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Article: Guaranteed maximum price (GMP) contracts in practice: a case study of a private office development project in Hong Kong

TitleGuaranteed maximum price (GMP) contracts in practice: a case study of a private office development project in Hong Kong
Authors
KeywordsHong kong
Incentive schemes
Procurement
Best-practices
Competitive prices
Issue Date2011
PublisherEmerald Group Publishing Limited. The Journal's web site is located at http://www.emeraldinsight.com/ecam.htm
Citation
Engineering, Construction and Architectural Management, 2011, v. 18 n. 2, p. 188-205 How to Cite?
AbstractPurpose-This paper aims to investigate the operational mechanism, project performance, motives behind, benefits, difficulties and success factors of adopting the guaranteed maximum price (GMP) scheme based on a real-life case study of Chater House, an international Grade A private office project in Hong Kong. Design/methodology/approach-The case project was analysed by means of the related project documentation and a series of face-to-face interviews with the relevant senior project representatives. Findings-All the interviewed key project stakeholders perceived that the GMP contract helped achieve competitive price, value for money and superior quality of products as well as provided stronger incentives to innovation and cost saving. The case study revealed that the overall success of this GMP project was underpinned by several key attributes. Originality/value-The paper provides solid groundwork for client bodies and contracting organisations to develop a best practice framework for implementing successful GMP schemes in future construction. © Emerald Group Publishing Limited.
Persistent Identifierhttp://hdl.handle.net/10722/135075
ISSN
2015 SCImago Journal Rankings: 0.541

 

DC FieldValueLanguage
dc.contributor.authorChan, DWMen_US
dc.contributor.authorLam, PTIen_US
dc.contributor.authorChan, APCen_US
dc.contributor.authorWong, JMWen_US
dc.date.accessioned2011-07-27T01:27:28Z-
dc.date.available2011-07-27T01:27:28Z-
dc.date.issued2011en_US
dc.identifier.citationEngineering, Construction and Architectural Management, 2011, v. 18 n. 2, p. 188-205en_US
dc.identifier.issn0969-9988-
dc.identifier.urihttp://hdl.handle.net/10722/135075-
dc.description.abstractPurpose-This paper aims to investigate the operational mechanism, project performance, motives behind, benefits, difficulties and success factors of adopting the guaranteed maximum price (GMP) scheme based on a real-life case study of Chater House, an international Grade A private office project in Hong Kong. Design/methodology/approach-The case project was analysed by means of the related project documentation and a series of face-to-face interviews with the relevant senior project representatives. Findings-All the interviewed key project stakeholders perceived that the GMP contract helped achieve competitive price, value for money and superior quality of products as well as provided stronger incentives to innovation and cost saving. The case study revealed that the overall success of this GMP project was underpinned by several key attributes. Originality/value-The paper provides solid groundwork for client bodies and contracting organisations to develop a best practice framework for implementing successful GMP schemes in future construction. © Emerald Group Publishing Limited.-
dc.languageengen_US
dc.publisherEmerald Group Publishing Limited. The Journal's web site is located at http://www.emeraldinsight.com/ecam.htm-
dc.relation.ispartofEngineering, Construction and Architectural Managementen_US
dc.subjectHong kong-
dc.subjectIncentive schemes-
dc.subjectProcurement-
dc.subjectBest-practices-
dc.subjectCompetitive prices-
dc.titleGuaranteed maximum price (GMP) contracts in practice: a case study of a private office development project in Hong Kongen_US
dc.typeArticleen_US
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0969-9988&volume=18&issue=2&spage=188&epage=205&date=2011&atitle=Guaranteed+maximum+price+(GMP)+contracts+in+practice:+a+case+study+of+a+private+office+development+project+in+Hong+Kong-
dc.identifier.emailWong, JMW: jmwwong@hkucc.hku.hken_US
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1108/09699981111111157-
dc.identifier.scopuseid_2-s2.0-79952422429-
dc.identifier.hkuros189037en_US
dc.identifier.volume18en_US
dc.identifier.issue2en_US
dc.identifier.spage188en_US
dc.identifier.epage205en_US
dc.identifier.citeulike8993381-

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