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Agreements. Any document or communication defining the initial intentions of a project. This can take the form of a contract, a memorandum of understanding (MOU), an agreement, oral agreements, email, etc. The legally binding nature of the contract indicates that it is subject to extensive approval processes so that the product or service meets the needs set out in the language of the contract. The complexity of the agreement review process also varies depending on the type of organization. For large companies, the agreement may need to be publicly reviewed, but small organizations can only require the project manager and owner to verify the project management contract. It is a mix of fixed price contracts and refundable contracts. This is where both sides share the risk. .