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What Is Contingency In A Construction Budget?

What is contingency in a construction budget? How do you know how much to allocate? When do you actually use this? In this video, I'll answer some of the common questions about contingencies, how to plan them properly for your project and more! Here is the promised Blog post: https://elevateconstructionist.com/wh... Watch And Enjoy! Jason Schroeder Key Moments In This Episode ======================== 00:00 Intro & Summary 00:21 What Is Contingency In Construction Budgeting? 01:18 Importance Of Time & Scheduling Contingencies 01:55 Best Practices For Creating Financial Contingency In Construction 02:45 How To Handle Risks In Construction 03:20 How To Project Contingencies In Construction 04:08 Importance Of Properly Allocating Contingencies In Construction 05:30 Where To Use Contingencies 05:58 Importance Of Contingencies For Risk Management 06:26 Two Types Of Contingencies In Construction 07:00 How To Identify Contingency Amount 07:13 How Change Orders Affect Contingencies 08:01 Important Reminders When Using Contingencies 09:09 Most Common Uses For Contingencies 10:30 Learn More With These Resources What To Watch Next ======================== How To Mitigate Financial Risk In Construction    • How To Mitigate Financial Risk In Con...   Resources ======================== Check out our website for more info: https://www.elevateconstructionist.com/ Access resources to elevate your operations: https://www.elevateconstructionist.co... Listen to the Elevate Construction podcast: https://www.elevateconstructionist.co... Check out our training programs and certifications: https://www.elevateconstructionist.co... Subscribe to my YouTube channel:    / @jasonwilliamschroeder   Learn More About Jason ======================== Jason Schroeder is the founder and COO of Elevate Construction IST, a company focused on elevating construction by providing valuable insights, effective solutions, and high-quality training. With his extensive experience in the construction industry, he created the Field Engineer Boot Camp and Superintendent Boot Camp, immersive training courses designed to produce high-performing leaders who can lead their teams in the right direction. Through Elevate Construction IST, he aims to scale his training programs throughout the nation to help more construction companies elevate their operations to the next level. ======================== Nate Woodbury - YouTube Producer    / natewoodbury   #Construction #ProjectDevelopment #ProjectManagement