Key Takeaways
- Three escalating default levels—intervene early at Level 1.
- Follow contractual termination process for legal validity.
- Default adds 25-40% to remaining budget and 4-8 weeks.
- Prevention through vetting and monitoring is far cheaper than recovery.
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Test Your Knowledge
1.What is the first step when a contractor defaults or abandons a project?
2.What typically happens to project costs when a replacement contractor must finish another contractors work?