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|Title:||Evaluating guaranteed maximum price and target cost contracting strategies in Hong Kong construction industry|
|Authors:||Chan, Daniel W. M.|
Chan, Albert P. C.
Lam, Tsun-ip Patrick
Lam, W. M. Edmond
Wong, James M. W.
|Subjects:||Guaranteed maximum price|
Target cost contracting
|Publisher:||Emerald Group Publishing Limited|
|Source:||Journal of financial management of property and construction, 2007, v. 12, no. 3, p.139-149|
|Abstract:||Guaranteed maximum price (GMP) and target cost contracting (TCC) with a pain-share/gain-share arrangement have been adopted to integrate the construction delivery process and motivate service providers to seek continuous improvements in project outcomes. However, there is still a lack of research evidence to evaluate the levels of success and lessons learned from these innovative procurement strategies. Based on the analysis of a series of in-depth interviews on the perceptions of various relevant experienced industrial practitioners, this paper aims to explore the key attributes of GMP/TCC including the underlying motives, perceived benefits, potential difficulties, critical success factors, key risk factors involved and optimal project conditions for adopting GMP/TCC. The research findings are useful in assisting key project stakeholders in minimising the detriments brought about by potential difficulties in and maximising the benefits derived from implementing GMP/TCC concepts. The study is also significant in contributing to new knowledge and practical information of GMP/TCC applications and implementation, in both a national and international context.|
|Rights:||Journal of Financial Management of Property and Construction © Emerald Group Publishing Limited, Glasgow Caledonian University.|
|Appears in Collections:||BRE Journal/Magazine Articles|
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|PolyU IR Submission 2010_JFMPC_2.pdf||Pre-published version||668.6 kB||Adobe PDF||View/Open|
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