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Boukendour, S and Bah, R (2001) The guaranteed maximum price contract as call option. Construction Management and Economics, 19(06), 563-7.
- Type: Journal Article
- Keywords: guaranteed maximum price; fixed price; cost reimbursement; call option
- ISBN/ISSN: 0144-6193
- URL: https://doi.org/10.1080/01446190110049848
- Abstract:
Due to increasing constraints on project duration and costs, together with the increasing implication of contractors in the design process, guaranteed maximum price (GMP) contracts are likely to become common in the future. This paper explores a new approach for evaluating the remuneration of the contractor. The GMP contract is considered as a hybrid arrangement consisting of a cost reimbursement contract and a call option on a fixed price contract. The option pricing theory is used as a conceptual framework to assess the GMP contract and the contractors’ remuneration.
Dulaimi, M F and Hwa, T F (2001) Developing world class construction companies in Singapore. Construction Management and Economics, 19(06), 591-9.
Haas, C T, Rodriguez, A M, Glover, R and Goodrum, P M (2001) Implementing a multiskilled workforce. Construction Management and Economics, 19(06), 633-41.
Hong, Z, Tam, C M and Shi, J J (2001) Resource allocation heuristic in construction simulation. Construction Management and Economics, 19(06), 643-51.
Kwan, A Y and Ofori, G (2001) Chinese culture and successful implementation of partnering in Singapore's construction industry. Construction Management and Economics, 19(06), 619-32.
Lam, K C, Runesun, G, Ng, S T, Hu, T S, Cheung, S O and Deng, Z M (2001) Capital budget planning practices of building contractors in Hong Kong. Construction Management and Economics, 19(06), 569-76.
Lingard, H (2001) The effect of first aid training on objective safety behaviour in Australian small business. Construction Management and Economics, 19(06), 611-8.
Moore, D R and Dainty, A R J (2001) Intra-team boundaries as inhibitors of performance improvement in UK design and build projects: a call for change. Construction Management and Economics, 19(06), 559-62.
Tong, T K L, Tam, C M and Chan, A P C (2001) Genetic algorithm optimization in building portfolio management. Construction Management and Economics, 19(06), 601-9.
Winch, G and Carr, B (2001) Benchmarking on site productivity in France and the UK: a CALIBRE approach. Construction Management and Economics, 19(06), 577-90.