Contracts should also have clearly defined processes for resolving problems and list the key decision makers.
"This is actually standard operating procedure for federal contracts," Ferrara said. "Commercial contracts have a tendency to be not as detailed, however."
Spelling out the responsibilities of both sides is pivotal in avoiding future problems, Roger Entner, analyst and founder of Recon Analytics, said.
"If you write a contract, you have to make it idiot proof, because the other side will follow it exactly to the letter and not more," Entner said. "Everybody is under a profit pressure."
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