Abstract
This article aims to identify and analyze the key benefits of adopting Guaranteed Maximum Price and Target Cost Contracts (GMP/TCC) over and above the traditional lump-sum contractual arrangement through an empirical questionnaire survey conducted in South Australia and compared with the findings in Hong Kong. The Mann-Whitney U Test indicated differences in perception between the two groups of respondents on the majority of the identified benefits. The study has provided an in-depth understanding of the perceived benefits of the GMP/TCC scheme, hence leading to a wider application of those alternative integrated procurement strategies in both regions for reference by the construction community at large.
Original language | English |
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Pages (from-to) | 4-20 |
Number of pages | 17 |
Journal | Project Management Journal |
Volume | 43 |
Issue number | 2 |
DOIs | |
Publication status | Published - Apr 2012 |
Keywords
- Hong Kong
- South Australia
- benefits
- guaranteed maximum price
- target cost contracting