Cost Escalation As A Risk In Construction Contracts
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Cost Escalation As A Risk In Construction Contracts
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Author : Smitha Yadav
language : en
Publisher:
Release Date : 2019
Cost Escalation As A Risk In Construction Contracts written by Smitha Yadav and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
The increase in cost due to inflation has been a concern in the construction industry. In long-term projects, it becomes even more essential to know the cost for future planning and budget approval. This study attempts to adopt the probabilistic approach to put forth the prediction of cost escalation and compares the same with the actual cost and World Bank formula to demonstrate how the proposed method could lead to a more realistic way of forecasting.
Managing Risk In Construction Projects
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Author : Nigel J. Smith
language : en
Publisher: John Wiley & Sons
Release Date : 2014-02-03
Managing Risk In Construction Projects written by Nigel J. Smith and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-02-03 with Technology & Engineering categories.
Investment in any new project invariably carries risk but the construction industry is subject to more risk and uncertainty than perhaps any other industry. This guide for construction managers, project managers and quantity surveyors as well as for students shows how the risk management process improves decision-making. Managing Risk in Construction Projects offers practical guidance on identifying, assessing and managing risk and provides a sound basis for effective decision-making in conditions of uncertainty. The book focuses on theoretical aspects of risk management but also clarifies procedures for undertaking and utilising decisions. This blend of theory and practice is the real message of the book and, with a strong authorship team of practitioners and leading academics, the book provides an authoritative guide for practitioners having to manage real projects. It discusses a number of general concepts, including projects, project phases, and risk attitude before introducing various risk management techniques. This third edition has been extended to recognize the reality of multi-project or programme management and the risks in this context; to highlight the particular problems of risk in international joint ventures; and to provide more coverage of PFI and PPP. With case studies and examples of good practice, the book offers the distilled knowledge of over 100 man-years of experience in working on all aspects of project risk, giving sound practical guidance on identifying, assessing and managing risk.
Target Cost Contracting Strategy In Construction
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Author : Daniel W.M. Chan
language : en
Publisher: Routledge
Release Date : 2016-10-14
Target Cost Contracting Strategy In Construction written by Daniel W.M. Chan and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-10-14 with Business & Economics categories.
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.
Study Of Price Adjustment Contract Administration In Nepalese Construction Contracts Road
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Author : Sabin Koirala
language : en
Publisher: GRIN Verlag
Release Date : 2020-10-05
Study Of Price Adjustment Contract Administration In Nepalese Construction Contracts Road written by Sabin Koirala and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-10-05 with Technology & Engineering categories.
Master's Thesis from the year 2019 in the subject Engineering - Civil Engineering, , language: English, abstract: One of the wide ranging problems which construction industry is facing is the fluctuation in prices of construction inputs which is causing most of the projects to be completed at cost much higher than the original contract prices. In the recent past, we have seen significant price escalation occurring not only with the basic construction materials but also with the labor and fuel which creates uncertainty among the participants involved in a construction project. To overcome the effect of price fluctuations, certain methods or contract clauses are desired to deal with this uncertainty. The main purpose of the price adjustment clauses is to allow the contractors and clients to adjust the increase or decrease in prices. In addition to this, it also encourages competitive bidding. The objective of this research study is to study importance of price adjustment in construction contract and analyzing the response of the different stakeholders in construction contracts regarding FIDIC formula and suggesting for improvement. Similarly, identifying different cost element, weightings and determining contingency is also goal of research so that price adjustment contract administration becomes systematic, equitable and with less ambiguity. Recently, the price fluctuation of construction materials and services in Nepal has become severe and very much unpredictable. Most of the contractors in Construction Industry, especially local contractors, are facing strong challenges during bid process due to the high uncertainty of predicting what would happen during the course of the execution of the project. Based on the above explained fact, the research problem has been addressed in this research by conducting diagnostic survey among ten contracting firms working on ADB project, collecting data with the help of questionnaire, distributed to contractors, consultant, client and conducting desk study on ADB projects, World bank projects, Midhill highway and RIP projects under department of Road whose construction were started after 2014 and construction progress was more than 80 %.
Risk And Insurance In Construction
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Author : Nael G. Bunni
language : en
Publisher: Routledge
Release Date : 2022-02-16
Risk And Insurance In Construction written by Nael G. Bunni and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-02-16 with Architecture categories.
The new 3rd edition of Nael Bunni’s Risk and Insurance in Construction, now co-authored with Lydia Bunni, explains the need for insurance in construction and engineering projects and why it must be incorporated into the Conditions of Contract for such projects. It is unique in bringing together the background of the two topics of 'risk' and 'construction insurance', explaining the flow and the interaction between them and then dealing with how they have been used to formulate the 2017 FIDIC Suite of Contracts and the 2021 Green Book. This edition has been fully updated, and new chapters deal with the latest definitions of 'risk' outlined in ISO 31000: 2009, and specifically explains the principles embodied in the new Clauses 17, 18 and 19 of the Major Suite of the FIDIC forms of contract and how they should be used. An important chapter (Chapter 5) is included, discussing the logical transition from decision-making to risk identification to responsibility for those allocated with particular risks, to the potential liability that results. This includes discussing particular liabilities that may arise for parties typically involved in construction and engineering projects, including developers, owners, contractors and designers. This part of the book links insurance to the law and explains the interaction between the two topics. The correlation between liability and the need for indemnity, which can only be provided properly through insurance, is highlighted. The book is essential reading for practitioners from both the engineering profession and the insurance industry in all types of projects. Engineers who are required to use one of the Major Forms of the FIDIC Suite of Contracts, whether they are designers or contractors, and those involved in the insurance sector, whether brokers, claim consultants or insurance company personnel, will find this book to be an indispensable reference.
Managing Construction Contracts
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Author : Robert Dean Gilbreath
language : en
Publisher: John Wiley & Sons
Release Date : 1983
Managing Construction Contracts written by Robert Dean Gilbreath and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 1983 with Buildings categories.
Engineering Construction Risks
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Author : Peter Allan Thompson
language : en
Publisher: Thomas Telford
Release Date : 1992
Engineering Construction Risks written by Peter Allan Thompson and has been published by Thomas Telford this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Business & Economics categories.
Risk analysis and management - an overview. When to apply risk management. Quantitative techniques for project risk analysis. Risk in estimating. Contract stategy...
Contractual Arrangements
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Author : Construction Industry Cost Effectiveness Project (New York, N.Y.)
language : en
Publisher:
Release Date : 1982
Contractual Arrangements written by Construction Industry Cost Effectiveness Project (New York, N.Y.) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1982 with Construction industry categories.
Chances And Risks In Construction Management And Economics
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Author : Christian Hofstadler
language : en
Publisher: Springer Nature
Release Date : 2021-06-20
Chances And Risks In Construction Management And Economics written by Christian Hofstadler and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-06-20 with Technology & Engineering categories.
The book outlines the processes of calculating and critically reviewing construction costs and times for clients and contractors in different project phases. Any project or structural analysis should yield accurate information on times, costs, and prices. The related database is more or less uncertain depending on project complexity and the circumstances of work performance. It is thus recommended to use ranges of key input parameters. This approach consistently considers uncertainties within a holistic project view, thus enhancing the plausibility and validity of specific values. Only the integration of probabilistic methods will allow for calculating and graphically representing the chance/risk ratio as a crucial project variable ultimately influencing the entire business. This book examines the systemic modeling and consideration of uncertainties when determining construction costs and times, and life-cycle costs. It contains detailed descriptions of other decision-making processes, including project preparation and planning (developer calculation, soil survey, cost estimate), work preparation (costing, pricing, construction time evaluation, resource identification, comparison of construction methods, bid analysis, contract award), and project execution (site logistics, construction method selection, construction process planning, work coordination, sourcing, determination of additional costs, trend analyses), as well as for project portfolio management as a tool relevant to all phases.
Construction Cost Management
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Author : Keith Potts
language : en
Publisher: Routledge
Release Date : 2014-01-23
Construction Cost Management written by Keith Potts and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-01-23 with Technology & Engineering categories.
In this updated and expanded second edition, Keith Potts and Nii Ankrah examine key issues in construction cost management across the building and civil engineering sectors, both in the UK and overseas. Best practice from pre-contract to post-contract phases of the project life-cycle are illustrated using major projects such as Heathrow Terminal 5, Crossrail and the London 2012 Olympics as case studies. More worked examples, legal cases, case studies and current research have been introduced to cover every aspect of the cost manager’s role. Whole-life costing, value management, and risk management are also addressed, and self-test questions at the end of each chapter support independent learning. This comprehensive book is essential reading for students on surveying and construction management programmes, as well as built environment practitioners with cost or project management responsibilities.