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.

This publication provides guidance to the ICE Conditions of Contract Target Cost Version, First edition which encourages active collaboration to reduce costs by sharing expertise and jointly managing risks in an open working environment, within the framework of the ICE Conditions of Contract family. It encourages the Contractor to be more closely involved in aspects of design, provides for payment to the Contractor on a cost reimbursable basis and an incentive share arrangement if the costs differ from the target. A more open style of control and management, which permits an early and joint approach to the identification and management of risks, obliges parties to recognise and understand each other's objectives and promotes closer working relationships.

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.

Contains over eighty papers covering the fields of bridge management systems, inspection methods, structural assessment and maintenance strategies; together with the reliability and risk management techniques. This book is useful for bridge owners and engineers engaged in bridge design, assessment, repair and strengthening. The last five years have seen the art of bridge management develop into a mature subject. Bridge owners and engineers recognise the importance of implementing fully operational bridge management strategies to ensure that all road and rail bridges remain functional for as long as possible. Bridge structures form a major part of the vast financial investment in infrastructure and consequently their careful management involving structural appraisal, repair and strengthening is of paramount importance. Factors such as the chosen repair method can influence how often and for how long a bridge structure is out of operation. This in turn, determines the ensuing traffic and/or rail delay costs and also any resulting increase in traffic pollution.The 5th volume on Bridge Management contains over eighty papers which span the fields of bridge management systems, inspection methods, structural assessment and maintenance strategies; together with the latest reliability and risk management techniques. Almost all of these papers have been presented at the Fifth International Conference on Bridge Management held at the University of Surrey in Guildford, UK in 2005. The book will prove to be a very useful reference manual for all bridge owners and engineers engaged in bridge design, assessment, repair and strengthening. The volume is also recommended as a reference text for other professionals who are concerned with care of the environment and the minimisation of pollution due to traffic delays and non-conventional repair and protection methods.