee work has been substantially completed
Set up a business arrangement for a joint bid
Ensure payment for a project with a bond
Minimize financial risk by insuring a project
Ensure fairness in the bidding process
Establish steps to complete a project
Detail terms and objectives for a project
Ask for more time to prepare your proposal
Ask to use commercial space for an event
Work on a new project FAQs
You do not have to be a project manager to work on a project, but you may be working with one. You should know a few basic project terms, so you understand terms that may be communicated to you about a project.
When a certain goal is met mid-project.
Like the word sounds, it's someone who has a stake in the project. It could be the business owner, the project lead, the client or investor.
A term of measurement used to rate the project performance. Often it is the schedule and/or the budget.
How changes to the project are managed. Often there will be a procedure for how changes may be made to the project.
Risks are things that could go wrong or change the project. Risks could be budget issues or scheduling challenges that need to be managed.
An issue is a challenge to the project. Often a challenge that makes it difficult or impossible for a team member to meet a goal.
Scope is the parameters of the project. Scope is used to keep the team focused, but also to clearly show stakeholders how the project will be managed.
A project dependency is simply a task that relies on another. For example, content and design projects have to be completed before the developer can implement them into their website.
The product or service to be delivered to the client (internal or external). There can be more than one per project.
A sprint or an iteration is an incremental part of the project. If you hear something like, "we'd like to get this in the next sprint" that simply means they'd like to get it in the next work cycle of the project.
After you've done the obvious, such as sending them a demand for payment letter, reaching out by email and phone, you'll need to decide if the amount is worth spending money to pursue. If you are not being paid because the client is in bad financial shape, you may never get paid even if you win your court case. If you think it is worth pursuing using the courts, you'll need to hire a lawyer. Your lawyer will send a formal demand letter and can help you file with the courts. Another option is to hire a collection agency to pursue the balance for you.
The first step towards ensuring payment is making a contract. The contract should outline payment terms, including how out-of-pocket expenses will be managed. You should also:
If they provide their own contract, have your lawyer review the terms if it is a high-priced contract. They may also require that you carry your own liability insurance. You may also be asked to sign a Confidentiality Agreement.