Want to know how contracts can impact your project’s risk? Let’s break down contract risks – a key to smart decision-making!
Each contract type comes with different risks for both the buyer and the seller.
Why does this matter? Some contracts, like Cost Plus Percentage, are risky for buyers because the seller isn’t motivated to control costs. On the other hand, Firm Fixed Price contracts can place more risk on sellers, as they must be sure about deliverables.
How do you use this knowledge? Choose a contract type that balances risk for both sides, depending on your project’s complexity and requirements.
Mastering contract risks means making smarter choices, saving money, and reducing uncertainty. Protect your project, pick the right contract!
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