You’re a data mining professional about to negotiate a contract. What do you need to know?

1 Scope and objectives

The first thing you need to know is the scope and objectives of the data mining project. What are the client's expectations, goals, and questions? What are the data sources, formats, and quality? What are the deliverables, timelines, and milestones? You need to have a clear and detailed understanding of these aspects, and document them in the contract. This will help you avoid scope creep, misunderstandings, and conflicts later on. It will also help you estimate the resources, time, and cost of the project.

2 Methodology and tools

The next thing you need to know is the methodology and tools you will use for the data mining project. What are the data mining techniques, algorithms, and models you will apply? What are the software, hardware, and platforms you will use? How will you validate, test, and evaluate your results? You need to explain these aspects to the client, and justify why they are suitable and effective for the project. You also need to specify who will own, access, and maintain the data, the code, and the outputs. You need to include these aspects in the contract, and protect your intellectual property rights.

3 Communication and feedback

The third thing you need to know is the communication and feedback mechanisms you will use for the data mining project. How will you communicate with the client, and how often? What are the channels, formats, and protocols you will use? How will you report your progress, findings, and challenges? How will you solicit and incorporate feedback from the client? You need to establish these aspects with the client, and follow them throughout the project. You need to ensure that the communication and feedback are clear, timely, and constructive. You need to update the contract if there are any changes or issues.

5 Payment and termination

The last thing you need to know is the payment and termination terms you will agree to for the data mining project. How much will you charge for your data mining services, and how will you invoice the client? What are the payment methods, schedules, and conditions? How will you handle any disputes, delays, or non-payments? How will you end the contract, and under what circumstances? You need to negotiate these aspects with the client, and make sure they are fair and reasonable. You need to include these aspects in the contract, and enforce them if necessary.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?