A Study On Trust Mechanism In Construction Projects Using Contract Theory

The scale and amounts of construction projects in China has been increasing enormously in recent years. Accompany that, is the growing level of complication and difficulty for conducting such construction projects. And that's altogether explains why establish trust relationship with all the other parties in the projects for a positive way of corporation and team culture among all parties means so much to each party participated in a construction project. The trust mechanism among all parties would help leveling up the efficiency of performance as well as the level of project management. A trust mechanism would also do good to each party for a good reputation and performance record. Trust management is now one of the key research topics in the field of construction project management. Contract theory is used first as the basis for analysis of the main characters of trust and trust mechanism, as well as the main factors that effecting trust in construction projects. And then, according to the main effecting factors concluded on the basis of contract theory and current situation of construction project in China, the model of trust value assess based on Fuzzy Theory and Analytical Hierarchy Process is presented, and a case study is used for demonstrating the theory, process, steps, leveling standard, and application of the model. After that, the key factors that affect the trust relationship and strategy for improving such relationship are concluded based on the result of the modeling and the different trust values assessed.