The New Engineering Contract(NEC)is characterized by its simplicity,flexibility,and its ability to facilitate collaboration between parties involved.It has been widely adopted and played a significant role in various countries and regions globally.This paper,after introducing the NEC system and its main features,analyzes the concepts of Total of the Prices and Price for Work Done to Date in target contracts based on the management experience of the Hong Kong Government-invested engineering projects using NEC target contracts.It focuses on the main measures taken in cost management by target contracts,such as the contractor's share,price adjustment,compensation events and project settlement.The paper proposes that target contracts offer advantages such as cost savings,efficiency improvements,risk reduction,financial monitoring,and data accumulation.If they are to be implemented,it will be necessary to change mindsets,strengthen promotion and publicity of NEC;widely conduct training and learning,strengthen the cultivation of professional talent;strengthen integrity supervision and management,severely punish violations;and consider legal and institutional environment differences for appropriate localization adjustments.
关键词
新工程合同(NEC)/目标合同/成本管理
Key words
New Engineering Contract/Target contract/Cost management
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