Practice Guideline of Cost Reimbursable or Cost-Plus Contract

Description

This Skill Bit emphasizes essential best practices for effective contract management. These include creating detailed cost estimates, implementing transparent reporting mechanisms, and establishing robust change management processes. Strong communication and thorough risk assessment are also crucial, alongside quality assurance measures. Adhering to these guidelines promotes transparency, effective cost control, and ultimately leads to successful project outcomes while minimizing the potential for disputes and misunderstandings.

Duration approx. 5 Min.

Tier: proficiency