Contract terms used during the tender phase for a new power-generation facility must be revised...

When contract terms need to be revised due to changes in financial regulations, it is essential to amend the contract terms to reflect these changes accurately. This ensures that both parties are aware of and agree to the new terms, which are compliant with current regulations. The process of managing project contracts involves assessing contract risks together with the technical, financial, and operational risks of the project. This requires collaboration between all members of the organization who have a stake in the implementation of the contract1. Furthermore, the PMBOK Guide’s Change Management Process emphasizes the importance of documenting change requests and analyzing their impact, which would include assessing how new financial regulations affect the contract terms2. Therefore, the project manager should work with the successful bidder to amend the contract terms accordingly. References: Process of Managing Project Contracts | PMI, PMBOK Guide Change Management Process For PMP Exam | PM-by-PM.