Mastering Cost Control in a Volatile Construction Market

In a joint webinar with Construction Management, we discussed the mechanisms available in construction contracts to manage cost volatility.

In today’s unpredictable construction market, managing costs effectively is more crucial than ever. The recent financial uncertainty caused by international conflict, Covid and a change in government has affected pricing of products, labour and fuel.

Focusing on this issue, Steven James, Partner in our Construction and Engineering team, joined Construction Management’s recent webinar with Access Coins to discuss how those involved in the construction supply chain can manage costs effectively.

He highlighted the mechanisms available in construction contracts to manage cost volatility, focusing on:

• Using contract mechanisms to handle fluctuating costs: what can they do and what can they not do?
• Which contract forms are most effective in managing cost volatility
• Pre and post-contract strategies: steps to take before finalising a contract, and strategies to implement once the contract is signed.