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Chapman, C and Ward, S (2008) Developing and implementing a balanced incentive and risk sharing contract. Construction Management and Economics, 26(06), 659–69.

  • Type: Journal Article
  • Keywords: Contract conditions; risk management
  • ISBN/ISSN: 0144-6193
  • URL: https://doi.org/10.1080/01446190802014760
  • Abstract:
    An important aspect of stakeholder management in construction projects is the contractual approach to managing risk and uncertainty. Clients need to choose an appropriate form of contract from available common options, like fixed price, design and build (D&B), and design, build, finance and operate (DBFO). Facilitating appropriate choices is usefully addressed within a balanced incentive and risk sharing (BIARS) contract framework, 'balance' implying incentives that align client and contractor objectives. What this means in operational terms, within the context of a best practice approach to project risk and uncertainty management, is explored and clarified. The work is based on a mix of conventionally funded academic research and consultancy-based research. It was stimulated by the need to explain these ideas to a client using target contracts with unbalanced risk sharing, a common practice. Best practice requires a balanced approach, and the difference is significant. Best practice also involves a number of other relevant features. The key conclusion is that full integration of contract choice decisions and other aspects of a best practice approach to risk and uncertainty management is practical and advantageous, and a reasonable next step in the evolution of best practice.

Chinyio, E and Akintoye, A (2008) Practical approaches for engaging stakeholders: findings from the UK. Construction Management and Economics, 26(06), 591–9.

Fraser, C and Zhu, C (2008) Stakeholder perception of construction site managers' effectiveness. Construction Management and Economics, 26(06), 579–90.

Mathur, V N, Price, A and Austin, S (2008) Conceptualizing stakeholder engagement in the context of sustainability and its assessment. Construction Management and Economics, 26(06), 601–9.

Moodley, K, Smith, N and Preece, C N (2008) Stakeholder matrix for ethical relationships in the construction industry. Construction Management and Economics, 26(06), 625–32.

Olander, S and Landin, A (2008) A comparative study of factors affecting the external stakeholder management process. Construction Management and Economics, 26(06), 553–61.

Rowlinson, S and Cheung, Y K F (2008) Stakeholder management through empowerment: modelling project success. Construction Management and Economics, 26(06), 611–23.

Smyth, H (2008) The credibility gap in stakeholder management: ethics and evidence of relationship management. Construction Management and Economics, 26(06), 633–43.

Walker, D, Bourne, L M and Shelley, A (2008) Influence, stakeholder mapping and visualization. Construction Management and Economics, 26(06), 645–58.

Ward, S and Chapman, C (2008) Stakeholders and uncertainty management in projects. Construction Management and Economics, 26(06), 563–77.