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Chen, Z, Li, H, Shen, Q and Xu, W (2004) An empirical model for decision-making on ISO 14000 acceptance in the Shanghai construction industry. Construction Management and Economics, 22(01), 55-73.

Dunn, B (2004) The regionalization of international contracting and its implications for models of construction spending. Construction Management and Economics, 22(01), 93-100.

Lavy, S and Shohet, I M (2004) Integrated maintenance management of hospital buildings: a case study. Construction Management and Economics, 22(01), 25-34.

Manavazhi, M R (2004) Assessment of the propensity for revisions in design projects through the dichotomous characterization of designer effort. Construction Management and Economics, 22(01), 47-54.

Moselhi, O, Li, J and Alkass, S (2004) Web-based integrated project control system. Construction Management and Economics, 22(01), 35-46.

Pan, Z (2004) Commercial housing ownership predictors in urban China: an analysis of a national survey. Construction Management and Economics, 22(01), 85-91.

Pries, F, Dorée, A G, Veen, B V d and Vrijhoef, R (2004) Note: The role of leaders' paradigm in construction industry change. Construction Management and Economics, 22(01), 7-10.

Skitmore, R M (2004) Predicting the probability of winning sealed bid auctions: the effects of outliers on bidding models. Construction Management and Economics, 22(01), 101-9.

Sohail, M and Baldwin, A N (2004) Performance indicators for 'micro-projects' in developing countries. Construction Management and Economics, 22(01), 11-23.

Turner, J R (2004) Farsighted project contract management: incomplete in its entirety. Construction Management and Economics, 22(01), 75-83.

  • Type: Journal Article
  • Keywords: Contract selection; forms of contract; governance; incentivization; project organization; transaction costs
  • ISBN/ISSN: 0144-6193
  • URL: https://doi.org/10.1080/0144619042000186077
  • Abstract:

    The purpose of project organization is to create a cooperative environment. Contracts are the method by which the owner creates a project organization to employ resources to achieve their development objectives. Contracts should aim to produce a cooperative organization, aligning the contractors’ objectives with the owners. A three-dimensional vector (reward, risk, safeguard), adapted from the Transaction Cost Economics literature, is used to analyse the efficacy of contract types to do this. Contracts are also unavoidably incomplete. They need to respond to unforeseen circumstance. A four-dimensional vector (incentive intensity, adaptiveness, reliance on monitoring and control, reliance on the courts), also from the Transaction Costs Economics literature, is used to analyse the governance efficacy of contract types. The results are used to develop a contract selection strategy, depending on whether the uncertainty is controlled by the client or the contractor, the project is simple or complex, and the uncertainty is in the project’s product, method of delivery or both