Major Projects are Delayed by Months or Years, and Cost Millions
More Than Budgeted, Because of Common Mistakes Made at the
Contracting Stage Organizations that invest huge amounts of capital
in major building/industrial projects almost never do the
engineering and building themselves. They hire engineering and
construction contractors to do it for them. Unfortunately,
selecting contractors and negotiating the terms of a major project
is one of the most difficult aspects of project management...and
organizations waste billions of dollars and "bake in" months or
years of delay by doing it wrong. Contracting is also the area of
project management that is most prone to firmly held opinions
unencumbered by any facts. We intend to remedy that situation with
this book. Drawing on a properietary detailed database of over 1100
major projects, the world's leading industrial engineering project
consultant, Ed Merrow explains: Key Principles of Contracting for
Major Projects: Owners are from Mars; contractors are from Venus
All the biggest risks in contracting belong to the owner
Contracting "games" will normally be won by contractors, not owners
Most risk transfer from owners to contractors is an illusion
Contractors do good projects well and bad projects poorly
Contractors may have shareholders, but they are not your
shareholders! Mixing different contract types with different
contractors on the same project is unwise Economize on the need for
trust; trust only when being trustworthy has value Merrow also
explains: Which contract incentives work and which don't and WHY
Which of over a dozen contracting strategies work best and which
ones hardly ever work and WHY The strategic advice in this book is
designed for owners and contractor project managers, team members
and supply chain, executives, and other business leaders involved
in major projects. It's also an indispensable resource for
engineers, leaders of industrial firms, bankers, and academics
studying the messy realities of the construction and engineering
industries.
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