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Boukendour, S (2007) Preventing post-contractual opportunism by an option to switch from one contract to another. Construction Management and Economics, 25(07), 723–7.

Buckingham, P (2007) International process plant contracts for use on other performance-based projects. Construction Management and Economics, 25(07), 709–13.

Craig, R W and Barnes, W C (2007) Professional employees' exposure to risk of negligence claims from the client. Construction Management and Economics, 25(07), 811–9.

Dagenais, D A (2007) Introduction to good faith in construction contracts. Construction Management and Economics, 25(07), 715–21.

Donohoe, S and Brooks, L (2007) Reflections on construction management procurement following Great Eastern Hotel Company v. John Laing. Construction Management and Economics, 25(07), 701–8.

Gaitskell, R (2007) International statutory adjudication: its development and impact. Construction Management and Economics, 25(07), 777–84.

Gruneberg, S, Hughes, W and Ancell, D (2007) Risk under performance-based contracting in the UK construction sector. Construction Management and Economics, 25(07), 691–9.

Ive, G and Chang, C-Y (2007) The principle of inconsistent trinity in the selection of procurement systems. Construction Management and Economics, 25(07), 677–90.

  • Type: Journal Article
  • Keywords: Transaction costs; hold-up; measurement costs; opportunism; temporal specificity; procurement system
  • ISBN/ISSN: 0144-6193
  • URL: http://www.informaworld.com/openurl?genre=article&issn=0144-6193&volume=25&issue=7&spage=677
  • Abstract:
    This paper examines the economic characteristics of construction procurement systems partially in terms of transaction cost economics and partly those of project management. It proposes the theoretical principle of an inconsistent trinity, according to which, in selecting a procurement system, the client will inevitably face a trade-off between the procurement system best able to deliver: (1) fastest completion of the project (and therefore higher discounted present value of revenue from the project); (2) least vulnerability when making changes (lower transaction hold-up costs arising from temporal or process specificity); as well as (3) least vulnerability to non-performance (lower transaction measurement costs from greater visibility to third parties for ordering of disputes). The model provides a potentially testable contribution to a transaction cost theory of construction procurement. It also has two implications: (1) the three main family types of procurement systems are held to be intrinsically different in economic terms, so selection of procurement system does matter; (2) no system can enjoy absolute advantage over others, so the proposed strategy of procurement system selection is to align the characteristics of procurement systems with attributes of projects.

Ndekugri, I, Smith, N and Hughes, W (2007) The engineer under FIDIC's conditions of contract for construction. Construction Management and Economics, 25(07), 791–9.

Nissen, A (2007) Expert evidence: problems and safeguards. Construction Management and Economics, 25(07), 785–90.

Rameezdeen, R and Rajapakse, C (2007) Contract interpretation: the impact of readability. Construction Management and Economics, 25(07), 729–37.

Shiers, D, Lavers, A and Keeping, M (2007) Indicators of the impact of environmental factors on UK construction law: developments in the new millennium. Construction Management and Economics, 25(07), 821–9.

Twyford, J W (2007) Additional payments under construction contracts. Construction Management and Economics, 25(07), 739–45.

Uher, T and Brand, M (2007) A comparative analysis of the operation of 'compulsory rapid adjudication' in New South Wales and New Zealand. Construction Management and Economics, 25(07), 765–75.

Wang, J, Liu, J and Huang, L (2007) Study on the professional liability insurance system of the supervision engineer in China. Construction Management and Economics, 25(07), 801–10.

Ward, P, Sher, W, Gameson, R and Aranda-Mena, G (2007) Innovative protocols and technologies as a means of complying with the Building and Construction Industry Security of Payments Act 1999 (NSW) Australia. Construction Management and Economics, 25(07), 747–63.