Correlates of clients’ payment pattern and construction project performance

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dc.contributor.authorAkinsiku, O. E.
dc.contributor.authorOlubunmi, A.J.
dc.date.accessioned2020-01-14T14:38:30Z
dc.date.available2020-01-14T14:38:30Z
dc.date.issued2014-02
dc.descriptionStaff publicationsen_US
dc.description.abstractConstruction projects all over the world are infamous with the occurrence of time overruns and non-performance. The non-performance in this sector of the economy has been a source of concern to stakeholders in the industry. Studies have identified several factors responsible for this. The effects of client's payment pattern on construction project delivery and performance was examined in this study with a view to identifying the various payment patterns utilised in a construction project, discover the major effects imposed on the project by these payment patterns, and the most suitable payment pattern for effective project delivery. To achieve these objectives, a survey was undertaken to obtained data from 120 respondents who practice as project consultants, contractors, project management organisations and financiers. The respondents were selected from construction practitioners in Lagos State, Nigeria, being a core area of construction activities. Six payment patterns were used during the course of the research; cost-reimbursement, incentives, open-book pricing approach, advance payments, milestone payments, and direct payments. Advance payment was found to be the most acknowledged payment while claims and extension of time was established to be the major effects of client's payment patterns on construction project delivery. The study also presents a relationship between client's payment pattern and project performance. Key implication of the study to construction practitioners is that prompt payment by clients to contractors will make the construction industry less litigious and prevents contractors from factoring risks of delayed payment into bids.en_US
dc.identifier.citationAkinsiku, O. E., & Johnson, O. A. (2014). Correlates of clients’ payment pattern and construction project performance. Proceedings of the 8th CIDB postgraduate conference, 10-11 February 2014 University of the Witwatersrand, Johannesburg, South Africaen_US
dc.identifier.isbn978-0-9566060-8-2
dc.identifier.urihttps://ir.unilag.edu.ng/handle/123456789/7379
dc.language.isoenen_US
dc.publisherSchool of Construction Economics and Management University of the Witwatersrand, Johannesburg, South Africa.en_US
dc.subjectConstruction projectsen_US
dc.subjectIndustryen_US
dc.subjectStakeholdersen_US
dc.subjectPayment patternen_US
dc.subjectResearch Subject Categories::FORESTRY, AGRICULTURAL SCIENCES and LANDSCAPE PLANNINGen_US
dc.titleCorrelates of clients’ payment pattern and construction project performanceen_US
dc.typePresentationen_US
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