Software development is a core component in the academic training curriculum in various computing disciplines in universities, colleges, polytechnics, and vocational institutes respectively. In many of the said academic curricula there is often a superficial treatment of vital project management elements such as scheduling, costing, risk and quality management, and basic legal concepts of contracts. Every software developer/engineer is expected to have basic knowledge of the said elements which go a long way to boosting his/her professionalism during contract negotiations and execution of software-based contracts. The absence of the use of real-life cases during academic training undermines the extent of project management knowledge transferred to the trainee software engineer/developer. This paper is presented using a real-life software development contract involving a private secondary healthcare provider in Lagos Nigeria. This paper provides a concise but informative case study report emphasizing on basic project management methodology. This paper reflects on how project costing and analysis of return on investment is key to determining the reality of small/medium-sized software contracts.