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JCT Target Costs Contract 2024 (TCC)

JCT Target Costs Contract 2024 (TCC)

  • Author:
  • Publisher: Sweet & Maxwell U.K.
  • ISBN: 9780414108080
  • Published In: June 2025
  • Format: Paperback
  • Jurisdiction: U.K. ? Disclaimer:
    Countri(es) stated herein are used as reference only

List Price: HKD 1,468.80

HKD 1,424.74 Save HKD 44.06 (3%)

Delivery Time: around 4-5 weeks
Extra 2-10 working days if shipping address outside Hong Kong
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Hong Kong: free delivery (order over HKD 1000)
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  • Description 

Details

The Target Cost Contract is a new addition to the JCT suite of contracts and forms part of the JCT 2024 Edition. The Target Cost Contract family comprises a main contract, sub-contract, and guides.

The contract is for use where parties wish to use target cost and difference sharing arrangements. Instead of a lump sum, the method of remuneration for the contractor is payment of an “Allowable Cost” of the Works together with a “Contract Fee” (a fixed sum or percentage) and, if applicable, a “Difference Share” as calculated in accordance with the Contract.

Target Cost Contract (TCC 2024):

  • Can be used on large or smaller scale projects, but generally where detailed provisions are necessary.
  • Can be used where the Employer wishes to incentivise the Contractor by the use of a Target Cost and difference sharing arrangements.
  • Can be used where Employer’s Requirements have been prepared and provided to the Contractor enabling a Target Cost to be agreed.
  • The Contractor is responsible for completing the design, as well as carrying out the works.
  • The Contractor is paid its allowable costs together with a contract fee (which may be a fixed sum or a percentage of allowable cost)
  • Provisions are included for collaborative working, sustainability, advance payment, bonds (advance payment, off-site materials, retention), third party rights and collateral warranties.
  • Pre-Construction Services Agreement (General Contractor) (PCSA) and Pre-Construction Services Agreement (Specialist) (PCSA/SP) can be used (with minor adaptation) with this contract.
  • This contract can be used with the Framework Agreement (FA).
  • For use of both private and public sector projects.

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