Construction Contract Durations By

I want to dedicate this report to my wife, DeAnne, who has for the past 21 months supported me with love, kindness, and understanding. Knowledge is a great thing and I am grateful for the opportunity to seek it. However, I must forever be indebted to my wife and family for their support in making this degree a reality. This report examines the factors which affect construction contract durations from an owner's viewpoint. Current methods used by public owners and their agents to develop contract durations are also examined. The major hypothesis is that there exists an optimum contract duration for which the owner receives an optimum price. If the facility is desired in less than the optimum duration, the owner pays a premium for acceleration. If the owner allows the contractor more than the optimum duration, he pays additional costs for the facility in terms of lost revenue, denial of use of the facility, and possibly additional costs to th