ICE Conditions of Contract Target Cost: Guidance Notes
This publication provides guidance to the "ICE Conditions of Contract Target Cost Version, First edition" which encourages active collaboration to reduce costs by sharing expertise and jointly managing risks in an open working environment, within the framework of the ICE Conditions of Contract family. It encourages the Contractor to be more closely involved in aspects of design, provides for payment to the Contractor on a cost reimbursable basis and an incentive share arrangement if the costs differ from the target. It features a more open style of control and management, which permits an early and joint approach to the identification and management of risks, obliges parties to recognise and understand each other's objectives and promotes closer working relationships.
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- Paperback | 68 pages
- 210 x 297mm
- 10 Mar 2006
- ICE Publishing
- Institution of Civil Engineers
- London, United Kingdom
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Table of contents
* Introduction * Contract documents * Overall concept * Choice of Target Cost Contract * Matters for the Employer to decide during the preparation of the Tender Documents * Tendering and Contractor Selection * Award of the Contract * Operation of the Contract * Engineer's role in a Target Cost Contract * Notes on specific Clauses * Appendix 1. Bond * Appendix 2. Worked Example * Appendix 3. Proforma * Appendix 4. Retentions