Recent studies reveal that a staggering 35% of global project expenditures are wasted on avoidable disputes, primarily stemming from unclear project communication and inadequate documentation of project scope changes. On average, such disputes can incur costs ranging from £125,001 to £500,000.
The leading culprits behind contract disputes, includes:
- Insufficient contract administration
- Client-initiated changes
- Exaggerated claims
Fortunately, these issues can be mitigated through effective project management and collaborative efforts, such as implementing an NEC ECC checklist to ensure comprehensive documentation and timely action.
Remarkably, the primary catalyst for disputes in construction contracts is extensions of time. This issue could be effortlessly pre-empted with a proper audit trail and streamlined communication processes.
Sypro Contract Manager is an effective solution to reduce the chance of disputes due to poor contract administration, each contract setup on the system is configured to mirror the requirements of your contract and provides you a with guided approach to navigating through your contract compliantly.
Get in touch with us today to discuss your upcoming projects for 2024, now is the perfect time to streamline your contract management with help from our software.
To discuss this further, please arrange a 15 minute call or 1 hour demonstration with Laura if you’re a contractor or with Josh if you’re a client or consultant.
