Special attention is required for all "First of a Kind" projects, job roles, processes, and tools. This is often overlooked, slowing down progress and creating unnecessary risks for contractors.
Contracting is a capital-intensive and risky business. Understanding the key categories of capital at risk, along with their different risk factors, enables construction owners and leaders to make better decisions.
Construction is risky for all parties. Effective contracting for construction work is about assigning risks to those who are most capable of mitigating those risks. Compensation for the risks assumed must be appropriate.