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Ahuja, V, Yang, J and Shankar, R (2010) Benchmarking Framework to Measure Extent of ICT Adoption for Building Project Management. Journal of Construction Engineering and Management, 136(05), 538–45.

Alnuaimi, A S, Taha, R A, Al Mohsin, M and Al-Harthi, A S (2010) Causes, Effects, Benefits, and Remedies of Change Orders on Public Construction Projects in Oman. Journal of Construction Engineering and Management, 136(05), 615–22.

Chan, A P C, Lam, P T I, Chan, D W M, Cheung, E and Ke, Y (2010) Critical Success Factors for PPPs in Infrastructure Developments: Chinese Perspective. Journal of Construction Engineering and Management, 136(05), 484–94.

Chan, D W M, Chan, A P C, Lam, P T I and Wong, J M W (2010) Empirical Study of the Risks and Difficulties in Implementing Guaranteed Maximum Price and Target Cost Contracts in Construction. Journal of Construction Engineering and Management, 136(05), 495–507.

  • Type: Journal Article
  • Keywords: Pricing; Costs; Contracts; Risk management; Hong Kong; Construction management; Guaranteed maximum price; Target cost contracting; Pitfalls; Risks; Difficulties; Hong Kong;
  • ISBN/ISSN: 0733-9364
  • URL: https://doi.org/10.1061/(ASCE)CO.1943-7862.0000153
  • Abstract:
    Over the past few decades, both the guaranteed maximum price (GMP) and target cost contracting (TCC) arrangements have been regarded as alternative integrated procurement strategies for clients to mitigate risks, minimize claims, integrate the diverse interests of a complex construction project, and offer incentives to provide value-added services. However, the adoption of GMP/TCC contracts may also generate significant risks and difficulties that merit considerable attention. This paper aims to provide a concise review of the potential pitfalls of the GMP/TCC scheme in general and identifies the key risk factors and potential difficulties associated with GMP/TCC in comparison with other procurement strategies in construction in particular via an empirical survey of clients, contractors, and consultants in Hong Kong. The survey data gleaned from 45 valid replies were analyzed using the mean score ranking technique, Kendall’s concordance test, and Spearman’s rank correlation test. The survey results indicated that “involvement of inexperienced or claim-conscious contractors in a project procured by a GMP/TCC contract” was considered to be the most significant risk factor; while “design development must keep pace with main contractor’s program for tendering the domestic subcontractors’ works packages” as the major difficulty in implementing GMP/TCC projects. The research findings derived from this study are particularly essential in assisting the contracting parties to mitigate the detriments brought about by potential risks or difficulties when embarking on GMP/TCC contracts. It has also generated valuable insights into developing effective recommendations for alleviating the barriers to GMP/TCC success for future construction projects.

Cheung, S O, Yiu, T W and Chan, H W (2010) Exploring the Potential for Predicting Project Dispute Resolution Satisfaction Using Logistic Regression. Journal of Construction Engineering and Management, 136(05), 508–17.

Christodoulou, S E, Ellinas, G and Michaelidou-Kamenou, A (2010) Minimum Moment Method for Resource Leveling Using Entropy Maximization. Journal of Construction Engineering and Management, 136(05), 518–27.

Creedy, G D, Skitmore, M and Wong, J K W (2010) Evaluation of Risk Factors Leading to Cost Overrun in Delivery of Highway Construction Projects. Journal of Construction Engineering and Management, 136(05), 528–37.

Elyamany, A and Abdelrahman, M (2010) Contractor Performance Evaluation for the Best Value of Superpave Projects. Journal of Construction Engineering and Management, 136(05), 606–14.

Horta, I M, Camanho, A S and Da Costa, J M (2010) Performance Assessment of Construction Companies Integrating Key Performance Indicators and Data Envelopment Analysis. Journal of Construction Engineering and Management, 136(05), 581–94.

Javernick-Will, A N and Scott, W R (2010) Who Needs to Know What? Institutional Knowledge and Global Projects. Journal of Construction Engineering and Management, 136(05), 546–57.

Klotz, L and Horman, M (2010) Counterfactual Analysis of Sustainable Project Delivery Processes. Journal of Construction Engineering and Management, 136(05), 595–605.

Lim, J N, Schultmann, F and Ofori, G (2010) Tailoring Competitive Advantages Derived from Innovation to the Needs of Construction Firms. Journal of Construction Engineering and Management, 136(05), 568–80.

Rezgui, Y and Miles, J (2010) Exploring the Potential of SME Alliances in the Construction Sector. Journal of Construction Engineering and Management, 136(05), 558–67.

Yang, L and Shi, J J (2010) Experimental Study on the Impact of Rainfall on RCC Construction. Journal of Construction Engineering and Management, 136(05), 477–83.