Guaranteed maximum price contracting: a qualitative study in South Australia
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(Published version)
Date
2011
Authors
Ma, T.
Beh, P.H.W.
Editors
Best, R.
Langston, C.
Langston, C.
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Conference paper
Citation
Proceedings of the 36th AUBEA Conference: Getting a Building Degree...the end of the beginning?, 2011 / Best, R., Langston, C. (ed./s), pp.86-96
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36th Australasian University Building Educators Association (AUBEA) Conference (27 Apr 2011 - 29 Apr 2011 : Gold Coast, Australia)
Abstract
The South Australian construction industry is experiencing high demand for new construction and meanwhile increasing project complexities in terms of schedules and budgets. These pressures are driving the need for changes in contracting procedures. The Guaranteed maximum price (GMP) approach to contracting has recently become popular in Australia with a strategy of pre-determining the agreed final contract sum of a project. This study aims to review the current practice and the major components of GMP contracting within the South Australian construction industry. A detailed case study highlights the pitfall of this type of contracting and shows that the standard form of contract is considered necessary for GMP projects as it would provide consistency, in contrast to the current situation with a myriad of hybrid and custom contracts in use
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Copyright 2011 Tony Ma and Phoebe Beh