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Article: Potential for implementing relational contracting and joint risk management

TitlePotential for implementing relational contracting and joint risk management
Authors
KeywordsContracts
Hong Kong
Partnerships
Procurement
Risk Management
Selection
Teamwork
Issue Date2004
PublisherAmerican Society of Civil Engineers. The Journal's web site is located at http://www.pubs.asce.org/journals/me.html
Citation
Journal of Management in Engineering, 2004, v. 20 n. 4, p. 178-189 How to Cite?
AbstractThis paper focuses on the outcomes of the second survey in a broad Hong Kong-based study on joint risk management (JRM) through relational contracting (RC). The questionnaire survey itself focused on issues relating to the formation of a coalesced team for JRM at the postcontract stage, comprising owners, consultants, contractors, subcontractors, and suppliers, Results indicate the greater importance of more relational, trust, and joint responsibility-related factors in general, both for selecting different parties and for building a successful relational contract. While some differences in group perceptions emerge, respondents recommend mobilizing project participants at earlier stages of projects, that is, mostly before the contract award, and they strongly support the JRM option for managing various unforeseen risks. Respondents also suggest adjustment/extension of contract provisions for managing unforeseen events, indicating emerging preferences for flexibility in contracts. All these are indicative of a perceived trend toward more RC, teamworking, and collaborative working environments. © ASCE.
Persistent Identifierhttp://hdl.handle.net/10722/150280
ISSN
2015 Impact Factor: 1.84
2015 SCImago Journal Rankings: 1.060
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorRahman, MMen_US
dc.contributor.authorKumaraswamy, MMen_US
dc.date.accessioned2012-06-26T06:02:59Z-
dc.date.available2012-06-26T06:02:59Z-
dc.date.issued2004en_US
dc.identifier.citationJournal of Management in Engineering, 2004, v. 20 n. 4, p. 178-189en_US
dc.identifier.issn0742-597Xen_US
dc.identifier.urihttp://hdl.handle.net/10722/150280-
dc.description.abstractThis paper focuses on the outcomes of the second survey in a broad Hong Kong-based study on joint risk management (JRM) through relational contracting (RC). The questionnaire survey itself focused on issues relating to the formation of a coalesced team for JRM at the postcontract stage, comprising owners, consultants, contractors, subcontractors, and suppliers, Results indicate the greater importance of more relational, trust, and joint responsibility-related factors in general, both for selecting different parties and for building a successful relational contract. While some differences in group perceptions emerge, respondents recommend mobilizing project participants at earlier stages of projects, that is, mostly before the contract award, and they strongly support the JRM option for managing various unforeseen risks. Respondents also suggest adjustment/extension of contract provisions for managing unforeseen events, indicating emerging preferences for flexibility in contracts. All these are indicative of a perceived trend toward more RC, teamworking, and collaborative working environments. © ASCE.en_US
dc.languageengen_US
dc.publisherAmerican Society of Civil Engineers. The Journal's web site is located at http://www.pubs.asce.org/journals/me.htmlen_US
dc.relation.ispartofJournal of Management in Engineeringen_US
dc.subjectContractsen_US
dc.subjectHong Kongen_US
dc.subjectPartnershipsen_US
dc.subjectProcurementen_US
dc.subjectRisk Managementen_US
dc.subjectSelectionen_US
dc.subjectTeamworken_US
dc.titlePotential for implementing relational contracting and joint risk managementen_US
dc.typeArticleen_US
dc.identifier.emailKumaraswamy, MM: mohan@hkucc.hku.hken_US
dc.identifier.authorityKumaraswamy, MM=rp00126en_US
dc.description.naturelink_to_OA_fulltexten_US
dc.identifier.doi10.1061/(ASCE)0742-597X(2004)20:4(178)en_US
dc.identifier.scopuseid_2-s2.0-14744288182en_US
dc.identifier.hkuros105723-
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-14744288182&selection=ref&src=s&origin=recordpageen_US
dc.identifier.volume20en_US
dc.identifier.issue4en_US
dc.identifier.spage178en_US
dc.identifier.epage189en_US
dc.identifier.isiWOS:000228245500007-
dc.publisher.placeUnited Statesen_US
dc.identifier.scopusauthoridRahman, MM=35570458800en_US
dc.identifier.scopusauthoridKumaraswamy, MM=35566270600en_US

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