Summary
The video emphasizes the significance of incorporating contingencies into construction planning to tackle unforeseen events like natural disasters, economic shifts, labor disruptions, and supply chain issues. It stresses the allocation of a budget percentage for contingencies, separate from unforeseen costs, and discusses the diverse responsibilities of constructors. Various potential contingencies are identified, contract types are explained, and the role of material acquisition, labor, and human factors in contingency management is underscored.
Construction Contingencies
Explanation of the importance of handling contingencies at every level of construction planning. Includes unforeseen events like natural disasters, economic changes, labor-related issues, and disruptions from suppliers, and suggests assigning a percentage of the budget for contingencies.
Responsibility and Provision
Differentiates between the responsibilities of the constructor and the need to manage indeterminacies separately from unforeseen costs in the budget. Lists various potential contingencies to consider during construction projects.
Types of Contracts
Discusses the responsibilities outlined in the contract based on the contract type, such as price and administration contracts, and the need to consider contingencies during rainy seasons and economic fluctuations. Mentions the importance of material acquisition, labor, and human factors in managing contingencies.
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