University of Twente Student Theses
Pre-contract phase efficiency by applying transaction cost economics (TCE) : a contractors’ perspective
Brinkhof, R.R. (2021) Pre-contract phase efficiency by applying transaction cost economics (TCE) : a contractors’ perspective.
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| Abstract: | Construction practitioners experience difficulties in managing contracts, because of the dynamics between formal contracts and informal relationships. Reasoning that it is better to be safe than sorry, the premature phase of projects is key. Therefore, efficiency of the (pre-) contract phase is analyzed, by considering transaction costs. From a contractors’ perspective, fifteen semi-structured interviews with practitioners are coded by 26 determinants of transaction costs, derived from Transaction Cost Economics (TCE). Analysis reveals quality of communication, quality of decision making, risk allocation and relationships between parties as important determinants for efficiency. Also, contract managers emphasized experience of clients and contractors in similar type projects. Intense and physical collaboration between contract managers and project managers are key in drawing up contracts, since alignment between risk allocation, requirements and clauses can only be obtained by both contractual and construction engineering expertise. The two complement each other in the dynamics between contract and relationship. |
| Item Type: | Essay (Master) |
| Faculty: | ET: Engineering Technology |
| Programme: | Construction Management and Engineering MSc (60337) |
| Link to this item: | https://purl.utwente.nl/essays/87502 |
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