GAIN AN UNDERSTANDING OF PROJECT DELIVERY METHODS, THEIR IMPLICATIONS, AND THE CURRENT LEGAL LANDSCAPE.
This topic explains the fundamentals of fixed price and cost-plus contracts, which dominate the field of project delivery methods. We explored the incentives, risks, and administration specifics associated with each type. We then examined how these methods enable collusion, kickbacks, and fraud; and we engaged in a short case study of well-known projects demonstrating these issues. The topic provided advice and practice considerations for avoiding these pitfalls.
The primary objective of this topic was to provide you with a competent understanding of these project delivery methods, their implications, and the current legal landscape, all to help better carry out your projects.
- You will be able to describe the fundamental characteristics of fixed price and cost-plus project delivery methods and their common variations.
- You will be able to identify methods to avoid and mitigate such risks on your own projects.
- You will be able to recognize the modern legal landscape surrounding the construction industry, and the risk of fraud and collusion.
- You will be able to explain the differences in administering both fixed price and cost-plus contracts.