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The statement of work (SOW) is a document that outlines the terms and objectives of a project or service contract, including the scope of work, deliverables, timelines, and expectations. It defines the work that needs to be done between the customer and the vendor, detailing what the customer wants and what needs to be delivered. The SOW is crucial in project management and is part of the Project Management Body of Knowledge (PMBOK) or Project Management Institute (PMI).