Contract Management plays a crucial role in construction projects. There are various contract types to choose from, and both clients and contractors must assess the risks involved. Poor understanding of risks and a lack of mutual understanding of different contract clauses can lead to project failure. In severe cases, it can even result in the folding of companies (as mentioned in the PMI-CP Contract and Risk Management e-learning course). How do you handle contract management in your projects, along with any lessons learned? Saving Changes...
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Thomas WalentaGlobal Project Economy ExpertHackenheim, Germany
Well, Aung,
It is essential to understand the contracts, obligations, and terms and conditions and keep track of them, including claims, deadlines, and accepted deliverables. The role of contract admin can help.
It is also or even more critical to morph from contracts to partnerships, engage with decision-makers on all sides, build trust, and establish a joint operating mode. Give and take. We are in this together.
Have a look at the new courses for the PMI construction business. This PMI initiative was built by Ben Breen, who, before coming to PMI, was in charge of building the Marina Sands building in Singapore.
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1 reply by Aung Sint
Apr 23, 2024 3:44 AM
Aung Sint
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Thanks, Thomas. Could you please share the course link for the PMI construction business that you mentioned?
Senior Projects Manager | Field & Marten AssociatesNew Westminster, British Columbia, Canada
Aung, it's crucial to meticulously select the contract type and thoroughly comprehend all its clauses in the project's initial phases. For instance, within our organization and the Canadian context, we adopt the CCDC 5B contract, which falls under the CM at Risk category. Before finalizing the contract with the construction manager (CM), we ensure they have a complete understanding of its implications. This proactive approach is essential because any oversights could potentially impact the project or the CM adversely. Our aim is to prevent such occurrences, safeguarding both the project's success and the CM's interests in addition to our client's.
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1 reply by Aung Sint
Apr 23, 2024 3:54 AM
Aung Sint
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Thanks, Rami, for sharing your insight. I'd be glad to learn more about the contract types used in Canada, if you could share some good references or websites, etc.
I agree with Rami. Understanding the contract types and content is the key. You should be able to achieve your expectations through its terms. Saving Changes...
William M Hayden JrAdjunct Assistant Professor| University at Buffalo, School of Management, Operations Management & StrategyBuffalo, Ny, United States
Aung,
Perhaps the most least reported and most harmful subject are the accidents and deaths in the construction site/area.
Letting project profit supersede construction site safety is an under-reported horrific situation.
N.B. To one and all:
Prior to a reply, please first check the data on these assertions.
Cheers,
Bill
p.s. And get beyond your personal experiences. Saving Changes...
It is essential to understand the contracts, obligations, and terms and conditions and keep track of them, including claims, deadlines, and accepted deliverables. The role of contract admin can help.
It is also or even more critical to morph from contracts to partnerships, engage with decision-makers on all sides, build trust, and establish a joint operating mode. Give and take. We are in this together.
Have a look at the new courses for the PMI construction business. This PMI initiative was built by Ben Breen, who, before coming to PMI, was in charge of building the Marina Sands building in Singapore.
Thanks, Thomas. Could you please share the course link for the PMI construction business that you mentioned? Saving Changes...
Aung, it's crucial to meticulously select the contract type and thoroughly comprehend all its clauses in the project's initial phases. For instance, within our organization and the Canadian context, we adopt the CCDC 5B contract, which falls under the CM at Risk category. Before finalizing the contract with the construction manager (CM), we ensure they have a complete understanding of its implications. This proactive approach is essential because any oversights could potentially impact the project or the CM adversely. Our aim is to prevent such occurrences, safeguarding both the project's success and the CM's interests in addition to our client's.
Thanks, Rami, for sharing your insight. I'd be glad to learn more about the contract types used in Canada, if you could share some good references or websites, etc.
Senior Projects Manager | Field & Marten AssociatesNew Westminster, British Columbia, Canada
Apr 23, 2024 3:54 AM
Replying to Aung Sint
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Thanks, Rami, for sharing your insight. I'd be glad to learn more about the contract types used in Canada, if you could share some good references or websites, etc.
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