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IChemE Form of Contract Target Cost Contract: (The BurgundyBook) 2nd edition 2013

IchemE

  • Format: Contract

  • Pages: 122

  • Publisher: IChemE

  • Date Published: Feb 2013

  • Stock Code: 80529

  • ISBN: 9780852955444

  • Binding: Paperback

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Description

For over 40 years, IChemE's suite of Forms of Contract have set the standard for contracts in the process industries. The new editions have been extensively revised and updated by our team of experts to reflect best practice in project delivery and the latest developments in law and project implementation.

The intention of a target cost contract is to encourage both parties in the contract to work together in order to find ways of carrying out the work as efficiently as possible and to be rewarded as a result (ie pain/gain share). The Burgundy Book is used for either setting the target cost at the time of making the contract or for agreeing the target cost during the contract, typically when the detailed scope of work has been agreed but before commencement of any construction or manufacture of the plant.

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