The art of entering into construction contracts is the art – and sometimes the battle – of matching perceptions. As this figure demonstrates the perception of the parties at the onset of the project is different. The owner’s tries as hard as he can to convey his perception of the project in the various documents to be made available to the contractor at the time of tender. The contractor, in turn, will analyse these and, will add a number of assumptions and contingencies to deal with some uncertainties which follow from the owner’s information, and will put a price tag on his perception of the project. The project as executed, however, will be different: both from what the owner believed and from what the contractor had assumed. That, in short, pictures the imperfection of construction contracts. And the question is: how do the various delivery models deal with that?