Wither monetary retentions for subcontract work? A theoretical framework for rationalising its use

Paper


Abeysekera, Vasantha. 2015. "Wither monetary retentions for subcontract work? A theoretical framework for rationalising its use ." Ahmed, Syed M., Xenidis, Yiannis, Azhar, Salman, Smith, Norma A., Yarris, Cat E. and Campbell, Shaunna (ed.) 8th International Conference on Construction in the 21st Century (CITC-8). Thessaloniki, Greece 27 - 30 May 2015 Greenville, North Carolina, USA.
Paper/Presentation Title

Wither monetary retentions for subcontract work? A theoretical framework for rationalising its use

Presentation TypePaper
Authors
AuthorAbeysekera, Vasantha
EditorsAhmed, Syed M., Xenidis, Yiannis, Azhar, Salman, Smith, Norma A., Yarris, Cat E. and Campbell, Shaunna
Journal or Proceedings TitleProceedings of the 8th International Conference on Construction in the 21st Century (CITC-8)
ERA Conference ID77050
60421
Number of Pages9
Year2015
Place of PublicationGreenville, North Carolina, USA
ISBN9780989462372
Web Address (URL) of Paperhttp://www.citcglobal.com/
Conference/Event8th International Conference on Construction in the 21st Century (CITC-8)
International Conference on Construction in the 21st Century
Event Details
8th International Conference on Construction in the 21st Century (CITC-8)
Parent
International Conference on Construction in the 21st Century
Delivery
In person
Event Date
27 to end of 30 May 2015
Event Location
Thessaloniki, Greece
Event Details
International Conference on Construction in the 21st Century
Abstract

Despite advocacy for and against monetary retentions, it continues to be used unabatedly clouded by paradoxes, problems, and pitfalls. In order to lay the foundation to rationalise its use for subcontract work, a model was developed using three concepts, namely, mortgaging future payments, factoring current progress, and generating a level of safety for contractors. Labelled as the LOS model, it supplements and clarifies the notion of retentions and lays the foundation for a framework for rationalising the use of retentions by focussing on three fundamental issues that need to be understood and resolved, namely, 1. Intrinsic issues focusing on ‘do we need retentions for subcontract work’ 2. Quantum issues focusing on the ‘level of safety’ or comfort available for contractors quantified in dollar terms with retentions rates serving as a threshold level, and 3. Operational issues focussing on implementation. It is expected that this framework labelled as IQO will assists in building theory on monetary retentions in the future furthering our understanding on this seemingly simple yet complex construct.

Keywordsfactoring performance, retentions, monetary retentions, mortgaging payments, subcontracts
ANZSRC Field of Research 2020330202. Building construction management and project planning
Public Notes

Copyright © 2015 by CITC-8, Greenville, North Carolina, USA. All rights reserved. No part of this book may be reproduced in any formor by any means without written permission from the editors.

Byline AffiliationsSchool of Civil Engineering and Surveying
Institution of OriginUniversity of Southern Queensland
Permalink -

https://research.usq.edu.au/item/q352x/wither-monetary-retentions-for-subcontract-work-a-theoretical-framework-for-rationalising-its-use

  • 1676
    total views
  • 12
    total downloads
  • 2
    views this month
  • 0
    downloads this month

Export as

Related outputs

A Methodology for Establishing the Relevance of the RGR Model to Construction
Shelke, Mayur and Abeysekera, Vasantha. 2019. "A Methodology for Establishing the Relevance of the RGR Model to Construction." Ahmed, Syed M., Hampton, Paul, Saul, Amelia D, Azhar, Salman, Smith, Norma A., Campbell, Shaunna C. and Mahaffy, Kelly L. (ed.) CITC Global Construction in the 21st Century 11th International Conference (CITC-11). London, United Kingdom 09 - 11 Sep 2019 United Kingdom. https://doi.org/10.1007/978-3-030-48465-1_108
Reviewing and Refining the RGR Model for Quality Management: A Generic Blueprint
Abeysekera, Vasantha and Shelke, Mayur. 2019. "Reviewing and Refining the RGR Model for Quality Management: A Generic Blueprint." Ahmed, Syed M., Hampton, Paul, Saul, Amelia D., Azhar, Salman, Smith, Norma A., Campbell, Shaunna C. and Mahaffy, Kelly L. (ed.) CITC Global Construction in the 21st Century 11th International Conference (CITC-11). London, United Kingdom 09 - 11 Sep 2019 United Kingdom. https://doi.org/10.1007/978-3-030-48465-1_107
The journey of exploring ‘construction as biological cells’ for improving construction quality: articulating the research paradigm
Abeysekera, Vasantha and Shelke, Mayur. 2018. "The journey of exploring ‘construction as biological cells’ for improving construction quality: articulating the research paradigm." Ahmed, Syed M., Shah, Attaullah, Azhar, Salman, Smith, Norma A., Campbell, Shauna, Mahaffy, Kelly and Saul, Amelia (ed.) 10th International Conference on Construction in the 21st Century (CITC-10) . Colombo, Sri Lanka 02 - 04 Jul 2018 Greenville, North Carolina, USA.
Biological cell surveillance: implication on construction cell
Shelke, Mayur and Abeysekera, Vasantha. 2018. "Biological cell surveillance: implication on construction cell ." Ahmed, Syed M., Shah, Attaullah, Azhar, Salman, Smith, Norma A., Campbell, Shauna, Mahaffy, Kelly and Saul, Amelia (ed.) 10th International Conference on Construction in the 21st Century (CITC-10) . Colombo, Sri Lanka 02 - 04 Jul 2018 Greenville, North Carolina, USA.
Biological cell theory based interventions and the impact on quality: the case of a tower project
Shelke, Mayur and Abeysekera, Vasantha. 2017. "Biological cell theory based interventions and the impact on quality: the case of a tower project ." Ahmed, Syed M., Azhar , Salman, Smith, Norma A., Campbell, Shaunna C., Russell , Laura and Shah, Attaullah (ed.) 9th International Conference on Construction in the 21st Century (CITC-9) . Dubai, United Arab Emirates 05 - 07 Mar 2017 Greenville, North Carolina, USA.
Understanding the relevance of biological cell control theory and cell control mechanism for solving quality problems in a tunnel construction project
Shelke, Mayur and Abeysekera, Vasantha. 2017. "Understanding the relevance of biological cell control theory and cell control mechanism for solving quality problems in a tunnel construction project ." Ahmed, Syed M., Azhar , Salman, Smith, Norma A., Campbell, Shaunna C., Russell , Laura and Shah, Attaullah (ed.) 9th International Conference on Construction in the 21st Century (CITC-9) . Dubai, United Arab Emirates 05 - 07 Mar 2017 Greenville, North Carolina, USA.
A trade-based risk management approach towards the elimination of defects in residential construction
Abeysekera, Vasantha and Dhakal, Bibek. 2017. "A trade-based risk management approach towards the elimination of defects in residential construction ." Ahmed, Syed M., Azhar , Salman, Smith, Norma A., Campbell, Shaunna C., Russell , Laura and Shah, Attaullah (ed.) 9th International Conference on Construction in the 21st Century (CITC-9) . Dubai, United Arab Emirates 05 - 07 Mar 2017 Greenville, North Carolina, USA.
Personalised study time plans, and study time management: a joint responsibility of staff, students, and university administrators
Abeysekera, Vasantha and Abeysekera, Ashoka. 2017. "Personalised study time plans, and study time management: a joint responsibility of staff, students, and university administrators ." Ahmed , Syed M., Azhar , Salman, Smith, Norma A., Campbell, Shaunna C., Russell , Laura and Shah, Attaullah (ed.) 9th International Conference on Construction in the 21st Century (CITC-9) . Dubai, United Arab Emirates 05 - 07 Mar 2017 Greenville, North Carolina, USA .
Construction as biological cells: an exploratory study
Abeysekera, Vasantha and Shelke, Mayur. 2018. "Construction as biological cells: an exploratory study." The International Journal of Construction Management. 18 (4), pp. 276-292. https://doi.org/10.1080/15623599.2017.1358132
Construction as biological cells: can construction cells be similar to biological cells?
Abeysekera, Vasantha and Shelke, Mayur G.. 2015. "Construction as biological cells: can construction cells be similar to biological cells?" Ahmed, Syed M., Xenidis, Yiannis, Azhar, Salman, Smith, Norma A., Yaris, Cat E. and Campbell, Shaunna (ed.) 8th International Conference on Construction in the 21st Century (CITC-8). Thessaloniki, Greece 27 - 30 May 2015 Greenville, North Caroina, USA.
Construction as biological cells: implications of the biological cell cycle for managing construction
Abeysekera, Vasantha and Shelke, Mayur G.. 2015. "Construction as biological cells: implications of the biological cell cycle for managing construction ." Ahmed, Syed M., Xenidis, Yiannis, Azhar, Salman, Smith, Norma A., Yarris, Cat E. and Campbell, Shaunna (ed.) 8th International Conference on Construction in the 21st Century (CITC-8). Thessaloniki, Greece 27 - 30 May 2015 Geenville, North Carolina, USQ.
Sowing the seeds of success: the provision of a personalised study time management plan
Abeysekera, Vasantha and Abeysekera, Ashoka. 2015. "Sowing the seeds of success: the provision of a personalised study time management plan ." Ahmed, Syed M., Xenidis, Yiannis, Azhar, Salman, Smith, Norma A., Yarris, Cat E. and Campbell, Shaunna (ed.) 8th International Conference on Construction in the 21st Century (CITC-8). Thessaloniki, Greece 27 - 30 May 2015 Greenville, North Carolina, USA.
Managing quality in construction: construction as biological cells
Abeysekera, Vasantha and Shelke, Mayur G.. 2013. "Managing quality in construction: construction as biological cells." Kajewski, Stephen, Manley, Karen and Hampson, Keith (ed.) 19th International CIB World Building Congress. Brisbane, Australia 05 - 09 May 2013 Brisbane, Australia.
A conceptual framework for client financed construction and non-traditional approaches for financing construction work
Abeysekera, Vasantha. 2012. "A conceptual framework for client financed construction and non-traditional approaches for financing construction work." World Construction Conference 2012: Global Challenges in Construction Industry. Colombo, Sri Lanka 28 - 30 Jun 2012 Colombo, Sri Lanka.
Motivating the construction academic: a conceptual study
Abeysekera, Ashoka and Abeysekera, Vasantha. 2012. "Motivating the construction academic: a conceptual study." World Construction Conference 2012: Global Challenges in Construction Industry. Colombo, Sri Lanka 28 - 30 Jun 2012 Colombo, Sri Lanka.
Monetary retentions for subcontract work: a risk-based approach
Abeysekera, Vasantha and Soysa, Mohantha. 2012. "Monetary retentions for subcontract work: a risk-based approach." World Construction Conference 2012: Global Challenges in Construction Industry. Colombo, Sri Lanka 28 - 30 Jun 2012 Colombo, Sri Lanka.
Resolving retention polarity: the perceptions of structural steel fabricators
Abeysekera, Vasantha. 2012. "Resolving retention polarity: the perceptions of structural steel fabricators." World Construction Conference 2012: Global Challenges in Construction Industry. Colombo, Sri Lanka 28 - 30 Jun 2012 Colombo, Sri Lanka.
Mortar consumption characteristics of 'brickwork' and a framework for managing brick and mortar walls in chaotic environments
Abeysekera, Vasantha. 2012. "Mortar consumption characteristics of 'brickwork' and a framework for managing brick and mortar walls in chaotic environments." Engineer: Journal of the Institution of Engineers, Sri Lanka. 45 (2), pp. 49-64.
Security of final account payments: the case of New Zealand
Choi, Daniel, Abeysekera, Vasantha and Ramachandra, Thanuja. 2010. "Security of final account payments: the case of New Zealand." Barrett, Peter, Amaratunga, Dilanthi, Haigh, Richard, Keraminiyage, Kaushal and Pathirage, Chaminda (ed.) CIB World Congress 2010: Building a Better World. Salford Quays, United Kingdom 10 - 13 May 2010 London, United Kingdom.
Output characteristics of 'Chapparu' brickwork
Abeysekera, Vasantha. 2010. "Output characteristics of 'Chapparu' brickwork." Engineer: Journal of the Institution of Engineers, Sri Lanka. 43 (4), pp. 57-74.
Revisiting terminology in construction project management
Kumaraswamy, M. and Abeysekera V.. 2008. "Revisiting terminology in construction project management." 4th International Structural Engineering and Construction Conference (ISEC 2007). Melbourne, Australia 26 - 28 Sep 2007