A preferred provider requested for an upcoming project often misses deliverable dates, but is the only company with the required experience. What should the project manager do during planning?

The project manager should add penalty clauses to the contract and update the risk register because this directly addresses the known risk of missed deliverable dates while still utilizing the provider's unique experience. Penalty clauses provide a contractual consequence for non-performance, incentivizing the provider to meet deadlines. Updating the risk register ensures this known risk is documented, analyzed, and planned for, allowing the project team to monitor it and develop contingency plans. Asking the provider to work overtime without extra cost is unrealistic and unlikely to be accepted, as it offers no benefit to the provider. Hiring resources to gain knowledge about the provider's capabilities is unnecessary; their capabilities are already known, and the issue is their reliability. Hiring a less experienced provider is a high-risk option that could jeopardize the project's success, as the current provider is the only one with the required experience.