You got it!

This is just an example:
Set up your lights and the camera for the Master shot. This will be the entire scene from one angle - both actors.

Scene 22 - The master shot.

Adjust the lights, move the camera and shoot Bob?s side of the table.

Scene 22A - Close up of Bob.
Scene 22B - Over Mary?s shoulder on Bob.
Scene 22C - A slow dolly push in on Bob - from a full shot into a close up.
Scene 22D - an insert shot of Bob lighting a cigarette.
Scene 22E - a close up on Bob?s hand putting the cigarette in the ash tray.
Scene 22F - a close up of Bob taking the contract, looking at it and signing it (from Mary?s point of view)

Now move the lights, move the camera and cover the scene from Bob?s side of the table.

Scene 22G - Close up of Mary.
Scene 22H - Over Bob?s shoulder on Mary.
Scene 22J - A slow dolly push in on Mary - from a full shot into a close up.
Scene 22K - an insert shot of Mary putting the contract on the table.
Scene 22L - a close up on Mary?s hand snuffing out the cigarette in the ash tray.
Scene 22M - a close up shot of Mary putting the contract on the table, putting a pen on the contract and pushing it to the middle of the table.
Scene 22P - a close up of Bob taking the contract, looking at it and signing it (from Bob?s point of view)

And this goes on and on until the entire scene is covered - until all the shots the director wants have been shot.

You won't use I or O on the slate because those letters could be confused with the numbers 1 and 0.

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The aim of an argument or discussion should not be victory, but progress.
Joseph Joubert, essayist (1754-1824)

Thanks a million! I thought that's how it would be shot.