ICC Target Cost Version - June 2018

This 2018 version is drafted to minimise the incidence of potential disputes and resolve those that may arise in a speedy and non-confrontational manner. It seeks to facilitate a contract strategy which will significantly reduce the potential of cost overruns and the better control of outturn price. The contracts core provisions reflect those of the With Quantities Version and reflects its basic model and structure as well as reflecting current practice and government thinking. The Contractor is encouraged to be involved more closely in aspects of design, including that provide by or on behalf of the Employer and is paid an agreed target cost plus fee with cost savings below target cost and expenditure above the target cost shared in accordance with an agreed percentage. The contract is capable for use for international construction projects.

Contents

1 Definitions and interpretation

2 Governing Law, Communications and Jurisdiction

3 Assignment and Sub-contracting

4 The Contract and Provision of Information

5 The Engineer

6 Responsibility of Parties

7 Nominated Sub-Contractors

8 Risk

9 Programme and Time for Completion

10 Performance and Completion

11 Measurement and Payment

12 Changes to the Works and Valuation

13 Additional Payment and Final Account

14 Force Majeure

15 Termination for Default

16 Contractors Equipment and Materials

17 Insurances

18 Bonds and Securities

19 Resolution of Disputes

20 BIM Information Modeling

Supplementary Clauses

21 Milestones

22 Sustainability

23 Employers Furnished Materials

24 Other Supplementary Clauses

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