Cost overruns essay

Document Type:Essay

Subject Area:Management

Document 1

Federal government agencies or bodies have little incentive to control or enhance the values; hence, they end up suffering from wasteful outlay practices causing the cost overruns (Edwards & Nicole, 1-5). The federal governments also grant the projects to contractors who run them. In this case, the government is the owner or the principal of the project whereas the contractor acts as the agent of the project who runs on behalf of the government. The government acts as the client of the contractor who finds the right people for the job done. The contractor also sets the total budget for the whole project. In the contract law, condition is a concept that refers to a stipulation that goes to the ‘root of the contract’ so that if one party breaches the contract, the innocent party regards it as a fundamental breach.

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