Benefits and Level of Using Retention Bond for Construction Projects in Nigeria

Title:

Benefits and Level of Using Retention Bond for Construction Projects in Nigeria

Authors: Ayodeji E. Oke (Department of Quantity Surveying, Federal University of Technology, Akure, Nigeria).
Issue: Vol 2, No 2 (2013)
Pages: 98-105
Section: Research Paper
DOI: 10.7492/IJAEC.2013.010
Citation: Ayodeji E. Oke (2013). "Benefits and Level of Using Retention Bond for Construction Projects in Nigeria." International Journal of Architecture, Engineering and Construction, 2(2), 98-105.
Publisher: International Association for Sustainable Development and Management (IASDM)
Abstract: This research work assesses the extent of usage of retention bond in construction project in Nigeria using project characteristics such as procurement methods, contractual methods, as well as project risks and problems as basis. Collected data were analyzed using statistical tools such as frequency distribution, mean item score, mean gap, Mann-Whitney U test and T-test so as to determine the mean values, differences in mean and significance of the difference. The findings from the study indicated that retention bond reduces the level of risks and problems associated with construction project performance. More so, the usage of retention bond in construction projects is significantly affected by selected procurement method as well as identified problems and risks of such project. Professional bodies are therefore encouraged to lay down relevant laws to encourage the use of retention bond in order to improve the quality of projects in the construction industry.
Keywords: Construction project, contractual bond, Nigeria, performance, retention bond.
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