Hello,
I know there are some types of contingency budgets. (Project/Design/Construction)
Where each amount left will go when completion of a project?
That will be an amount which Owner can save? or each one become profit of Designer and GC?
Thanks in advance,
Hi @humeda !
Contingencies are basically protection for architects, engineers, and contractors so they don’t lose money and it’s based upon a percentage of their fee. That contingency is only there if needed, so it’s only paid to the architect/engineer/contractor/etc if there’s a need for it.
Thanks,
Rebecca