A framework to assess the transactions of distributed Content Knowledge Resources (CKRs) in construction projects is presented, based on the concept of Transactive Memory Systems (TMS), which deals with encoding, storage, retrieval and update of knowledge across distributed sources. CKRs include all kinds of data, information and knowledge available to the project organization distributed across its people, software, information systems, smart-equipment, and paper-based systems. This approach recognizes that Knowledge Management (KM) requires coordination, sharing and transactions of distributed CKRs through which either existing knowledge can be applied or new knowledge can be created. To develop the framework, key TMS factor-groups relevant to the transactions of CKRs across distributed sources are identified and mapped against the different types of transactional links in construction projects. The paper argues the suitability of the TMS approach in advancing KM practices in modern construction projects. A preliminary case study is presented to validate the framework.