Wither monetary retentions for subcontract work? A theoretical framework for rationalising its use
Paper
Paper/Presentation Title | Wither monetary retentions for subcontract work? A theoretical framework for rationalising its use |
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Presentation Type | Paper |
Authors | |
Author | Abeysekera, Vasantha |
Editors | Ahmed, Syed M., Xenidis, Yiannis, Azhar, Salman, Smith, Norma A., Yarris, Cat E. and Campbell, Shaunna |
Journal or Proceedings Title | Proceedings of the 8th International Conference on Construction in the 21st Century (CITC-8) |
ERA Conference ID | 77050 |
60421 | |
Number of Pages | 9 |
Year | 2015 |
Place of Publication | Greenville, North Carolina, USA |
ISBN | 9780989462372 |
Web Address (URL) of Paper | http://www.citcglobal.com/ |
Conference/Event | 8th 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. |
Keywords | factoring performance, retentions, monetary retentions, mortgaging payments, subcontracts |
ANZSRC Field of Research 2020 | 330202. 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 Affiliations | School of Civil Engineering and Surveying |
Institution of Origin | University of Southern Queensland |
https://research.usq.edu.au/item/q352x/wither-monetary-retentions-for-subcontract-work-a-theoretical-framework-for-rationalising-its-use
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