Contracting for construction projects

When organizations enter into or manage construction-related contracts, any major mistakes can be costly and often, such losses can never be recovered. There are many areas where lapses can occur, but mistakes can especially be both common and costly in 4 areas: 1. allowing the architect, engineer,...

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Bibliographic Details
Published in:	The Internal auditor 1993-06, Vol.50 (3), p.41
Main Author:	Townsend, Richard L
Format:	Magazinearticle
Language:	eng
Subjects:	Architecture Construction contracts Contract negotiations Contractors Corporate planning Cost control Costs Fixed rates Internal auditors Lump sum Project management Recommendations
Online Access:	Get full text
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Summary:	When organizations enter into or manage construction-related contracts, any major mistakes can be costly and often, such losses can never be recovered. There are many areas where lapses can occur, but mistakes can especially be both common and costly in 4 areas: 1. allowing the architect, engineer, or contractor to write the commercial terms of the contract, 2. relying on the same contractors every year, 3. not looking closely enough at the lump sum claim settlements and change orders specified in contracts, and 4. not assuming more control and oversight over subcontracting in cost pass-through situations. Case studies and recommendations are provided that deal with these 4 areas.
ISSN:	0020-5745