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Trends in Contracting Practice for Civil Works

By Henriod, Ernesto E.

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Book Id: WPLBN0000233126
Format Type: PDF eBook
File Size: 0.1 MB
Reproduction Date: 2005
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Title: Trends in Contracting Practice for Civil Works  
Author: Henriod, Ernesto E.
Volume:
Language: English
Subject: Economics, Finance & business, World Bank.
Collections: Economics Publications Collection
Historic
Publication Date:
Publisher: The World Bank

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Henriod, E. E. (n.d.). Trends in Contracting Practice for Civil Works. Retrieved from http://hawaiilibrary.net/


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Economics

Excerpt
As contracting practice evolves, there is growing awareness of the need to refine the basic documents on which it rests--the bidding documents and the contract itself--to ensure that the facility owner gets the work on time, to specification, and within budget; and the contractor realizes his expectation of profit, which is the primary reason for his being in business. Contractors are also experimenting with new ways of acquiring business and enhancing profit. Two areas in particular have been subject to close scrutiny in recent years: the definition of risk, and the optimizing of incentives. Both these factors, risk and incentive, come hand-in-hand in the construction industry. Contractors who succeed have learned to manage risk and maximize profittaking, often in conditions of almost suicidal competition. But for every contractor who succeeds, many are victims of poor planning, poor budgeting, and poor resource management. The failed contractors are a measure of the industry's inefficiency, and their failures necessarily affect the facility owner and his expectation of results from the economic asset that was under construction.

 

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