What does "contracting for the deal" involve?

"Contracting for the deal" primarily involves the process of formalizing the terms of the agreement between parties involved in a project. This includes updating the commercial case to accurately reflect the negotiated terms, which may encompass pricing, delivery timelines, responsibilities, risks, and other crucial elements of the agreement. This step is essential because it ensures that all parties have a clear understanding of what has been agreed upon and provides a basis for managing the contract throughout its lifecycle.

This process not only secures the commitments but also helps to mitigate risks by establishing clear expectations and responsibilities, which is a fundamental aspect of effective project management and governance. By honing in on the negotiated terms, the updated commercial case ensures that all stakeholders are aligned and have a documented reference for their roles and obligations moving forward.