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ICC Infrastructure Conditions of Contract: Target Cost Version

Association of Construction Engineers and Civil Engineering Contractors' Association (CECA)

  • Format: Contract

  • Publisher: ACE and CECA

  • Date Published: Sep 2011

  • Stock Code: 76434

  • ISBN: 9781907660498

  • Binding: Paperback

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Description

This publication will help towards delivering construction projects on time by enabling better client-contractor collaboration. The contract allows the employer, usually with the assistance of the contractor, to set a clear target for the cost of the civil engineering works to be carried out, in order to avoid projects overrunning on cost and deadline.

The contract also encourages the contractor to be more closely involved in the project from an early stage, such as project design, and provides an incentive for the employer and contractor to share profit or loss if the costs differ from the original target.

To utilise the Target Cost Version effectively, a more open style of control and management is required which will permit an early and joint approach to the identification and management of risks. This is intended to lead to better channels of communication between client and contractor, at every project stage.The Target Cost version - the newest member of the Infrastructure Conditions of Contract family – has been produced due to industry demand.

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