Target Cost Contracting Strategy In Construction
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Target Cost Contracting Strategy in Construction
Author | : Daniel W.M. Chan,Joseph H.L. Chan |
Publsiher | : Routledge |
Total Pages | : 281 |
Release | : 2016-10-14 |
Genre | : Business & Economics |
ISBN | : 9781317229261 |
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The problems inherent in the traditional design-bid-build procurement method often lead to the adversarial working relationships within the construction industry. Target cost contracts, accompanied by a gain-share/pain-share arrangement serving as a cost incentive mechanism, have emerged in the United States, the United Kingdom, Australia and Hong Kong with the aim of achieving better value for money and more satisfactory overall project performance under a collaborative working relationship. This book presents the underlying principles, practicalities and a series of short case studies of applying the target cost contracting strategy. Principles begin with the fundamentals then cover the development of target cost contracting in major countries/cities, definitions of target cost contracting, perceived benefits, potential difficulties and critical success factors for implementation. Practices include the target cost contracting approach and process in general, the key risk factors, risk assessment model, risk allocation and risk mitigation measures for target cost contracts in particular, together with a conceptual framework for the performance measurement of target cost contracts. Several short real-life case studies from the United Kingdom, Hong Kong, Australia and New Zealand are provided for further illustration. The book will appeal to a wide spectrum of readers from industrial practitioners to undergraduate students, researchers and academics interested in construction contracts and procurement methods.
Target Cost Contracts
Author | : National Economic Development Council (Great Britain). Economic Development Committee for the Civil Engineering Industry |
Publsiher | : Unknown |
Total Pages | : 32 |
Release | : 1982 |
Genre | : Civil engineering |
ISBN | : UIUC:30112089636309 |
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On Target
Author | : David Trench |
Publsiher | : Thomas Telford |
Total Pages | : 176 |
Release | : 1991 |
Genre | : Construction contracts |
ISBN | : 0727716468 |
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Describes a new system of target cost building procurement in which there is a more equitable balance between employer's and contractor's risk, the quality of design is improved and there is an incentive to complete the project to an agreed target cost.
Project Management for Construction
Author | : Chris Hendrickson,Tung Au |
Publsiher | : Chris Hendrickson |
Total Pages | : 425 |
Release | : 1989 |
Genre | : Construction industry |
ISBN | : 9780137312665 |
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Procurement and Contract Strategies for Construction
Author | : Ian Heaphy |
Publsiher | : ICE Publishing |
Total Pages | : 0 |
Release | : 2021-10-04 |
Genre | : Technology & Engineering |
ISBN | : 0727763717 |
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Procurement and Contract Strategies for Construction is essential reading for a wide range of construction professionals, particularly commercial, contractual and procurement staff. It will also be of interest to students on university and professional courses that cover procurement and contract strategy.
An Introduction to Building Procurement Systems
Author | : Jack W.E. Masterman,Jack Masterman |
Publsiher | : Routledge |
Total Pages | : 152 |
Release | : 2003-09-02 |
Genre | : Architecture |
ISBN | : 9781134577750 |
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First Published in 2003. Routledge is an imprint of Taylor & Francis, an informa company.
Reducing Construction Costs
Author | : National Research Council,Division on Engineering and Physical Sciences,Board on Infrastructure and the Constructed Environment,Federal Facilities Council |
Publsiher | : National Academies Press |
Total Pages | : 68 |
Release | : 2007-10-09 |
Genre | : Technology & Engineering |
ISBN | : 9780309179980 |
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The National Academy of Construction (NAC) has determined that disputes, and their accompanying inefficiencies and costs, constitute a significant problem for the industry. In 2002, the NAC assessed the industry's progress in attacking this problem and determined that although the tools, techniques, and processes for preventing and efficiently resolving disputes are already in place, they are not being widely used. In 2003, the NAC helped to persuade the Center for Construction Industry Studies (CCIS) at the University of Texas and the Alfred P. Sloan Foundation to finance and conduct empirical research to develop accurate information about the relative transaction costs of various forms of dispute resolution. In 2004 the NAC teamed with the Federal Facilities Council (FFC) of the National Research Council to sponsor the "Government/Industry Forum on Reducing Construction Costs: Uses of Best Dispute Resolution Practices by Project Owners." The forum was held on September 23, 2004, at the National Academy of Sciences in Washington, D.C. Speakers and panelists at the forum addressed several topics. Reducing Construction Costs addresses topics such as the root causes of disputes and the impact of disputes on project costs and the economics of the construction industry. A second topic addressed was dispute resolution tools and techniques for preventing, managing, and resolving construction- related disputes. This report documents examples of successful uses of dispute resolution tools and techniques on some high-profile projects, and also provides ways to encourage greater use of dispute resolution tools throughout the industry. This report addresses steps that owners of construction projects (who have the greatest ability to influence how their projects are conducted) should take in order to make their projects more successful.
Early Contractor Involvement in Building Procurement
Author | : David Mosey |
Publsiher | : John Wiley & Sons |
Total Pages | : 328 |
Release | : 2009-11-24 |
Genre | : Technology & Engineering |
ISBN | : 1444309870 |
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Can contractors and specialists add value to a project by theirearly involvement in design, pricing, risk management andprogramming? How can this be structured and what role docontracts have to play? What is the impact on procurement andproject management? Commentators from Banwell to Egan have recommended earliercontractor appointments, and this has also been linked tosuccessful project partnering. How are the two related? Early Contractor Involvement in Building Procurementconsiders the case for a two stage procurement approach based on asystem of agreed project processes during the preconstructionphase. It examines the ways in which a contract can describeand support this model throughout its procurement, partnering andproject management, and is illustrated with case studies taken fromprojects and programmes across the construction and engineeringindustry. The roles of the various parties involved, the obstacles theyencounter and the benefits they can achieve are examined indetail. There is practical guidance on how to improve speed,economy, sustainability, change control, dispute avoidance, andclient satisfaction. This book bridges the gap betweencontract law, partnering and project management and will beessential reading for middle and senior management at constructioncontractors, consultants and clients in both the public and privatesectors.