Introduction to Construction Project Management - Introduction to Construction Management, Lecture 3A Construction Practices and Contracts

In this video the first of 2 on this topic Tom Stephenson discusses the importance of contracts in successful construction project management. There are a number of procurement methods that assign risk in a variety of ways. Owners and Contractors need to be aware of their own risk levels while understanding that there is generally a premium to be paid when risk is assigned to others. Also there is no one size fits all, different projects may require different contracts based on Complexity, Time, Cost and Quality expectations.