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Beware Fixed-price Contracts That Don?T Mitigate Cost Overrun Risks

Wednesday, May 26, 2010 04:24 am

 

Contract Price - Force Majeure

S&B/BIBB Hines PB3 Joint Venture v. Progress Energy Florida, 2010 U.S. App. Lexis 2875 (11th Cir. Feb. 11, 2010)

 

A contractor lost $40 million when it could not adjust the price terms of its fixed-price contract even in the face of significant, unforeseen performance challenges.

 

Project Energy Florida, Inc. (Project Energy) hired S&B/BIBB Hines PB3 Joint Venture and S&B Engineers and Contractors, Ltd. (S&B) to perform engineering, procurement and construction work on two electric generating plants in Polk County, Florida. The parties entered into a pure fixed-price contract, an agreement in which the party providing services entirely bears the risk of [...]

 
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