Recently, I was in a matter before the Victorian Civil and Administrative Tribunal (VCAT) regarding a million dollar cost-plus contractual dispute.

The well-known and well-regarded tribunal member presiding over the hearing stated to the parties that aside from license-lending, their least-favourite matter to preside before in the building list were matters involving cost-plus contracts. The member was of the view that parties who entered into cost-plus contracts often did so without…