Factors Tat Affect Transaction Costs in ConstructionProjects.docVIP

Factors That Affect Transaction Costs in Construction Projects Huimin Li1; David Arditi, M.ASCE2; and Zhuofu Wang3 Abstract: The actual cost of a construction project is comprised of not only production costs, but also transaction costs. Transaction costs include but are not limited to the costs of preparing the bidding package, estimating, drawing up a contract, administering the contract, and dealing with any deviations from contract conditions. Transaction costs constitute an important part of the construction owner’s budget. However, understanding transaction costs is difficul