This standard describes and makes recommendations on the development, awarding, and monitoring of contracts for assessment services. Each major section begins with the main principles covered in that section, followed by a description of those principles.

The key principles within this standard are as follows:
- The solicitation for contract services must clearly describe the project, including major deadlines and the means by which success will be measured. - The contract for services must clearly and completely describe the project as well as the parties involved and their responsibilities. - There must be a complete understanding of the methods and means for monitoring the project, including the determination of project completion.

Assessment contracts can cover any services relating to the discovery, listing, appraisal, and assessment of property including data collection and mapping; development of construction cost or valuation manuals; complete or partial revaluations; specialized consulting services; tax policy matters; and system design and implementation including development of appraisal and assessment software.