Understanding the Advance Payments Contracts

This Skill Bit explores the essential elements of advance payment contracts, which provide contractors with upfront capital to kickstart projects. Effective management of these contracts involves establishing clear contractual terms, ensuring sound financial management, and implementing robust quality control measures. Additionally, careful cash flow planning is vital to ensure project sustainability, while change management procedures help address any adjustments needed during the project lifecycle.

Duration approx. 5 Min.

Tier: proficiency

A part of Building an Effective Procurement Management Plan course.