Practice Guideline of Incentive-Based Payments Contracts

This Skill Bit emphasizes that successful management of incentive-based contracts necessitates meticulous planning and the establishment of clear performance metrics. Robust monitoring, effective risk management, and open communication are essential components. By adhering to these best practices, organizations can ensure that contractor incentives are closely aligned with project goals, fostering collaboration and enhancing overall project outcomes while minimizing potential risks.

Duration approx. 5 Min.

Tier: proficiency

A part of Building an Effective Procurement Management Plan course.