Schools of business aim to help students develop employer-valued skills, which include communication, teamwork, critical thinking, and application of learning. This can be achieved through team assignments and community-based learning. Such approaches help students apply the concepts they are learning, collaborate with others, develop managerial skills, and solve real-life workplace issues. Teamwork is commonly thought to be enhanced when students establish a team charter outlining their goals, norms, and processes. Research on the value of team charters in business education, however, is limited. This study examined the role of team charters on student perceptions of working well together. Data was collected and analyzed from a mid-term team evaluation and a final team charter assessment. Findings indicated that perceived value of team charters differs across the year in school and tends to be higher for less experienced students. The provision of a structured project roadmap clarified team member roles, responsibilities, personal accountability, and team vision.