Summary Admittedly, contracts form the basis of the ways in which most organizations conduct business. Most of the agreements created by firms are embedded in business projects. Conventionally, business projects require the input of different parties in an organization (Schoenfeld, 2020). For a business project to bear success, various issues must be put into consideration. For instance, the interests of different parties are worth considering. The topics discussed in this white paper comprise contract terms, statements of expectation, and general guidelines governing the agreement between the organization and the contract provider. Contract administration involves managing various business risks. For this reason, it becomes necessary to administer a contract at some point in the business cycle. The basic purpose of an agreement is to monitor performance trends and ensure that all contract objectives are met on time and within the planned budget. Additionally, it is imperative to administer a contract because formed commitments help detect any system deficiencies and consequently find remedies or solutions to problems before their impacts escalate. Statement of Expectation The company will engage private trainers from a contract provider to offer vocational training and education to the company’s employees. The trainers are expected to deliver quality and relevant industrial training that will positively impact the workforce. It is expected that the training that employees will get will translate into actual results in terms of workplace output. Regarding the statement of work, training services will be provided by private trainers at the organization’s premises. The training period will be scheduled to take place for a period of five weeks. The actual starting date of the coaching is scheduled for 16th May 2021. There will be two phases of training; the first phase will target employers. The purpose of this teaching is to make managers cognizant of the contracts that they owe to their employees. Training services offered at this level are expected to be implicit in quality and authenticity. The primary intention is to bring meaning to the affairs of the organization. On the underscore, the second phase will particularly target employees. In any organizational setup, employees have an intrinsic relationship with their employers. In this regard, it is imperative for them to develop a good understanding of the contracts that they form with their employers. Moreover, the trainers will be tasked with the responsibility of training the staff of the organization on all other matters regarding corporate performance and management. There are specific rules that both companies are required to adhere to. For instance, the buying company must accept to produce the initial draft for consideration (Schoenfeld, 2020). This document helps the contract provider to get a legal ground for suing the buyer in case they breach the terms of the contract. The buying company is also obliged to adhere to payment plans as agreed in the contract agreement. On the underscore, the contract provider is required to adhere to the rule of commitment to the agreement. In our scenario, the provider of training services