By Kim Slowey, Construction Dive
When it comes to meeting deadlines and budgets, a little bit of a cushion is always a plus for contractors. That could come in the form of some extra time built into the schedule or as additional material that saves the day when, for instance, an inexperienced worker butchers a few pieces of drywall.
The same can be said for extra money tacked onto a project’s budget.
Contingencies are additional line items established above and beyond the expected cost of construction in order to cover unanticipated costs. But one size does not fit all."