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Contract – draft, review, workshop and finalise a contract which covers all aspects of the performance, payment and terms and conditions of the relationship; Review – conduct an analysis of the outcomes of the PBC, taking into account the differing definitions of success from the different groups involved in the contract.
The costs of paying the bonus is still an agency cost, [4] but the company will profit from paying this cost so long as the avoided residual cost (as defined above), is greater than the bonus. [21] Another key method by which agency costs are reduced is through legislative requirements that companies undertake audits of their financial ...
Shorter schedules may also reduce the cost of construction financing and reduce overhead costs for the design and construction organizations. Shorter schedules may also reduce the impact of inflation during construction. The fast-tracking of the project is therefore achieved through the integration of design and construction phases.
There are three main types of construction contract, identified according to the mechanism for calculating the sum due to be paid by the employer: lump sum contracts, re-measurement contracts and cost-reimbursable contracts. The different types vary primarily with regard to who takes the risks involved, which party has to pay for the cost over ...
Design–bid–build (or design/bid/build, and abbreviated D–B–B or D/B/B accordingly), also known as Design–tender (or "design/tender"), traditional method, or hardbid, is a project delivery method in which the agency or owner contracts with separate entities for the design and construction of a project.
Lean construction is a combination of operational research and practical development in design and construction with an adoption of lean manufacturing principles and practices to the end-to-end design and construction process. Lean Construction required the application of a robust programmatic framework to all repair, renovation, maintenance ...
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