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Title: Exploring the key risks and risk mitigation measures for guaranteed maximum price and target cost contracts in construction
Authors: Chan, Daniel W. M.
Chan, Albert P. C.
Lam, Tsun-ip Patrick
Chan, H. L.
Subjects: Construction projects
Fixed price contracts
Hong Kong
Risk management
Target cost contracts
Issue Date: Jul-2010
Publisher: Sweet & Maxwell
Source: Construction law journal, July 2010, v. 26, no. 5, p. 364-378.
Abstract: This article aims to identify the key risk factors and propose some risk mitigation measures for Guaranteed Maximum Price (GMP)/Target Cost Contracts (TCC) construction projects, based upon a series of in-depth interviews on the perceptions of relevant experienced industrial practitioners in Hong Kong. The interviewees perceived unforeseen ground conditions, nature of variations and the quality of tender documents to be the three most significant risk factors associated with GMP/TCC, whilst effective risk mitigation measures include more thorough site investigations, the implementation of a partnering approach and the establishment of an adjudication committee and clear tender briefing and tender interview.
Rights: Construction Law Journal © 2010 Sweet & Maxwell and its Contributors
Type: Journal/Magazine Article
ISSN: 0267-2359
Appears in Collections:BRE Journal/Magazine Articles

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