In search for contract flexibility in a dynamic environment:A theoretical framework

Construction systems have been subject to significant changes in recent years, resulting from developments in demands, requirements, regulations, financial possibilities, and technological innovations. These changes affect both projects and contracting in the construction sector. Contracts typically suggest a certain level of stability in a construction environment that is actually highly dynamic. Flexibility in construction projects is becoming an increasingly important tool to deal with unpredictable circumstances. The questions arise: how to deal with changing circumstances in this dynamic environment, and how much flexibility is required? Can flexibility in contracts and contracting be achieved? Answering these questions requires rethinking the approach towards long term dynamics in contracting. The purpose is to develop a theoretical framework for contract flexibility in a dynamic environment.