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Author: Daniel W.M. Chan
Publisher: Routledge
ISBN: 1317229266
Category : Business & Economics
Languages : en
Pages : 281
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Book Description
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.
Author: Daniel W.M. Chan
Publisher: Routledge
ISBN: 1317229266
Category : Business & Economics
Languages : en
Pages : 281
Get Book
Book Description
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.
Author:
Publisher: IChemE
ISBN: 9780852955123
Category : Law
Languages : en
Pages : 136
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Book Description
An international version of the existing 'Form of Contract'. Various additional clauses to meet the special requirements of international projects, they are written in a more internationally accessible and user-friendly English language and specific references to UK law have been removed.
Author:
Publisher: Thomas Telford
ISBN: 9780727734648
Category : Civil engineering contracts
Languages : en
Pages : 72
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Book Description
This publication provides guidance to the ICE Conditions of Contract Target Cost Version, First edition which encourages active collaboration to reduce costs by sharing expertise and jointly managing risks in an open working environment, within the framework of the ICE Conditions of Contract family. It encourages the Contractor to be more closely involved in aspects of design, provides for payment to the Contractor on a cost reimbursable basis and an incentive share arrangement if the costs differ from the target. A more open style of control and management, which permits an early and joint approach to the identification and management of risks, obliges parties to recognise and understand each other's objectives and promotes closer working relationships.
Author: National Economic Development Council (Great Britain). Economic Development Committee for the Civil Engineering Industry
Publisher:
ISBN:
Category : Civil engineering
Languages : en
Pages : 32
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Book Description
Author: Jon Broome
Publisher: Thomas Telford
ISBN: 9780727731364
Category : Business & Economics
Languages : en
Pages : 420
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Book Description
This book is aimed at those who want to apply or improve the application of partnering in the construction and heavy engineering industries to their projects. It focuses on procurement aspects based on the premise that unless the commercial and contractual conditions align objectives, there is little stimulus to change the culture and integrate processes and teams to achieve the outstanding results that can be attained through partnering.This invaluable book presents detailed information about the partnering and procurement process, which will lead to better delivery of construction projects.
Author: Kenneth R. Segel
Publisher: Berrett-Koehler Publishers
ISBN: 1567264697
Category : Business & Economics
Languages : en
Pages : 390
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Book Description
Everything You Need to Know About Government Contract Types As the world's single largest buyer of goods and services, the federal government has many ways to structure its procurements. Different situations and conditions often determine the best vehicle for a particular purchase. Contracting officers must assess a wide range of factors to determine which contract type will provide the government the best value and the least risk. The Complete Guide to Government Contract Types provides a comprehensive overview of the key government contract vehicles and types: fixed-price, cost-reimbursement, incentive, and other (which includes letter, indefinite-delivery/indefinite-quantity, and time-and-material contracts). The author first explains the selection process for contract vehicles, which is the basis for selecting the appropriate contract type for the work in question. He then presents a comprehensive, in-depth analysis of each contract type, explaining how each works best to meet certain types of requirements and conditions. This is an essential resource for both contracting officers and contractors seeking to understand and work effectively within the nuances of contract selection and compliance.
Author: Chris Hendrickson
Publisher: Chris Hendrickson
ISBN: 0137312660
Category : Construction industry
Languages : en
Pages : 425
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Book Description
Author: Jack W.E. Masterman
Publisher: Routledge
ISBN: 1134577753
Category : Architecture
Languages : en
Pages : 152
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Book Description
First Published in 2003. Routledge is an imprint of Taylor & Francis, an informa company.
Author: National Research Council
Publisher: National Academies Press
ISBN: 030917998X
Category : Technology & Engineering
Languages : en
Pages : 68
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Book Description
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.
Author: Jean-Jacques Laffont
Publisher: Princeton University Press
ISBN: 1400829453
Category : Business & Economics
Languages : en
Pages : 440
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Book Description
Economics has much to do with incentives--not least, incentives to work hard, to produce quality products, to study, to invest, and to save. Although Adam Smith amply confirmed this more than two hundred years ago in his analysis of sharecropping contracts, only in recent decades has a theory begun to emerge to place the topic at the heart of economic thinking. In this book, Jean-Jacques Laffont and David Martimort present the most thorough yet accessible introduction to incentives theory to date. Central to this theory is a simple question as pivotal to modern-day management as it is to economics research: What makes people act in a particular way in an economic or business situation? In seeking an answer, the authors provide the methodological tools to design institutions that can ensure good incentives for economic agents. This book focuses on the principal-agent model, the "simple" situation where a principal, or company, delegates a task to a single agent through a contract--the essence of management and contract theory. How does the owner or manager of a firm align the objectives of its various members to maximize profits? Following a brief historical overview showing how the problem of incentives has come to the fore in the past two centuries, the authors devote the bulk of their work to exploring principal-agent models and various extensions thereof in light of three types of information problems: adverse selection, moral hazard, and non-verifiability. Offering an unprecedented look at a subject vital to industrial organization, labor economics, and behavioral economics, this book is set to become the definitive resource for students, researchers, and others who might find themselves pondering what contracts, and the incentives they embody, are really all about.
