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Title: Evaluating guaranteed maximum price and target cost contracting strategies in Hong Kong construction industry
Authors: Chan, DWM 
Chan, APC 
Lam, TIP 
Lam, WME
Wong, JMW
Keywords: Guaranteed maximum price
Target cost contracting
Procurement strategies
Interview survey
Hong Kong
Issue Date: Dec-2007
Publisher: Emerald Group Publishing Limited
Source: Journal of financial management of property and construction, 2007, v. 12, no. 3, p.139-149 How to cite?
Journal: Journal of financial management of property and construction 
Abstract: Guaranteed maximum price (GMP) and target cost contracting (TCC) with a pain-share/gain-share arrangement have been adopted to integrate the construction delivery process and motivate service providers to seek continuous improvements in project outcomes. However, there is still a lack of research evidence to evaluate the levels of success and lessons learned from these innovative procurement strategies. Based on the analysis of a series of in-depth interviews on the perceptions of various relevant experienced industrial practitioners, this paper aims to explore the key attributes of GMP/TCC including the underlying motives, perceived benefits, potential difficulties, critical success factors, key risk factors involved and optimal project conditions for adopting GMP/TCC. The research findings are useful in assisting key project stakeholders in minimising the detriments brought about by potential difficulties in and maximising the benefits derived from implementing GMP/TCC concepts. The study is also significant in contributing to new knowledge and practical information of GMP/TCC applications and implementation, in both a national and international context.
ISSN: 1366-4387
EISSN: 1759-8443
DOI: 10.1108/13664380780001100
Rights: Journal of Financial Management of Property and Construction ? Emerald Group Publishing Limited, Glasgow Caledonian University.
Appears in Collections:Journal/Magazine Article

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