Project management and contract conditions-the choice

No set of Model Conditions of Contract exists in isolation. Every set is written around a particular type of commercial contract situation. It is drafted to describe the various necessary stages of that type of situation, to allocate the various commercial, technical and economic risks involved between the parties to the contract, and to provide appropriate solutions to the more predictable problems that may arise during it. Different types of commercial contract situation require different conditions of contract because the work is different, the problems are different, and even more important the risks are different. Project management is now generally accepted as a science in its own right, a set of principles and knowledge that can be applied to human activity. Contract strategy and contract management are both parts of project management. The author discusses contract strategy for project management, the ICHEME red and green book contract conditions and the difference between them