Cost plus fixed fee contracts can suit projects that are difficult to price upfront. Agree a fixed dollar fee, define reimbursable costs, and use open book reporting and spending limits to keep the arrangement fair for both the client and contractor.
An agreed hourly rate does not establish how much a contractor is authorised to spend. Set a clear spending limit, monitor the forecast cost and approve increases in writing to reduce budget surprises and payment disputes.
Tender evaluation is more than comparing prices. Check scope, exclusions, assumptions, experience, risk and capability before awarding the contract.
Good specifications reduce ambiguity, variations, rework and disputes. Make project specifications clear, complete, current, consistent and easy to find before issuing work for tender.
Maintain a project communication, decision and action register so important decisions, client instructions, approvals, commitments and actions don’t get lost in emails and meeting minutes. Use it as a searchable history of the project and an index to the original project records.
Short RFP/RFQ/RFT response times reduce the quality of project proposals and ultimately increase project costs. Reduce the chances of this happening by allowing sufficient time for companies to prepare quality proposals.
Important client conversations should not exist only in people’s memories. Document decisions, instructions, commitments and other material communication so your project has a reliable record.
Calling time “float” can make it an easy target for removal. Describe necessary work accurately, explain contingency and monitor the float that remains. A clear schedule helps your client understand both the time required and the risks to completion.
Understand the what, when and why of the project and its due dates. This involves clear communication, and results in a realistic schedule that should satisfy the requirements of the client and your team’s ability to deliver it.
Once you are established in your career, prioritise job details that impact your daily life, like commute time and project management systems rather than pay and career development. This will give you more time for a better work-life balance and time for personal growth and development.