{"product_id":"contract-strategies-for-major-projects-isbn-9781119902096","title":"Contract Strategies for Major Projects","description":"\u003cp\u003e\u003cb\u003eMajor Projects are Delayed by Months or Years, and Cost Millions More Than Budgeted, Because of Common Mistakes Made at the Contracting Stage\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003eOrganizations 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:\u003c\/p\u003e \u003cp\u003eKey Principles of Contracting for Major Projects:\u003c\/p\u003e \u003col\u003e \u003cli\u003eOwners are from Mars; contractors are from Venus\u003c\/li\u003e \u003cli\u003eAll the biggest risks in contracting belong to the owner\u003c\/li\u003e \u003cli\u003eContracting “games” will normally be won by contractors, not owners\u003c\/li\u003e \u003cli\u003eMost risk transfer from owners to contractors is an illusion\u003c\/li\u003e \u003cli\u003eContractors do good projects well and bad projects poorly\u003c\/li\u003e \u003cli\u003eContractors may have shareholders, but they are not your shareholders!\u003c\/li\u003e \u003cli\u003eMixing different contract types with different contractors on the same project is unwise\u003c\/li\u003e \u003cli\u003eEconomize on the need for trust; trust only when being trustworthy has value\u003c\/li\u003e \u003c\/ol\u003e \u003cp\u003eMerrow also explains:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eWhich contract incentives work and which don’t and WHY\u003c\/li\u003e \u003cli\u003eWhich of over a dozen contracting strategies work best and which ones hardly ever work and WHY\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eThe 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.\u003c\/p\u003e \u003cp\u003eAcknowledgments ix\u003c\/p\u003e \u003cp\u003eIntroduction: What This Book Is About 1\u003c\/p\u003e \u003cp\u003e1 Ten Key Principles of Contracting 13\u003c\/p\u003e \u003cp\u003e2 Data, Methods, and Nomenclature 29\u003c\/p\u003e \u003cp\u003e3 Contracting and Project Outcomes: The Common Strategies 45\u003c\/p\u003e \u003cp\u003e4 Exploring Why They Work the Way They Do 77\u003c\/p\u003e \u003cp\u003e5 The Unusual EPC Lump- Sum Strategies 115\u003c\/p\u003e \u003cp\u003e6 Collaborative and Relational Contracting Strategies 135\u003c\/p\u003e \u003cp\u003e7 Prequalification 159\u003c\/p\u003e \u003cp\u003e8 The Use of Supplemental Incentives 181\u003c\/p\u003e \u003cp\u003e9 It’s All About Risk 215\u003c\/p\u003e \u003cp\u003e10 Who Should Control Contracting Strategy? 243\u003c\/p\u003e \u003cp\u003e11 The Effects of Scale 253\u003c\/p\u003e \u003cp\u003e12 Toward Fair, Balanced, and Smart 261\u003c\/p\u003e \u003cp\u003eAppendix: Description of Independent Project Analysis, Inc. 271\u003c\/p\u003e \u003cp\u003eGlossary 275\u003c\/p\u003e \u003cp\u003eIndex 283\u003c\/p\u003e  \u003cp\u003eEDWARD W. MERROW is the Founder and CEO of Independent Project Analysis, Inc., the world’s leading evaluator of billion-dollar mega-projects. IPA benchmarks project costs, schedules, and safety, start-up and operational performance and helps owners gauge their competitiveness and project management practices.   \u003c\/p\u003e\u003cp\u003eIn modern industry, the companies that invest huge amounts of capital in new and upgraded facilities rarely do the engineering and building themselves. Instead, they contract with engineering and construction firms to perform that work. While some of these contracting engagements go smoothly, many others become mired in cost overruns, contract breaches, and timeline extensions. \u003c\/p\u003e\u003cp\u003eIn \u003ci\u003eContract Strategies for Major Projects: Mastering the Most Difficult Element of Project Management\u003c\/i\u003e, renowned mega-project evaluator Edward Merrow delivers an expert discussion of what sets successful contracting arrangements apart from the many that fail. In the book, Merrow explains the key principles of contracting success he’s gleaned from advising on many of the world’s largest construction and engineering projects. \u003c\/p\u003e\u003cp\u003e\u003ci\u003eContract Strategies for Major Projects\u003c\/i\u003e explains with actual project data how and why to avoid mixing contract types with different contractors on the same project, how large projects like chemical plants, pharmaceuticals, minerals, oil facilities, and renewables projects and renewable energy projects actually get built in the real world, and the principles that apply to all of them across various locales, markets, and project types. \u003c\/p\u003e\u003cp\u003eAn indispensable contracting handbook for executives, project managers, and other business leaders involved in construction and engineering projects, \u003ci\u003eContract Strategies for Major Projects\u003c\/i\u003e will also prove to be an invaluable resource for corporate counsels, project managers, team leaders, and department heads at contracting firms.   \u003c\/p\u003e\u003cp\u003e\u003cb\u003eMitigate risk and increase profits on your next major construction project\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\u003ci\u003eContract Strategies for Major Projects: Mastering the Most Difficult Element of Project Management\u003c\/i\u003e offers readers an insightful and practical exploration of how to engage with construction and engineering contractors on projects regardless of the locale, project type, or market in which you find yourself. \u003c\/p\u003e\u003cp\u003eIn the book, you’ll discover the key principles of contracting that apply across all kinds of major projects, including dams, oil rigs, alternative energy projects, and more. You’ll learn why the largest risks in contracting are almost always borne by the owner and why attempts to shift that risk to the contractor are usually ineffective. \u003c\/p\u003e\u003cp\u003eThe author explains how to avoid the most common contracting games played (and almost always won) by contractors and how to avoid mixing contract types with different contractors on the same project. \u003c\/p\u003e\u003cp\u003eA can’t-miss resource for business leaders, department heads, team leads, corporate counsels, and anyone else involved in the contracting process of large, industrial projects, \u003ci\u003eContract Strategies for Major Projects\u003c\/i\u003e offers readers invaluable insights into the trickiest part of the complex and uncertain world of mega-project management.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47988986314981,"sku":"NP9781119902096","price":50.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119902096.jpg?v=1761782322","url":"https:\/\/k12savings.com\/es\/products\/contract-strategies-for-major-projects-isbn-9781119902096","provider":"K12savings","version":"1.0","type":"link"}