Last edited 06 Mar 2017

Time and cost management contract TCM15

The Contract for Use with Complex Projects, First Edition 2013 was launched by the Chartered Institute of Building (CIOB) on 23 April 2013 and thought to be the world’s first BIM-ready contract specifically aimed at the management of time in complex construction and engineering projects. It was suited for works of high value or complexity, major real estate projects and engineering or infrastructure projects. It was developed in response to research revealing that large and complex projects suffered time and cost overruns, and that greater contractual attention should be focused on time and cost management.

In November 2015, the Complex Projects Contract was updated in response to feedback from the industry and renamed the Time and Cost Management Contract (TCM15). The name was changed to reflect the core strengths of the contract.

It is intended for use with the CIOB’s Time and Cost Management Contract suite which includes:

Document No. 1, Contract Agreement.
Document No. 2, Contract Conditions.
Document No. 3, Contract Appendices.
Document No. 4, Subcontract Agreement.
Document No. 5, Subcontract Conditions.
Document No. 6, Subcontract Appendices.
Document No. 7, Consultancy Appointment.
Document No. 8, Schedules 8 and 9 for the Appointment of the Time Manager.
Document No. 9, Schedules 8 and 9 for the Appointment of the Contract dministrator.
Document No. 10 User Notes.

The contract is intended for major construction or civil engineering projects which require a structured approach to time and cost risk management. It is intended for use by companies, public authorities and private individuals where the construction works carried out by the contractor are based on a design prepared under the direction of the employer, or where the contractor designs some, or all of the works. It is also suitable for construction management and management contracting although in this case, some changes are required.

It requires collaboration between the contractor, subcontractors, design consultants, time manager, cost manager, contract administrator and employer, who continuously appraise risk and take action to overcome and mitigate the consequences of time and cost risks and to bring forward completion dates where practical.

Francis Ho, co-author of the contract, said of the new edition: "It's not a contract that needed a lot of changes. We made some minor clarifications and changes based on user feedback and consolidated some of the specialist roles to make the form seem less daunting ... The biggest news is that the main contract has finally been joined by a professional appointment and subcontract.“

Sarah Rock, formerly an Associate at law firm RPC said, “The suite is targeted at niche projects but within that sphere offers real flexibility in managing time and cost with the aim of avoiding disputes.”