Published: 01 June 2018
These Guidance Notes have been prepared to assist users of the ICC Target Cost Version 2018 the preparation of contract documents and the administration of the contract. They are not intended to provide a legal interpretation of the contract or form a part of it.
They do, however represent what is considered to be good practice and explain the concept of the Target Cost Contract and how it is intended to operate. They highlight the allocation of risk and how this is intended to facilitate the delivery of the project in a non-confrontational manner.
Helpful worked examples explain the payment mechanism and how changes during the Works are accommodated including how to deal with any cost overruns and savings.
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