Benefits of Bespoke Construction Contracts Term Paper

Benefits of Bespoke Construction Contracts - Term Paper Example Bespoke Contracts are core parts of the construction industry. The contractual agreements developed in the context of the specific industry are usually based on general contracts – which refer to all tasks usually developed in the context of construction projects; however, a construction project may be quite complex and it needs to be based on a contract developed especially for it: a bespoke contract will be used in this case to cover all aspects of this project; in other words, Bespoke construction Contracts are contracts tailored to the needs of a specific construction project. It is possible that the development of a construction project is primarily based on a general construction contract; during the development of the project it is made clear that certain aspects of the project are not appropriately or adequately addressed; a Bespoke Contract will be used to cover any gaps in the provisions necessary for the successful development of the project; in the above case, the Bespoke Contract will have a supplementary role in the project’s completion (O’Reilly, 1999, p.37). In order to understand the value of Bespoke Contracts compared to the existing construction contracts, we should refer primarily to the role of Bespoke Contracts within the construction industry. Bespoke Contracts can be characterized as contracts of specific characteristics; their structure and their content are likely to be influenced by the conditions of the market, the willingness of the parties but also the demands of a particular construction project.   All the above factors can influence the effectiveness of Bespoke Contracts – either in the short or the long term. In the study of Cox et al. (1997) the contractual environment of UK is set under examination; it is noted that in the contractual relations developed in the context of the above industry are likely to include the following elements: ‘the relationship, the risk apportionment, the division of responsibilities and the reimbursement mechanism’ (Cox et al., 1997, p. 127).