Sherif, E and Kaka, A (2003) Factors influencing the selection of payment systems in construction projects. In: Greenwood, D J (ed.) Proceedings of 19th Annual ARCOM Conference, 3-5 September 2003, Brighton, UK.
Abstract
Construction contracts are fundamental to any project, and the selection of an appropriate payment system is vital given that the ultimate success of any construction project depends on the suitability of the selected payment system to the project’s characteristics and client’s requirements. In this paper we have defined the payment system in terms of four layers as Payment mechanism, Pricing mechanism, Payment chain (who pays who), and Other Cash-flow factors. In order to develop a tool that will help the project team to select an appropriate payment system, a list of factors that influence the selection process was created. The most influential factors were identified using a U.K based nation-wide postal survey. In this questionnaire the opinions of different types of organizations- consultants, contractors and clients were collected and assessed. The results showed that different factors were perceived to influence the selection of each layer linking the payment system. According to the results a total of seventeen factors were found to influence the selection process. This paper presents the work, which is part of an ongoing PhD study.
| Item Type: | Conference Paper (Paper) |
|---|---|
| Uncontrolled Keywords: | cash flow; payment mechanism; pricing system |
| Index terms: | survey, cash flow, pricing, suitability, project team, payment mechanism, influential factor, construction project, construction contract, questionnaire |
| Subjects: | design criteria, production management, financial management, economic analysis, project delivery, contract type, risk assessment, data collection methods |
| Topics: | Design Practice, Project Management, Research Practice, Cost Management, Business Strategy, Procurement, Risk Management |
| Descriptive scope: | 4 PCEA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here