Abstract: Construction contracts are complicated legal agreements with several terms that must be carefully considered. As a result, it is critical that all parties participating in construction projects understand the relevance of contractual clauses and how they might influence project results. This allows construction professionals to negotiate, draw, and execute contracts that are more successful in achieving their objectives.
In this technical paper, we will examine the importance of contractual provisions in construction contracts, and develop the contract pricing process to according to contractual provisions within the integrated contract management system, which can be partially or fully self-executing and self-enforcing, eliminates the need for intermediaries and makes methods such as demand letters or legal action unnecessary. Digital transformation for high productivity Smart contracts can execute terms automatically when predefined conditions are met, and blockchain technology can ensure that automated tasks are transparent and uncorrupted.
Throughout the paper, we will draw upon existing literature studies and empirical research to illustrate the practical implications of our findings. By providing a comprehensive analysis of the relationship between contractual provisions and construction contract pricing, this paper aims to contribute to a deeper understanding of this critical aspect of the construction industry
Keywords: Contract Pricing, project management, Risk Allocation, Contracts Provisions, Digital transformation.
Title: CONSTRUCTION CONTRACTS’ PRICING ACCORDING TO CONTRACTUAL PROVISIONS AND RISK ALLOCATION
Author: Sara Farag Abd Al-Wahab, Ahmed Mohammed Abdelalim, Manal Sayed Abd El-Hamid
International Journal of Civil and Structural Engineering Research
ISSN 2348-7607 (Online)
Vol. 11, Issue 1, April 2023 - September 2023
Page No: 8-31
Research Publish Journals
Website: www.researchpublish.com
Published Date: 28-April-2023
