Last edited 11 Feb 2021

Main author

CIOB Institute / association Website

Time and cost management contract suite



[edit] Introduction

The Time and Cost Management Contract is a revised edition of what was previously the CIOB’s Complex Projects Contract, published in 2013. The name has been changed to reflect more clearly the core strengths of the Contract. The Time and Cost Management Contract is written for use with the Time and Cost Management Contract suite’s Subcontract and Consultancy Appointment to provide a uniform approach to time, cost and risk management from initiation to completion of building and engineering projects.

[edit] Use of the contract

The contract is most suitable for those projects which cannot effectively be managed intuitively and which require for their success a more scientific approach to time- and cost-risk management than is usual on more simple projects. The contract can be used by companies, public authorities and private individuals in the UK and in any other country requiring the contractor to build only from a design prepared under the direction of the employer, or for the contractor to design the works in whole or in part.

The contract can be used for:

[edit] Pricing

The contract can be used with any method of pricing. Commonly, this includes fixed price, target cost, measured term, fixed fee, cost reimbursement, partnering and alliancing. The required method of pricing is to be described in the special conditions.

[edit] Special conditions

The standard documentation is expected to be supplemented by special conditions setting out the method of pricing, insurance requirements, bonding and any other matter peculiar to the particular project for which it is used. The special conditions take priority over these standard conditions.

[edit] Specification

The standard documentation is expected to be supplemented by a contract specification identifying the standards of performance required for the particular project.

[edit] Time management

The contract requires competence in critical-path network modelling, resource allocation and productivity analysis. The working schedule is required to be in differing densities, updated and revised on the rolling-wave principle that constantly predicts the currently attainable completion date, sectional completion dates and key dates.

[edit] Cost management

Cost management is by reference to the values attributed to the activities in the working schedule with progress updated from databased progress records. The updated working schedule constantly predicts the out-turn cost of the works and the value of work done to date.

[edit] Risk management

The contract is a collaborative contract requiring the contractor, its subcontractors and the design consultants to work with the time manager, cost manager, contract administrator and the employer to constantly appraise risk and to confer in taking practical action to overcome and avoid unnecessary consequences of time and cost risks. The time manager is required to collaborate with the contractor, subcontractors and consultants. The contract contains power to instruct acceleration both to overcome the effects of a delay to progress and bring forward completion dates where practical.

[edit] Collaboration

The contract requires a collaborative approach to design in conformity with British Standards Institution’s BS 1192:2007, but goes further in expressly requiring the contractor and all subcontractors and consultants having a continuing role in design, administration or quality control during the works to participate in decision making, quality control, time management, cost management and risk management.

[edit] Building Information Modelling (BIM)

The contract is suitable for Level 2 Projects 1 and the collaborative production of information throughout the project lifecycle. It is compatible with the requirements of the British Standards Institution’s PAS 1192: Part 2, 2013 ‘Specification for information management for the capital/delivery phase of construction projects using building information modelling’ and it may be used with any desired building information modelling protocol.

[edit] Information transfer

The contract requires information to be transferred electronically either by readable file or in native file format and in accordance with a file transfer protocol compatible with the British Standards Institution’s PAS 1192:4 2014 COBie.

[edit] Standard documentation

The suite comprises:


[edit] About this article

This article was first published on the website of the CIOB and can be accessed here. It also includes an interview with CIOB president Chris Chivers who talks about the Time and Cost Management Contract Suite in more detail.

[edit] Related articles on Designing Buildings Wiki

[edit] External references

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