This paper describes the necessary trade-off between risk management and cost management in a modern, performance-based maintenance contract. Risk management is achieved by an effective, procedural-based PM system implemented using a scheduling process and observing a previously developed resource plan. Through competitive tendering, the resources available to implement this plan are lean – the primary cost driver in such contracts being the scheduled labour commitments. As a consequence, a maintenance strategy needs to be clearly established that sets out the task areas for the work force, and then drives a detailed maintenance plan, which in turn drops cards into the regular schedule. A case study describing this process is included where the bulk of the work is made up of PM tasks with little allowance required for corrective maintenance.