Common use of Discovery Phase Clause in Contracts

Discovery Phase. In the discovery phase, there is insufficient information for the parties to reach a final contract with in-depth product specifications, final budget and schedule, production milestones, deliverables, etc. SolutionX and Client work together to reach an interim agreement or letter of intent, based on the high-level overview of the concept document. This letter of intent allows the parties to move forward with creating the all-inclusive scope document and to derive from it a final schedule and final budget which will lead to a final contract.