• Korean Journal of Construction Engineering and Management
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• v.22 no.4
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• pp.20-28
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• 2021

The Domestic Construction Industry is in the process of changing from a one-sided production method centered on the contractor to a production method in which the order and the contractor can collaborate. Depending on the delivery method, the bid/success method, the contract method, and the degree of business involvement of the order may also vary. In this thesis, in order to introduce 'Construction Management at Risk' suitable for the domestic environment, domestic and foreign institutional analysis, bid process analysis, contract fulfillment and management analysis, post management analysis, and related laws and regulations for legalization In order to suggest a plan for the efficient operation of the system, a system and case analysis of domestic and international construction responsibility type construction project management was conducted. 'Construction Responsible Construction Project Management' defined in the Framework Act on the Construction Industry is divided into the main contract transfer contract, which is a service contract performing pre-con work, and the main contract, which is construction project management and construction contract. Therefore 'Construction Management at Risk' should be regarded as one of the ordering methods rather than a successful bid system, as in the case of overseas, and legalization as a bidding system equivalent to design/construction batch bid and technology proposal is necessary for introduction. In order to introduce 'Construction Management at Risk' suitable for the domestic environment, domestic and foreign institutional analysis, bidding process analysis, contract fulfillment and management analysis, and follow-up management analysis are conducted. A method for efficient operation was suggested so that it can be applied in the domestic market while maintaining the original merits of this system.

• Journal of Korean Institute of Industrial Engineers
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• v.39 no.5
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• pp.429-439
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• 2013

The Korean Veterans' Pension Fund has previously pre-purchased Gibril Tower on Business Complex in Dubai, UAE, via a project-financed construction investment. Although the property is near completion, the investor syndicate's attempt to debt-finance due arrears was foiled in Dubai central bank's credit control of real estaterelated loans. Accordingly, the investment coordinator offered an additional capital injection, a collateralized leverage, and a maturity extension to the syndicate. If the syndicate rejects the offer, they may risk a nearcomplete capital loss and a possible default of the main contractor. Otherwise, the syndicate may still face uncertainties regarding interest receivables, principal re-payment, foreclosure, economic recession in Dubai, and the Islamic bond bill in the Korean Parliament. A possible exercise of the latter option may be due to the agency-prone nature of pension fund managers. Given these qualitative risk factors as at April 1, 2011, a real options approach-implied optimal decision suggests an extended and complete cash augmentation into the project finance deal.

• International Journal of Concrete Structures and Materials
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• v.10 no.3
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• pp.271-295
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• 2016

In this study, an extensive literature review has been conducted on the material characterization of UHPC and its potential for large-scale field applicability. The successful production of ultra-high performance concrete (UHPC) depends on its material ingredients and mixture proportioning, which leads to denser and relatively more homogenous particle packing. A database was compiled from various research and field studies around the world on the mechanical and durability performance of UHPC. It is shown that UHPC provides a viable and long-term solution for improved sustainable construction owing to its ultrahigh strength properties, improved fatigue behavior and very low porosity, leading to excellent resistance against aggressive environments. The literature review revealed that the curing regimes and fiber dosage are the main factors that control the mechanical and durability properties of UHPC. Currently, the applications of UHPC in construction are very limited due to its higher initial cost, lack of contractor experience and the absence of widely accepted design provisions. However, sustained research progress in producing UHPC using locally available materials under normal curing conditions should reduce its material cost. Current challenges regarding the implementation of UHPC in full-scale structures are highlighted. This study strives to assist engineers, consultants, contractors and other construction industry stakeholders to better understand the unique characteristics and capabilities of UHPC, which should demystify this resilient and sustainable construction material.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2009.05b
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• pp.199-202
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• 2009

Turn-key and CMF(CM for Fee) have been selected as procurement paths of large public projects in Korea. However, recently, researches and discussions on CMR(CM at Risk) have been popular as the Korean government seeks for alternative procurement paths to enhance the performance. In the CMR projects, the part who is responsible for construction management should predict and control the potential risks for guaranteeing benefits. In this research, CMR projects in which a general contractor plays the role as CMr is mainly analyzed. We give attentions to risk management during construction process given that subcontractors, main parts in this phase, work in various ways and thus more chances for faults exist. In this case, CMr manages risks to control the procedure of project. So, potential risk factors can constitute the database, and that database can be matched to following activity. And construction manager can forecast measures of risk using the result of matching. This chain of activities increase efficiency in roles of CMr on CMR(CM at Risk). Furthermore this study will propose one of the solution of Construction Management Module.

• Journal of Construction Engineering and Project Management
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• v.5 no.3
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• pp.10-17
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• 2015

Consultant and owner play a very important role in the construction sector which is one of the main sectors in economic development. There are many stakeholders in a construction project including but not limited to: owner, consultant, contractor, subcontractor, and supplier. The consultant is the party who is to stay in close touch with the project owner, which both consultant and owner are considered as the main key stakeholders to make the project happen. It's not a simple task for a consultant to just implement the same style of management and control within various projects that are of a different background and character of owners. Thus, the adjusting plan management and control to the owner environment has been an essential technique to drive the project to success. The objective of this paper is to identify the significant management techniques for adjusting a plan of management and control to the owner environment in Thailand. The methodology is the identification throughout the analogous to abduction from literature review and our empirical observations of Future Engineering Consultants Co, Ltd. We have been in consultation for twenty-five years (25) in Thailand with 209 projects from both public and private owners. As a result, there are (1) Project management styles, (2) Personal style, (3) Owner expectation management, (4) Scope Management, (5) Time Management, (6) Cost Management, (7) Quality Management, and (8) Environmental Management. The input are: a clear defined goal, showing respect by giving good service, maintaining high quality, keeping in touch with owners, and resources. This would give the output of the project's success by meeting the owner's expectation and requirements.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.61
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• pp.273-302
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• 2014

Project finance ("PF") is a method of raising long-term debt financing based on lending against the cash flow generated by the project alone. Project finance is a nonrecourse or limited recourse financing structure against the sponsors(or the investors). The debt terms in a project finance are not based on the creditor's credit support or on the value of the assets of the project. Lenders rely on the future cash flow to be generated by the project for debt repayment and interest, rather than the value of the project or the credit ratings of the sponsors. The non-recourse or limited recourse financing usually prompt potential project finance lenders to assess carefully all possible risks that might arise in a project to ensure that those risks are mitigated and controlled. In this respect, project finance is a opposite financing method of corporate finance. Project finance has rapidly grown over the last 20 years due to the worldwide process of privatization of public sector and development of natural resources. Global project finance volume reached the record USD 406.5 billion in 2011. In 2012, however, Global project finance volume dropped 6% to USD 382.3 billion. Infrastructure overtook Energy to lead all sectors with USD 113.6 billion. It is generally recognized that there are more and higher risks in project finance compared with corporate finance. Project finance is exposed to commercial risks as well as political risks. The main commercial risks are completion risks, environmental risks, operating risks, input supply risks, revenue risks, etc, and the main political risks are currency convertibility and transfer risks, expropriation risks, war and civil disturbance risks, risks of breach of government concession agreement, etc. Completion risks include permits risks, risks relating to the EPC Contractor, construction cost overrun, delay in completion, inadequate performance on completion, etc.

• Journal of the Korea Institute of Building Construction
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• v.20 no.6
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• pp.527-535
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• 2020

This study analyzed main causes of claims in EPC/Turnkey projects. For this purpose, this study referred to the FIDIC silver book, which lists the international standard contract conditions for EPC/Turnkey projects. The most frequent cause of claim was delay. A process was then proposed to determine whether the owner or contractor was the responsible party when the delay claim occurred. The proposed process was for damages for delay which is the conditions of contract for indemnities against delay claim. The process was based on conditions of the contract of two previous EPC/Turnkey projects that were constructed in 2010, the FIDIC silver book, as well as the obligations of owner and contactors. The proposed process is applicable depending on the conditions of the contract and the owner's meaning. Furthermore, by identifying the responsible party, this study will contribute in identifying the possible claim types before concluding a contract and writing the specific contract.

• MARITIME LAW REVIEW
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• v.29 no.2
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• pp.115-144
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• 2017

The impact of the global financial crisis, which began in the United States in 2007, had a major impact on the domestic shipping and shipbuilding industries. In this regard, the domestic shipyard has established an order-taking strategy in several ways as an alternative to lowering the amount of construction of commercial vessels due to deterioration of the shipping industry, and selected industrial sector was the offshore plant sector. However, the domestic shipyard has under performed the offshore plant in order to just increase sales and secure work without any risk analysis for EPC contracts. As a result, the shipyard has been charged more than the initial contract price with the offshore plant contractor, or the shipyard has become a legal issue requiring payment of liquidated damages due to delays in delivery of the product. The main legal disputes are caused by the thorough risk analysis and the inexperience of process control that can occur during offshore plant construction. and In particular, there is no sufficient review of the unequivocal provisions in the contract as an element of risk management. There is no human resource to review these contractual clauses. Therefore, this study identifies the existence of specific risks that could lead to delays in offshore plant construction, and examined the existence of any unequivocal clauses in contracts for offshore plant construction. and also discussed how the toxic clause applies to the actual parties and how the concrete risk factors in the construction contracts are transferred and expressed by referring to the interviews with the project manager of the domestic shipyard and the previous research. As a result, This paper examined the legal liability of the contracting parties regarding delayed delivery of the products due to the offshore plant construction contract. And to improve the domestic shipbuilding industry.

• Korean Journal of Construction Engineering and Management
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• v.4 no.4 s.16
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• pp.80-87
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• 2003

Recent construction projects, characterized by its complication and high-tech, requites highly efficient management efforts. Among others, labor management is very important due to various trades and increasing number of activities. Along with advanced information technology, Web-based construction site management systems are widely adopted in order to improve the efficiency of construction management. However, such information systems have mainly 2 (two) shortcomings. One is that the existing systems were developed and implemented not in subcontractor-centered way but in main contractor-centered way, though the daily construction information is mainly generated, gathered and reported by subcontractors. As a result, subcontractors seldom have access to such information systems. The other is that loss or omission of information may uclw during the information processing process, in which subcontractors have no direct access to such information system. This becomes a major reason of losing the reliability of the information in daily construction report. As a solution for these problems, this paper suggests a Web-based information system that is subcontractor-oriented and also suitable for tact schedule management.

• Proceedings of the CALSEC Conference
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• 1999.07b
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• pp.587-596
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• 1999

In this paper, we introduce the design and development of a web-based workflow management system. The goal of the developed system is to manage business processes occurring in the CITIS (Contractor Integrated Technical Information Services) environment. The system is composed of three main modules: Process Designer, Workflow Engine, and Client modules. The Process Designer is a module that provides the environment for the build-time function, which generates the specifications of processes. The module presents the capability of defining nested process models, which is powerful in particular for designing complex processes. Since the other two modules are implemented using pure Java technology, the Workflow Engine can be implemented on any platform and the Client programs can be accessed via the WWW interface. This indicates that there is no need to install any client programs at the client-sides. Users who has a connection to the internet with web browsers, such as Internet Explorer and Netscape Navigator, and has a proper right of access can utilize the normal client, monitoring client, and system administration client programs. Communications between the workflow engine and the clients are implemented using the java servlet mechanism. The workflow system can serve as the underlying platform of process management tool in CALS and CITIS environments. An example scenario of using the system is presented.