A project manager on a hybrid project is negotiating the contract with the client. The project has experienced delays from technical issues and new dependencies, though the manager expects to recover time in upcoming sprints. A key stakeholder asks if the contract deadlines will be met. What should the project manager do first?

The project manager should first clarify current progress, causes of delays, known risks, and planned corrective actions. This transparent communication addresses the stakeholder's concern directly and provides a factual basis for discussion. It demonstrates proactive management and builds trust by explaining the situation and the plan to mitigate it. Asking the stakeholder to remain calm and confirming meeting participation is dismissive and doesn't answer their core question. Reviewing contract terms is a good step, but it doesn't immediately address the stakeholder's concern about meeting deadlines given the current issues. Submitting a request for additional time and budget is premature without first assessing the impact of planned corrective actions and communicating the current status.