Typical Critical Issues in Time and Materials and Unit Price Contracts

Description

This Skill Bit addresses the challenges inherent in managing these flexible contract types for uncertain projects. While they provide adaptability, they also pose risks such as scope creep, cost overruns, and potential communication breakdowns. To navigate these challenges effectively, it’s essential to establish clear communication channels, implement strong cost controls, and create well-defined change order processes. By focusing on these key aspects, project stakeholders can mitigate risks and enhance the likelihood of successful project outcomes while maintaining financial integrity.

Duration approx. 4 Min.

Tier: proficiency