Fixed price contracts in a volatile market can be challenging to navigate. This was the subject of a well-attended recent discussion hosted by the Vancouver Regional Construction Association (VRCA).
As economic uncertainty continues, whether due to supply chain issues, skilled worker shortages, ongoing challenges of Covid-19, inflation or other challenges, the construction industry is affected. Where there is uncertainty there is risk. Challenging market conditions has been, and continues to be a hot topic of conversation, and concern. While project Owners seek price certainty, this is more challenging for contractors to give when the variables are constantly changing.
We have been helping our clients entering into new contracts to negotiate terms that will best support a productive and risk-balanced project. Where contracts are already in place and issues have arisen, we have been helping our clients navigate challenging situations for the most optimal project outcome.
If you are interested reading further about this issue, check out the article posted by the VRCA about its recent round-table discussion.
If you have a contract question or are looking for an advocate to help you navigate through these difficult issues, we would welcome the opportunity to speak with you.
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