The Lilac Book : Form of Contract, Target Cost Contract

The intention of a target cost contract is to encourage both parties in the contract to work together to find ways of carrying out the work as efficiently as possible and to be rewarded as a result (ie pain/gain share). This brand new Form of Contract (which forms part of the IChemE Forms of Contract suite) sets out a procedure for arriving at a target cost that is sufficiently detailed to be used as the basis for effective control during the contract.

IChemE, the Institution of Chemical Engineers, is the center for chemical, biochemical and process engineering professionals worldwide.

We are the heart of the process community, promoting competence and a commitment to sustainable development, advancing the discipline for the benefit of society and supporting the professional development of members.

Some of the areas we publish in include:

-Safety in the process industries - the BP Process Safety series

-Consultancy for chemical engineers

-Project management in the process industries

-Contract management in the process industries - International Forms Of Contract series

-Communication skills for engineers