Understanding the Unit Price Payment Contracts

Description

This Skill Bit explains how these contracts provide flexibility for projects with uncertain or variable scope. Payments are made based on predetermined unit rates, multiplied by the actual quantities of work completed. Successful management requires accurate measurement of work, clear and detailed scheduling, strong change order processes, and thorough record-keeping to ensure transparency and accountability throughout the project. This approach is well-suited for projects where quantities may fluctuate during execution.

Duration approx. 4 Min.

Tier: proficiency