Project Contracts In Uncertain Times

Project Contracts In Uncertain Times

Introduction

The current economic downturn poses great difficulties to those involved in development of almost all sorts of projects. Interdependence of different sectors of the economy means that failure of one sector has a negative impact on other sectors. The financial sector, for instance, suffered greatly due to the global financial crisis that started late in 2007. Other sectors rely on the robustness and vibrancy of this sector[1]. That being the case, the entire global economy has been experiencing a great deal of financial challenges as a result. Project sponsors, in that case, have not been spared. The cost of completion of projects has gone up due to rising labor, raw material costs and currency fluctuations. Such sponsors are thus left with no alternative but to look for viable options. Flexible contracts, luckily, provides an easy access through which projects can be completed feasibly even in uncertain economic times.

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