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Which contracting model would be the most efficient to use on a project where the parameters...

Which contracting model would be the most efficient to use on a project where the parameters are not well defined when construction starts and why?

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Answer #1

When the parameters are nit well defined for a construction before starting the work , the best type of contract model that is efficient is Cost Reimbursable Contract.

The parameters are not fixed for the project so the contractor is only paid for the work done or the service provided.The increase in price becomes a risk for contractor on undefined parameters in a project and in this type of contract , the risk is no more.

This type of contract also assures that the contractor would not be paid for incomplete works.

I hope I was able to answer your questions,if you have any doubts please let me know in the comment section.

If you like this answer, please upvote it , Have a nice day :)

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