Who Should Own the Contingency?
A good contingency plan requires continuous thought and planning, whether you are going on vacation to Mexico, climbing Mt. Everest, or tackling a capital improvement project--things go wrong. As a father of three, and a business owner, I find myself commonly swerving through what could go wrong next and how to circumvent potential obstacles and recover from bumps in the road. I am not being pessimistic; I am being a survivalist. When it comes to navigating a project budget, proper management of the contingency is an area that can influence a successful project outcome. Who manages it? Who carries it? And, how do you make sure it doesn’t get inflated to the point of stopping your project? While there are many discussions on the subject of contingency we could hash over, this blog addresses why an owner and general contractor would want to have a portion of the