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Publisher: Botswana National Construction Industry Council in association with Faculty of Engineering and Technology, University of Botswana.
Languages: English
Types: Unknown
Subjects: 332, 506, 381, 692
The costs of procurement are transaction costs which are separate from the direct costs of a project. In this paper discussion is concentrated on costs of tendering. Types of cost, including money costs and opportunity costs, short-term and long-term costs, private and social costs are defined and examined in relation to various types of product and methods of procurement. The costs of the contractor and of the client are considered and tentative conclusions drawn as to who bears these costs in the short-run and in the long run. They may fall on the parties to the process for the particular project, on other contractors and clients or on society as a whole.
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    • Coase, R (1937) 'The nature of the firm', Economica, Vol.4, pp.386-405
    • Niehans, J (1987) 'Transaction costs' in J Eatwell, M Murray and P Newman (eds), The New Palgrave: A Dictionary of Economics, Vol.1, (London: Macmillan)
    • Flanagan, R and Norman, G (1989), 'Pricing Policy', in P M Hillebrandt and J Cannon (eds), The Management of Construction Firms: Aspects of Theory, (London: Macmillan)
    • Hillebrandt, P M (2000), Economic Theory and the Construction Industry, Third Edition, (London:
    • Hughes, W, Hillebrandt, P and Murdoch, J (1998), Financial Protection in the UK Building Industry, (London: Spon)
    • NJCC (National Joint Consultative Council) (1994), Codes of Procedure for Tendering (various), (London: NJCC)
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