What are the risks associated with fixed-price contracts?
An example of an AI chatbot conversation about the risks of fixed-price contracts.
What are the risks associated with fixed-price contracts?
Fixed-price contracts can lead to several risks, including cost overruns, scope creep, and quality issues.
Can you explain what scope creep means in this context?
Scope creep refers to the gradual expansion of project requirements beyond the original agreement, which can strain resources.
How can companies mitigate these risks?
Companies can mitigate risks by clearly defining project scope, maintaining open communication, and including contingency plans.
Are there specific industries where fixed-price contracts are more risky?
Yes, industries like construction and software development often face higher risks due to project complexity and changing requirements.
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