Abstract
An Examination of the Key Drivers of Amendments to the Standard Forms of Contract in the South African Construction Industry
Highlights
The construction process is complex and it involves diverse risks
It can be argued that the standard forms of contract are generally perceived by the professionals in the Gauteng Province to be well drafted and the manner in which they are drafted does not constitute a key driver of amendments
The standard forms are a product of the agreement reached among the experts' bodies representing the interest of the industry, the clients and the construction professionals
Summary
The construction process is complex and it involves diverse risks. These risks come in different forms and may be connected with design, construction operation or external factors. The diversity of risks and complexity of construction process, as well as the administrative procedures required in construction projects have all driven the industry perception that the use of standard forms of contract tends to minimise avoidable transaction costs and leads to greater efficiency in procurement overall (Sharkey et al, 2014; Intercontinental Exchange [ICE], 2017). One significant feature of the standard condition of contract is that it contains ready-made terms and conditions that can be used in the execution of construction projects (South African Council for the Quantity Surveying Professions [SACQSP], 2014). It has become commonplace in construction transactions and is generally accepted by the different contracting parties. There is strong support for the use of standard forms of contract across the globe (Sharkey et al, 2014)
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