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The Statement of Work (SOW) is a document that outlines the terms and objectives of a project or service contract. It includes the scope of work, deliverables, timelines, and other expectations. The SOW is crucial for defining the tasks to be performed between the customer and the vendor. It is an essential part of project management and is often associated with the Project Management Body of Knowledge (PMBOK) or Project Management Institute (PMI). The SOW acts as a guide for both parties involved in the project.