For any project, having a well-negotiated contract that defines the scope, responsibilities, requirements and costs associated with each job phase is paramount to protecting your financial interests. But it’s especially important with fast-track jobs, so be sure you’re not relying on a boilerplate contract. Ask your attorney to review any agreement you’re considering.

Of particular importance is signing off on an agreement that clearly and equitably spells out the change order process. Many fast-track projects require the assemblage of a small team of project leaders to review and approve design and construction modifications after the job starts. The contract should provide clear guidance on how proposed changes will be handled.

As mentioned, one of the defining characteristics of fast-track projects is, typically, the design is still being completed while construction gets underway. Therefore, among the biggest impediments to success is substantial, unanticipated design changes that require work stoppage, repeated steps, major redesigns or engineering overhauls. Knowing the owner’s expectations and studying the engineering specifications up front can help you anticipate such challenges and avoid costly delays.

For example, say a commercial project’s groundbreaking is only weeks away. Yet the load requirements for a critical piece of equipment remain uncertain. Lacking such details may pose only a minor hiccup to a typical construction timeline; in a fast-track job, they could spell disaster. Getting involved early and pushing the design team to settle such matters can save the day.

You may encounter some fast-track projects that use the design-build delivery model. Here, the architecture, engineering and construction components of a project are all managed under a single contract. This approach can make sense for fast-track projects because it keeps everyone on the same page from day one. But design-build has its risks, including disagreements, miscommunication and difficulty adjusting to the different approach.

Fast-track projects are no place for rookies. Flexibility and communication skills are important qualities in experienced project managers and laborers who can either contribute to or inhibit the job’s financial success.

If you’re a general contractor, picking subcontractors with proven collaborative experience also is important. An electrical sub may have to work side by side with plumbers, cement pourers or ironworkers. Do you trust your preferred providers to do so effectively?

By the same token, if you’re a subcontractor, you’ve got to reassure general contractors that you can work quickly and seamlessly with other parties to the job. In fact, this may be a great way to differentiate your company from the competition.

Any construction project, fast-track or otherwise, may conjure images of a jobsite bustling with busy workers and noisy equipment. But the information tracking and number crunching that happens behind the scenes play an equally important role in ensuring the success of the job.

The right accounting and project management software can make or break a fast-track project’s accelerated timeline. Adjustments to design plans, labor costs and supply inventories occur continually, so make sure you’re not operating at a disadvantage with outdated technology.

Obviously, fast-track projects aren’t opportunities to be undertaken lightly. But if you can marshal the resources and control the costs, the quick completion time can be a boon to your cash flow and profitability. Should one of these jobs emerge in your market, proceed carefully by gathering the details and exploring the possibility of a bid with your leadership team and IMC advisor.