Can the SOI be signed electronically?

Yes. Electronic signatures are legally valid in the United States under the ESIGN Act (15 U.S.C. ch. 96) and state UETA laws where adopted, provided intent, consent, attribution, and record retention are satisfied.

When is notarization required?

Notarization is required only if specified by state law or the parties; some states require notarization for certain documents. Check the applicable state rules before assuming a notary is needed.

What if a signer’s name is entered incorrectly?

Minor clerical errors require correction and re-execution to avoid enforceability questions. If signatures are mismatched with legal names, obtain a corrected signed SOI to preserve certainty.

How do you revoke or amend an SOI?

Revocations or amendments should follow the change control process in the SOI or underlying contract. Execute an amendment document signed by authorized representatives and retain both versions for audit.

Is witness testimony ever required?

Witness requirements depend on state law and the document type; some states require witnesses for certain deviceable instruments. Consult state rules for specific witness counts.

How to handle missing signatures after execution?

If signatures are missing, do not rely on partial execution. Obtain the missing signature through a corrected SOI or amendment and record the full audit trail for all signatory actions.

Business Services SOI

This template is fully customizable. Edit the text, fill out the fields, and send it for signature. Give it a try!

BUSINESS SERVICES STATEMENT OF INTENT (SOI)

RECITALS

WHEREAS, Service Provider: is engaged in the business of providing professional business services described herein; and

WHEREAS, Client: desires to retain Service Provider to perform certain services and the parties wish to set forth their mutual understanding and obligations in this Statement of Intent (SOI).

NOW, THEREFORE, in consideration of the mutual covenants set forth below, the parties agree as follows.

STATEMENT OF INTENT

This SOI sets forth the parties' agreement for the provision of business services by Service Provider to Client, including the scope, timing, compensation, confidentiality obligations, and other material terms that will govern the parties' relationship pending execution of any further definitive agreement.

SCOPE OF WORK

Detailed scope and deliverables

Service Provider shall perform the services described above in a professional and workmanlike manner consistent with industry standards. Any material changes to scope shall be documented in a written amendment signed by both parties and may affect fees and schedule.

PAYMENT TERMS

Total fee or estimated not-to-exceed amount Deposit or initial payment amount Payment schedule / milestones

Invoices are due within days of receipt unless otherwise stated. Late payments shall accrue interest at < % per month or a flat late fee of $ , whichever is greater.

TERM AND TERMINATION

This SOI shall commence on and shall continue until unless earlier terminated in accordance with this section.

Notice period for termination without cause (days)

Either party may terminate this SOI immediately for material breach by the other party that remains uncured after ten (10) business days' written notice. Termination shall not relieve Client of its obligation to pay for services performed and expenses incurred through the effective date of termination.

CONFIDENTIALITY

Each party acknowledges that, in the course of performance, it may receive or have access to confidential or proprietary information of the other party ("Confidential Information"). Confidential Information excludes information that: (a) is or becomes publicly available without breach; (b) is rightfully received from a third party without breach; (c) is independently developed without use of the other's Confidential Information; or (d) is required to be disclosed by law, provided the disclosing party gives prompt notice and cooperates to seek protective treatment.

Each party shall: (i) use Confidential Information only to perform its obligations under this SOI; (ii) restrict access to Confidential Information to employees or contractors with a need to know and who are bound by confidentiality obligations no less protective than those herein; and (iii) return or destroy Confidential Information upon written request or termination of this SOI. The obligations of confidentiality survive termination for a period of three (3) years.

ADDITIONAL TERMS

Independent Contractor: Service Provider is an independent contractor and not an employee, partner, or agent of Client. Service Provider is solely responsible for payment of all taxes and benefits for its personnel.

Indemnification: Each party shall indemnify, defend and hold harmless the other party from and against third-party claims arising from the indemnifying party's gross negligence or willful misconduct in connection with this SOI.

Limitation of Liability: Except for liability arising from a party's gross negligence, willful misconduct, or breach of confidentiality, neither party shall be liable for indirect, incidental, special, or consequential damages. The aggregate liability of either party for claims arising out of this SOI shall not exceed the total fees paid by Client to Service Provider under this SOI.

GOVERNING LAW; DISPUTE RESOLUTION

This SOI shall be governed by and construed in accordance with the laws of the State of without regard to conflict of law principles. The parties agree to submit to the exclusive jurisdiction of the state and federal courts located in that state for any disputes arising under this SOI.

ENTIRE AGREEMENT

This SOI constitutes the entire agreement between the parties with respect to its subject matter and supersedes all prior and contemporaneous agreements, understandings, and communications, whether written or oral. Any modification or amendment must be in writing and signed by authorized representatives of both parties.

NOTICES

Service Provider address for notices Client address for notices

The parties have executed this Statement of Intent as of the dates indicated below.

Service Provider:

By:

Date:

Client:

By:

Date:

What the Business Services SOI is and when it’s used

A Business Services SOI (Statement of Information) is a formal document that describes the scope, responsibilities, deliverables, pricing, and administrative details for a business services engagement. It summarizes parties, service descriptions, effective dates, milestones, and acceptance criteria so stakeholders have a single, standardized record of expectations. The SOI is commonly used when onboarding vendors, documenting consulting arrangements, setting managed-service terms, or confirming professional services work prior to invoicing and execution.

Why a clear Business Services SOI matters

A concise SOI reduces ambiguity, limits disputes, and creates a single source of truth for scope, timelines, responsibilities, and payment terms. Well-drafted SOIs improve governance and make audits, invoicing, and change control simpler for both providers and clients.

Typical users and stakeholders of a Business Services SOI

Teams that rely on the SOI include procurement, vendor management, finance, project managers, and legal counsel; each uses the SOI to confirm obligations and control spending.

Procurement teams use SOIs to align scope with purchase orders and ensure vendor compliance with contract terms.
Finance and accounts payable reference the SOI to validate invoices, milestones, and payment schedules.
Project managers and service owners track deliverables, acceptance criteria, and change requests against the SOI.

A single, accessible SOI helps cross-functional teams reduce rework and supports consistent recordkeeping for audits and regulatory reviews.

Who signs and approves the SOI

Authorized Signatory — CFO

The CFO or delegated finance officer typically signs to accept financial terms and payment commitments. Their signature confirms budget approval and liability acceptance under company financial controls. Legal counsel may countersign for high-risk engagements.

Service Owner — Program Manager

The program or project manager signs to confirm technical scope, deliverables, acceptance tests, and milestone definitions. This signer is responsible for operational oversight, change requests, and coordinating acceptance testing with the client.

Essential data and security items to include

Party Legal Names: Full registered name

Tax ID: EIN or SSN

Scope Summary: One-line service summary

Effective Date: MM/DD/YYYY

Payment Terms: Net terms, currency

Security Controls: Encryption, access rules

Step-by-step: preparing and issuing the SOI

Follow these sequential steps to prepare, authorize, and distribute a Business Services SOI with audit-ready records.

01

Draft SOI: Populate scope, dates, fees, and contacts.
02

Internal Review: Finance and legal review terms and risk.
03

Send for Signature: Use secure eSignature or physical signing.
04

Archive Record: Store executed SOI with audit trail.

Configuring an online SOI workflow

Set up a digital workflow that enforces field completion, signer order, and retention of audit data before sending the SOI for signature.

Field	Configuration
Required Fields	Mark core fields as mandatory
Signer Order	Define sequential or parallel signing
Authentication	Email + SMS code or stronger
Audit Trail	Enable IP, timestamp, and action log

Where to send or file the completed SOI

Choose destinations that meet operational, contractual, and regulatory needs and retain proof of delivery and receipt.

Client Records: Store executed SOI in client contract repository
Vendor Portal: Upload to vendor management system
Finance System: Attach to purchase order or invoice
Corporate Archive: Keep final copy in centralized archive

Digital signing and distribution considerations

Select a platform that preserves an audit trail, supports your required signer authentication level, and integrates with existing systems for storage and invoicing.

Authentication Options: Email, SMS code, KBA
Integrations: Salesforce, NetSuite, Microsoft 365
File Formats: PDF, DOCX, HTML supported

Ensure the chosen workflow captures timestamps, IP addresses, and a certificate of completion to support enforceability and internal controls.

Typical eSignature vendor pricing and capability snapshot

Comparing common pricing and key capabilities can help you match an eSignature option to SOI volume, required authentication, and regulatory needs. signNow is listed first for column alignment.

	signNow	DocuSign	Adobe Sign	PandaDoc	HelloSign
Starting Price	$8/user/mo	$15/user/mo	$14/user/mo	$19/user/mo	$15/user/mo
Free Trial	7-day free trial	Plan-dependent	Plan-dependent	Plan-dependent	Plan-dependent
Bulk Send	Available (premium)	Available	Available	Available	Plan-dependent
Audit Trail	Yes	Yes	Yes	Yes	Yes
HIPAA Compliant	Yes	Yes	Yes	No	No
Envelope Cap	No cap	100 envelopes/user/year	Plan-dependent	Plan-dependent	Plan-dependent

Real-world SOI examples

Examples illustrate common SOI structures across provider and client scenarios.

Optica Ventures (COO)

A small services firm used an SOI to standardize consulting deliverables and acceptance criteria.

Reduced contract review cycles by centralizing terms and templates.
The standardized SOI allowed faster onboarding and clearer acceptance steps for both the provider and client, reducing disputes and accelerating first invoices.

Martin Properties (Founder)

A property services team used the SOI to document recurring maintenance scopes and pricing.

Linked SOIs to vendor invoices for faster processing.
This approach improved invoice matching, shortened payment cycles, and ensured maintenance scopes aligned with owner expectations.

Common mistakes to avoid when preparing an SOI

Using vague scope language that leaves deliverables open to interpretation and increases dispute risk.
Failing to list exact payment terms and invoicing triggers, causing invoice rejections or late payments.
Omitting signatory authority checks, so the person signing lacks corporate authority to bind the party.
Neglecting to capture an audit trail or signed copy, complicating enforcement and audit readiness.

Key risks and potential penalties

Contract Disputes: Costs of litigation

Invoice Rejections: Payment delays

Regulatory Exposure: Industry fines

Tax Filing Penalties: 1099 penalties (IRC §6721)

HIPAA Violations: 6-year retention risk

Invalid Signature: Enforceability issues

Practical tips for accurate and efficient SOIs

Follow these practices to reduce rework, speed approvals, and ensure the SOI is enforceable and audit-ready.

Use Standardized Templates

Maintain approved templates that include mandatory fields, required clauses, and consistent acceptance criteria so reviewers focus only on scope changes and pricing.

Validate Signatory Authority

Confirm signers have delegated authority and include title and company details in the signature block to prevent future disputes over contractual capacity.

Require Mandatory Fields

Make key fields required in the form (effective date, payment terms, scope summary) to avoid incomplete SOIs that delay approvals or invoicing.

Capture an Audit Trail

Use a signing solution that records timestamps, IP addresses, and signer authentication events to support enforceability and streamline internal audits.

Typical timelines and processing expectations

Plan realistic internal and external review windows and set clear deadlines for signature, acceptance testing, and billing to avoid downstream delays.

Internal Review Window:

Allow 3–5 business days for legal and finance review

Client Signature:

Request signature within 7 calendar days to maintain schedule

Acceptance Testing:

Client has 5–10 business days to confirm deliverables

Invoice Submission:

Submit invoices within agreed billing cycle

Dispute Response:

Acknowledge disputes within 3 business days

Frequently asked questions about Business Services SOIs

Answers to common questions about execution, eSigning, notarization, and correcting errors related to the SOI.

Need help? Contact support

Can the SOI be signed electronically?
Yes. Electronic signatures are legally valid in the United States under the ESIGN Act (15 U.S.C. ch. 96) and state UETA laws where adopted, provided intent, consent, attribution, and record retention are satisfied.
When is notarization required?
Notarization is required only if specified by state law or the parties; some states require notarization for certain documents. Check the applicable state rules before assuming a notary is needed.
What if a signer’s name is entered incorrectly?
Minor clerical errors require correction and re-execution to avoid enforceability questions. If signatures are mismatched with legal names, obtain a corrected signed SOI to preserve certainty.
How do you revoke or amend an SOI?
Revocations or amendments should follow the change control process in the SOI or underlying contract. Execute an amendment document signed by authorized representatives and retain both versions for audit.
Is witness testimony ever required?
Witness requirements depend on state law and the document type; some states require witnesses for certain deviceable instruments. Consult state rules for specific witness counts.
How to handle missing signatures after execution?
If signatures are missing, do not rely on partial execution. Obtain the missing signature through a corrected SOI or amendment and record the full audit trail for all signatory actions.

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