Cost-plus contracts offer a payment structure where the client reimburses the contractor for all allowable project costs, plus a profit margin or fee. This approach is beneficial for projects with: Key Considerations: Benefits and Potential…
Retainage payments are a common practice in construction to safeguard project owners’ interests and ensure high-quality work. They involve withholding a predetermined percentage of each progress payment made to the contractor. This withheld amount is…
In the world of procurement, selecting the most cost-effective partner is paramount. Commercial Bid Analysis empowers you to do just that! Here’s why it matters: A Deep Dive: Beyond Evaluation: By implementing a comprehensive Commercial…
A Procurement Plan serves as a roadmap for acquiring goods and services required for a project. It’s particularly essential for projects that involve external contracts and suppliers. This plan offers a multitude of advantages: In…
The purpose of commercial management of orders and contracts is to ensure effective oversight, execution, and administration of all contractual agreements and orders between an organization and its suppliers or contractors. This process aims to…
Here are some thoughts to consider: The Future of Procurement: Call to Action: The concluding section could emphasize the importance of continuously evaluating and adapting procurement strategies to stay ahead of the curve. This ensures…
IBM and Procter & Gamble (P&G) offer compelling examples of how organizations can leverage digital tools and data to transform their procurement function. Let’s delve into their success stories. IBM: Automating the Path to Efficiency…
EPC contracts offer streamlined project execution, but navigating the complexities of taxes and duties can be a challenge. Here’s a breakdown of key considerations to ensure a smooth and cost-effective project: Remember: Consulting a tax professional is…
EPC contracts offer a structured approach to project delivery, but what happens if the owner fails to uphold their end of the bargain? Understanding your rights as a contractor is essential to protecting your business. Here’s a…
