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Aibinu, A A, Ofori, G and Ling, F Y (2008) Explaining Cooperative Behavior in Building and Civil Engineering Projects’ Claims Process: Interactive Effects of Outcome Favorability and Procedural Fairness. Journal of Construction Engineering and Management, 134(09), 681–91.

Chan, E H and Au, M C (2008) Relationship between Organizational Sizes and Contractors’ Risk Pricing Behaviors for Weather Risk under Different Project Values and Durations. Journal of Construction Engineering and Management, 134(09), 673–80.

  • Type: Journal Article
  • Keywords: Risk management; Weather; Contracts; Contractors; Pricing; Project management;
  • ISBN/ISSN: 0733-9364
  • URL: https://doi.org/10.1061/(ASCE)0733-9364(2008)134:9(673)
  • Abstract:
    A problem that always annoys building employers and their consultants when drafting building contracts is whether it is more cost efficient to retain certain risks with themselves or to transfer the same to contractors, and it has long been a difficulty to accurately estimate the cost for transferring risks to the other contract party. It is a very common market practice to remove contractors’ entitlement to extension of time due to inclement weather, and in view of the significant impacts that inclement weather posed on construction progress, it would be helpful to assess the associated costs for such risk allocation exercises in order to ensure that it is a cost-effective transaction. The costs for these potential weather-caused delays are priced by contractors in their returned tenders. This risk-pricing behavior is affected by the contractor’s risk perception and risk attitude. However, merely working out contractors’ risk perception and risk attitude patterns is inadequate, as they may vary in accordance with different organizational sizes and project backgrounds. Therefore, further studies should be carried out on the implications of project information, such as project value and contract period, on different-sized contractors’ risk behaviors. In this research, a questionnaire survey was conducted to investigate the weather-risk-pricing behavioral patterns of various-sized contractors under different given project scenarios. The survey revealed that the impacts of project value and contract period (and, thus, the intensity of work and scale of exposure to weather risk) were significant on contractors’ risk behaviors, and these impacts varied in accordance with different organizational sizes. The medium-sized contractors’ pricing behaviors were rather constant under different project values and contract periods, while both small and large contractors behaved differently when the intensity of work and scale of risk exposure varied. Despite the fact that contractors of various sizes behaved differently in some given scenarios, the number of days of delaying cost allowed by them in returned tenders were generally less than the actual number of days of inclement weather affecting work.

Lucko, G (2008) Productivity Scheduling Method Compared to Linear and Repetitive Project Scheduling Methods. Journal of Construction Engineering and Management, 134(09), 711–20.

Ndekugri, I, Braimah, N and Gameson, R (2008) Delay Analysis within Construction Contracting Organizations. Journal of Construction Engineering and Management, 134(09), 692–700.

Ng, S T and Zhang, Y (2008) Optimizing Construction Time and Cost Using Ant Colony Optimization Approach. Journal of Construction Engineering and Management, 134(09), 721–8.

Peña-Mora, F, Han, S, Lee, S and Park, M (2008) Strategic-Operational Construction Management: Hybrid System Dynamics and Discrete Event Approach. Journal of Construction Engineering and Management, 134(09), 701–10.

Sohail, M and Cavill, S (2008) Accountability to Prevent Corruption in Construction Projects. Journal of Construction Engineering and Management, 134(09), 729–38.

Wong, J M W, Chan, A P C and Chiang, Y H (2008) Modeling and Forecasting Construction Labor Demand: Multivariate Analysis. Journal of Construction Engineering and Management, 134(09), 664–72.

Zhang, H and Wang, J Y (2008) Particle Swarm Optimization for Construction Site Unequal-Area Layout. Journal of Construction Engineering and Management, 134(09), 739–48.