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Target Cost Contracts


Target costs are generally associated with cost-reimbursable contracts. They introduce a mechanism enabling the contractor, and sometimes the consultant team, to share in the benefits of cost savings, but also to bear some of the client's cost when there are cost overruns. Contracting the contractor and the consultant team on a target cost basis can be an effective way of ensuring good collaboration.

The target cost is set early in the project, and then cost savings or over-runs are shared based on an agreed formula. The aim is to provide a financial incentive encouraging cost control, rather than to penalise. Bonus and penalty payments are usually capped to prevent over-zealous or adversarial behaviour.

Target costs might be set for the overall project, or for specific elements of the works. Agreeing the target cost requires that the client has sufficient knowledge and experience to be able to accurately estimate the likely cost of the works and to negotiate effectively with the contractor and sometimes the consultant team.
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Jacket image, ICC Target Cost Version, ISBN 9781907660481, Publisher ACE/CECA, Which Building Contract ICC Target Cost Version
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ICC Target Cost Version - Guidance Notes, ISBN 9781907660498, Publisher ACE/CECA, Which Building Contract ICC Target Cost Version - Guidance Notes
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NEC4 Engineering and Construction Contract Option C: Target contract with activity schedule, ISBN 9780727763136, Publisher Thomas Telford, Imprint ICE Publishing, which building contract NEC4 Option C
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NEC4 Engineering and Construction Contract Option D: Target cost contract with bill of quantities, ISBN 9780727763143, Publisher Thomas Telford, Imprint ICE Publishing, which building contract NEC4 Option D
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NEC4 Engineering and Construction Contract Option E: Cost reimbursable contract, ISBN 9780727763150, Publisher Thomas Telford, Imprint ICE Publishing, which building contract bookshop NEC4 Option E cost reimbursable contract
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ICC Target Cost Version 2018, ISBN 9781916406100, Publisher ACE/CECA, Which Building Contract ICC Target Cost Version 2018
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ICC Target Cost Version Guidance Notes 2018, ISBN 9781916406117, Publisher ACE/CECA, Which Building Contract ICC Target Cost Version Guidance Notes 2018
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