Once a contract is negotiated-often by others who will have very little to do with the project's execution-and signed, it's typically assumed that the project manager will ensure the work is completed flawlessly, on time, and within budget. However, this assumption is sometimes wrong.
Most project managers learn to manage projects through informal "on-the-job" training but have received little or no training in contract terms and conditions. This alarming lack of knowledge is a recipe for disaster! Project managers often need help understanding how the contract's terms and conditions can and will impact their projects. The expectation of flawless execution requires that the project manager understand the contract terms and conditions and, more importantly, their inherent risk. Within these pages, you will find a practical guidebook that sheds light on commercial terms and conditions, associated risks, and other potential contract issues.