History, Background, Thoughts and Legal Considerations_Terms

RFP A request for proposal (RFP) is a document that an organization posts to elicit bids from potential vendors for a desired IT solution. It tells you what the customer P is looking for and establishes evaluation criteria for assessing proposals. Contracts Contracts are promises that the law will enforce. The law provides remedies if a promise is breached or recognizes the performance of a promise as a duty. Letter of Intent (LOI) This is an agreement that goes into detail about a company’s intentions to take action, it is created by the company and its legal representation. Confidentiality Agreement A legally binding contract in which a person or business promises to treat specific information as a trade secret and promises not to disclose the secret to others without proper authorization. Degree of Care Highest degree of care refers to that degree of care applied by a person in a given circumstances. The degree of care exercised is proportional to the danger involved. Warranties An agreement to protect the recipient against loss if the fact is or becomes untrue. Negotiation How people settle differences. The process of compromise or agreement is reached while avoiding argument and dispute. Lawyer Lawyers (also called attorneys) provide legal advice and representation to their clients. Agreement An agreement is made when two people reach an understanding about a particular issue, including their obligations, duties, and rights Reciprocity To give and take mutually;