Search results for: conditions of contract

Authors: K. C. Iyer, Yogita Manan Bindal, Sumit Kumar Bakshi

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Disputes and litigation are becoming inherent to the construction industry in India, and despite construction being one of the major drivers of growth, there have not been many reforms in the government construction contracts. Many of the disputes arising from the government contracts, can be avoided by the proper drafting of contracts and their administration. This study aims to 1) identify the best practices in the construction contract as reviewed from the research papers and additional literature on contract management, 2) obtain perspectives from the industry experts on the implementation of these best practices with regards to likely challenges and relative benefits for implementing the best practices in construction contracts. The best practices for disputes arising due to delay events have been identified through extensive literature survey. The industry perspective is gathered by way of a questionnaire survey to understand the applicability of the identified best practices, the benefits that are likely to be obtained and the challenges that are likely to be faced in the implementation of these practices. The study concludes with the recommended best practices that can be implemented based on the perspectives obtained from the survey. The findings of the study can be used by the industry professionals while drafting construction contracts with a view to avoid disputes related to delay events.

Keywords: best practices, construction contract, delay, dispute avoidance

Procedia PDF Downloads 191

Authors: Ons Triki, Fathi Abid

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The basic objective of this paper is twofold. It resides in designing a model for a contingent convertible lease contract that can ensure the financial stability of a company and recover the losses of the parties to the lease in the event of default. It also aims to compare the convertible lease contract on inefficiencies resulting from the debt-overhang problem and asset substitution with other financing policies. From this perspective, this paper highlights the interaction between investments and financing policies in a dynamic model with existing assets and a growth option where the investment cost is financed by a contingent convertible lease and equity. We explore the impact of the contingent convertible lease on the capital structure. We also check the reliability and effectiveness of the use of the convertible lease contract as a means of financing. Findings show that the rental convertible contract with a sufficiently high conversion ratio has less severe inefficiencies arising from risk-shifting and debt overhang than those entailed by risky debt and pure-equity financing. The problem of underinvestment pointed out by Mauer and Ott (2000) and the problem of overinvestment mentioned by Hackbarth and Mauer (2012) may be reduced under contingent convertible lease financing. Our findings predict that the firm value under contingent convertible lease financing increases globally with asset volatility instead of decreasing with business risk. The study reveals that convertible leasing contracts can stand for a reliable solution to ensure the lessee and quickly recover the counterparties of the lease upon default.

Keywords: contingent convertible lease, growth option, debt overhang, risk-shifting, capital structure

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Authors: İbrahim Arslan, Mücahit Ünal

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An important issue to ensure justice is to simplify the right to seek justice. But there is a cost of seeking justice in civil law. It costs at least, attorneys' fees and judicial expenses during the beginning and in case of losing a trial. Indeed, most of the people refrain from seeking justice because of these expenses. Therefore, it is not inappropriate to say that the removal of obstacles staying on the way of seeking justice will increase the belief in justice. Legal expenses insurance is a private law contract of insurance in which the insurer is obliged to pay premiums of the insured, to provide the necessary services for the protection of legal interests of the insured person within the agreed scope. This type of insurance is being practiced in the Western world for a long time. The special rights, duties and obligations of the parties to a legal expenses insurance contract shall be governed by the Turkish Commercial Code (TCC) and the contractual agreements which are regularly closed in the form of general terms and conditions. If the number of the legal expenses insurance contracts concluded increase this will definitely improve the percentage of seeking justice before the courts. The general terms and conditions applicable in Turkey generally include litigation costs, referee fees, guarantee fund , enforcement costs , appeal costs borne decision corrections costs. In addition, besides the insured, other family members or the people specified in the policy are protected in the scope of personal/family legal expenses insurance. The commercial law disputes fall outside the scope of coverage in this insurance branch. The insured person chooses his own lawyer and the insurer is not allowed to give advice during the selection of a lawyer. In April 2015, the Prime Minister announced of a new era in the field of legal expenses insurance in Turkey and this announcement excited the insurance industry and legal community.

Keywords: insurance, in the Turkish law on legal protection insurance, legal protection insurance, legal protection

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Authors: Chariton Christou, David Cornwell

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Production Sharing Contract (PSC) is the type of contract that is being used widely in our time. The financial crisis made the governments tightfisted and they do not have the resources to participate in a development of a field. Therefore, more and more countries introduce the PSC. The companies have the power and the money to develop the field with their own way. The main problem is the transparency of oil and gas companies especially in the PSC and how this can be achieved. Many discussions have been made especially in the U.K. What we are suggesting is a dynamic financial simulation with the help of a flow meter. The flow meter will count the production of each field every day (it will be installed in a pipeline). The production will be the basic input of the simulation. It will count the profit, the costs and more according to the information of the flow meter. In addition it will include the terms of the contract and the costs that have been paid. By all these parameters the simulation will be able to present in real time the information of a field (taxes, employees, R-factor). By this simulation the company will share some information with the government but not all of them. The government will know the taxes that should be paid and what is the sharing percentage of it. All of the other information could be confidential for the company. Furthermore, oil company could control the R-factor by changing the production each day to maximize its sharing percentages and as a result of this the profit. This idea aims to change the way that governments 'control' oil companies and bring a transparency evolution in the industry. With the help of a simulation every country could be next to the company and have a better collaboration.

Keywords: production sharing contracts, transparency, simulation

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Authors: Naseem Akhter, Rozina Khattak, Arshad Munir

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The Islamic social and family system is very clear concerning will, choice, consent and negation of compulsion and force in human life. Marriage is not only a civil contract but also a religious and spiritual contract between spouse (man and woman), which allows them for each other to live gladly, joyfully and legally in the society. It is an immortal and perpetual association between man and woman, which is filled with sympathetic affection, kindness, compassion and security. Islam gives specific rights to parents and guardians to set up the marriage ceremony and get done it as a respectful family occasion, confer their blessing and advice for a life partner of their children. The rights of parents and guardians are summed up in the term of "Willayah”. Islam does not permit parents, guardians and other relatives to compel their children regarding the marriage of their choice, because the groom and the bride are the real parties of the contract. Therefore, their willingness is of prime importance in order to spend whole life with each other. The Holy Prophet (peace and blessings of Allah be upon him) prohibits forcing a virgin to marriage without her permission, whether this is her father or someone else. The right of free consent to choose a life partner is the basic right for the human which is God (Allah) gifted. Unfortunately, forced marriage is a common practice in Pakistani society that has no link with Islam. This article is being written in the same context.

Keywords: choice, consent, forced marriage, Islam, parents, spouse

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Authors: Lo Kar Yin

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In view of the increasing speed and quantity of the housing supply, building, and civil engineering infrastructure works triggered by the pandemic across the globe, contractors, professional services providers (PSP), including consultants (e.g., architect, project manager, civil/geotechnical/structural engineer, building services engineer, quantity surveyor/cost manager, etc.) and suppliers have faced tremendous challenges of the fierce market, limited manpower, and resources under contract prices fluctuation and competitive fee and price. With qualitative analysis, this paper is to review the available information from the industry stakeholders with a view to finding solutions for enhancing efficiency, safety, and quality of construction value chain services for public and private organizations/companies’ sustainable growth, not limited to checking the deliverables and data transfer from multi-disciplinary parties. Technology, contracts, and people are the key requirements for shaping the construction industry. With the integration of a modern engineering contract (e.g., NEC) collaborative approach, practical workflows are designed to address loopholes together with different levels of people employment/retention and technology adoption to achieve the best value for money.

Keywords: efficiency, safety, quality, technology, contract, people, sustainable solutions, construction, services, integration

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Authors: Soheila Sadeghi

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Infrastructure projects often encounter contract variations that can significantly deviate from the original tender estimates, leading to cost overruns, schedule delays, and financial implications. This research aims to quantitatively assess the impact of changes in contract variations on project performance by conducting an in-depth analysis of a comprehensive dataset from the Regional Airport Car Park project. The dataset includes tender budget, contract quantities, rates, claims, and revenue data, providing a unique opportunity to investigate the effects of variations on project outcomes. The study focuses on 21 specific variations identified in the dataset, which represent changes or additions to the project scope. The research methodology involves establishing a baseline for the project's planned cost and scope by examining the tender budget and contract quantities. Each variation is then analyzed in detail, comparing the actual quantities and rates against the tender estimates to determine their impact on project cost and schedule. The claims data is utilized to track the progress of work and identify deviations from the planned schedule. The study employs statistical analysis using R to examine the dataset, including tender budget, contract quantities, rates, claims, and revenue data. Time series analysis is applied to the claims data to track progress and detect variations from the planned schedule. Regression analysis is utilized to investigate the relationship between variations and project performance indicators, such as cost overruns and schedule delays. The research findings highlight the significance of effective variation management in construction projects. The analysis reveals that variations can have a substantial impact on project cost, schedule, and financial outcomes. The study identifies specific variations that had the most significant influence on the Regional Airport Car Park project's performance, such as PV03 (additional fill, road base gravel, spray seal, and asphalt), PV06 (extension to the commercial car park), and PV07 (additional box out and general fill). These variations contributed to increased costs, schedule delays, and changes in the project's revenue profile. The study also examines the effectiveness of project management practices in managing variations and mitigating their impact. The research suggests that proactive risk management, thorough scope definition, and effective communication among project stakeholders can help minimize the negative consequences of variations. The findings emphasize the importance of establishing clear procedures for identifying, assessing, and managing variations throughout the project lifecycle. The outcomes of this research contribute to the body of knowledge in construction project management by demonstrating the value of analyzing tender, contract, claims, and revenue data in variation impact assessment. However, the research acknowledges the limitations imposed by the dataset, particularly the absence of detailed contract and tender documents. This constraint restricts the depth of analysis possible in investigating the root causes and full extent of variations' impact on the project. Future research could build upon this study by incorporating more comprehensive data sources to further explore the dynamics of variations in construction projects.

Keywords: contract variation impact, quantitative analysis, project performance, claims analysis

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Authors: Ibrahim Mahamid, A. Al-Ghonamy, M. Aichouni

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This study aims at identifying the risk matrix for delay causes in construction projects in Saudi Arabia from consultants’ viewpoint. A questionnaire survey was undertaken of 51 consultants working on construction projects in the Northern Province of Saudi Arabia. 35 delay causes were identified through a literature review. The study concluded that the top delay causes in construction projects in Saudi Arabia from consultants’ perspective are: bid award for lowest price, changes in material types and specifications during construction, contract management, duration of contract period, fluctuation of prices of materials, frequent changes in design, improper planning, inflationary pressure, lack of adequate manpower, long period of design and time of implementation, payments delay, poor labor productivity, and rework.

Keywords: delays, construction, consultants, contributors, risk map

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Authors: Rawan K. Al-Duaij, Salem A. Al-Salem

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Projects, the unique and temporary process of achieving a set of requirements have always been challenging; Planning the schedule and budget, managing the resources and risks are mostly driven by a similar past experience or the technical consultations of experts in the matter. With that complexity of Projects in Scope, Time, and execution environment, Adjustment Orders are tools to reflect changes to the original project parameters after Contract signature. Adjustment Orders are the official/legal amendments to the terms and conditions of a live Contract. Reasons for issuing Adjustment Orders arise from changes in Contract scope, technical requirement and specification resulting in scope addition, deletion, or alteration. It can be as well a combination of most of these parameters resulting in an increase or decrease in time and/or cost. Most business leaders (handling projects in the interest of the owner) refrain from using Adjustment Orders considering their main objectives of staying within budget and on schedule. Success in managing the changes results in uninterrupted execution and agreed project costs as well as schedule. Nevertheless, this is not always practically achievable. In this paper, a detailed study through utilizing Industrial Engineering & Systems Management tools such as Six Sigma, Data Analysis, and Quality Control were implemented on the organization’s five years records of the issued Adjustment Orders in order to investigate their prevalence, and time and cost impact. The analysis outcome revealed and helped to identify and categorize the predominant causations with the highest impacts, which were considered most in recommending the corrective measures to reach the objective of minimizing the Adjustment Orders impacts. Data analysis demonstrated no specific trend in the AO frequency in past five years; however, time impact is more than the cost impact. Although Adjustment Orders might never be avoidable; this analysis offers’ some insight to the procedural gaps, and where it is highly impacting the organization. Possible solutions are concluded such as improving project handling team’s coordination and communication, utilizing a blanket service contract, and modifying the projects gate system procedures to minimize the possibility of having similar struggles in future. Projects in the Oil and Gas sector are always evolving and demand a certain amount of flexibility to sustain the goals of the field. As it will be demonstrated, the uncertainty of project parameters, in adequate project definition, operational constraints and stringent procedures are main factors resulting in the need for Adjustment Orders and accordingly the recommendation will be to address that challenge.

Keywords: adjustment orders, data analysis, oil and gas sector, systems management

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Authors: Laura Ramona Nae

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The issue of risks faced by companies providing tourist and hotel services in the HoReCa field, related to the goods belonging to consumer tourists left in hotel storage, has acquired a new dimension in the context of the economic and geo-political influences that have recently intervened at the global level. Thus, hoteliers and not only had to create contractual mechanisms regarding the risks and to protect the businesses in this field of activity. This situation has led to a reassessment of the importance of insurance, in particular with regard to hotel liability insurance-premises liability, safety, and security of goods. Interpretation of clauses in contracts concluded between hoteliers and tourists consuming hotel services and products, all the more so in the current pandemic context of Covid 19, stressed the increase in the number of disputes generated by them. This article presents a general picture of the significance of the risks related to the activity carried out in the hospitality industry, tourism, respectively within the HoReCa field. The study mainly marks the specificities of the hotel deposit contract, as well as the related insurance specific to the field, as a way to cover these risks. The article also refers to alternative methods of out-of-court settlement of disputes (ADR) in the HoReCa domain, generally used in both Romania and the European Union.

Keywords: consumer tourist, disputes and ADR methods, deposit contract, hotel warehouse and hotelier insurance, hotel services and tourist products, HoReCa

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Authors: Anthony Townley

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Contract negotiation is fundamental to commercial law practice. For this study, genre and discourse analytical methodology was used to examine the legal negotiation of a Merger & Acquisition (M&A) deal undertaken by legal and business professionals in English across different jurisdictions in Europe. While some of the most delicate negotiations involved in this process were carried on face-to-face or over the telephone, these were generally progressed more systematically – and on the record – in the form of emails, email attachments, and as comments and amendments recorded in successive ‘marked-up’ versions of the contracts under negotiation. This large corpus of textual data was originally obtained by the author, in 2012, for the purpose of doctoral research. For this study, the analysis is particularly concerned with the use of emails and covering letters to exchange legal advice about the negotiations. These two genres help to stabilize and progress the negotiation process and account for negotiation activities. Swalesian analysis of functional Moves and Steps was able to identify structural similarities and differences between these text types and to identify certain salient discursive features within them. The analytical findings also indicate how particular linguistic strategies are more appropriately and more effectively associated with one legal genre rather than another. The concept of intertextuality is an important dimension of contract negotiation discourse and this study also examined how the discursive relationships between the different texts influence the way that texts are constructed. In terms of materials development, the research findings can contribute to more authentic English for Legal & Business Purposes pedagogies for students and novice lawyers and business professionals. The findings can first be used to design discursive maps that provide learners with a coherent account of the intertextual nature of the contract negotiation process. These discursive maps can then function as a framework in which to present detailed findings about the textual and structural features of the text types by applying the Swalesian genre analysis. Based on this acquired knowledge of the textual nature of contract negotiation, the authentic discourse materials can then be used to provide learners with practical opportunities to role-play negotiation activities and experience professional ways of thinking and using language in preparation for the written discourse challenges they will face in this important area of legal and business practice.

Keywords: English for legal and business purposes, discourse analysis, genre analysis, intertextuality, pedagogical materials

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Authors: Juhan Kim, Jinsoo Kim

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South Korea cannot import natural gas in any form other than LNG because of the division of South and North Korea. Further, the high proportion of natural gas in the national energy mix makes this resource crucial for energy security in Korea. Expansion of Panama Canal will allow for reducing the cost of shipping between the Far East and U.S East. Panama Canal expansion can have significant impacts on South Korea. Due to this situation, we review the natural gas optimal portfolio by considering the uniqueness of the Korean Natural gas market and expansion of Panama Canal. In order to assess Korea’s natural gas optimal portfolio, we developed natural gas portfolio model. The model comprises two steps. First, to obtain the optimal long-term spot contract ratio, the study examines the price level and the correlation between spot and long-term contracts by using the Markowitz, portfolio model. The optimal long-term spot contract ratio follows the efficient frontier of the cost/risk level related to this price level and degree of correlation. Second, by applying the obtained long-term contract purchase ratio as the constraint in the linear programming portfolio model, we determined the natural gas optimal import portfolio that minimizes total intangible and tangible costs. Using this model, we derived the optimal natural gas portfolio considering the expansion of Panama Canal. Based on these results, we assess the portfolio for natural gas import to Korea from the perspective of energy security and present some relevant policy proposals.

Keywords: natural gas, Panama Canal, portfolio analysis, South Korea

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Authors: Ons Triki, Fathi Abid

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Along with the increase in the use of leasing contracts in corporate finance, multiple studies aim to model the credit risk of the lease in order to cover the losses of the lessor of the asset if the lessee goes bankrupt. In the current research paper, a convertible lease contract is elaborated in a continuous time stochastic universe aiming to ensure the financial stability of the firm and quickly recover the losses of the counterparties to the lease in case of default. This work examines the term structure of the lease rates taking into account the credit default risk and the capital structure of the firm. The interaction between the lessee's capital structure and the equilibrium lease rate has been assessed by applying the competitive lease market argument developed by Grenadier (1996) and the endogenous structural default model set forward by Leland and Toft (1996). The cumulative probability of default was calculated by referring to Leland and Toft (1996) and Yildirim and Huan (2006). Additionally, the link between lessee credit risk and lease rate was addressed so as to explore the impact of convertible lease financing on the term structure of the lease rate, the optimal leverage ratio, the cumulative default probability, and the optimal firm value by applying an endogenous conversion threshold. The numerical analysis is suggestive that the duration structure of lease rates increases with the increase in the degree of the market price of risk. The maximal value of the firm decreases with the effect of the optimal leverage ratio. The results are indicative that the cumulative probability of default increases with the maturity of the lease contract if the volatility of the asset service flows is significant. Introducing the convertible lease contract will increase the optimal value of the firm as a function of asset volatility for a high initial service flow level and a conversion ratio close to 1.

Keywords: convertible lease contract, lease rate, credit-risk, capital structure, default probability

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Authors: Ghaleb Y. Abbasi, Sufyan Al-Mrayat

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This study examined the contribution of thirty-six factors to building construction project’s cost overrun in Jordan. A questionnaire was distributed to a random sample of 350 stakeholders comprised of owners, consultants, and contractors, of which 285 responded. SPSS analysis was conducted to identify the top five causes of cost overrun, which were a large number of variation orders, inadequate quantities provided in the contract, misunderstanding of the project plan, incomplete bid documents, and choosing the lowest price in the contract bidding. There was an agreement among the study participants in ranking the factors contributing to cost overrun, which indicated that these factors were very commonly encountered in most construction projects in Jordan. Thus, it is crucial to enhance the collaboration among the different project stakeholders to understand the project’s objectives and set a realistic plan that takes into consideration all the factors that might influence the project cost, which might eventually prevent cost overrun.

Keywords: cost, overrun, building construction projects, Jordan

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Authors: Puti F. Marzuki, Adrianto Oktavianus, Almerinda Regina

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Interface problems among interacting parties in Indonesian construction projects have most often led to low productivity and completion delay. In the midst of this country’s needs to accelerate construction of public infrastructure providing connectivity among regions and supporting economic growth as well as better living quality, project delays have to be seriously addressed. This paper identifies potential causes factors of interface problems experienced by construction projects in Indonesia. Data are collected through a survey involving the main actors of six important public infrastructure construction projects including railway, LRT, sports stadiums, apartment, and education building construction projects. Five of these projects adopt the design-build project delivery method and one applies the design-bid-build scheme. Interface problems’ potential causes are categorized into contract, management, technical experience, coordination, financial, and environmental factors. Research results reveal that, especially in railway and LRT projects, potential causes of interface problems are mainly technical and managerial in nature. These relate to complex construction execution in highly congested areas. Meanwhile, coordination cause factors are mainly found in the education building construction project with loan from a foreign donor. All of the six projects have to resolve interface problems caused by incomplete or low-quality contract documents. This research also shows that the design-bid-build delivery method involving more parties in construction projects tends to induce more interface problem cause factors than the design-build scheme.

Keywords: cause factors, construction delays, project delivery method, contract documents

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Authors: Olga C. Rodrigue

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Long-term care and skilled nursing facilities experience ebbs and flows of nursing staffing, a problem compounded by the perception of the facilities as undesirable workplaces and competition for staff from other healthcare entities. Travel nurses are contracted to fill staffing needs due to increased admissions, increased and unexpected attrition of nurses, or facility expansion of services. Prior to beginning the contracted assignment, the travel nurse must meet industry, company, and regulatory requirements (The Joint Commission and CMS) for skills and knowledge. Travel nurses, however, inconsistently receive the pre-assignment orientation needed to work at the contracted facility, if any information is given at all. When performance expectations are not met, travel nurses may subsequently choose to leave the position without completing the terms of the contract, and some facilities may choose to terminate the contract prior to the expected end date. The overarching goal of the Doctor of Nursing Practice evidence-based practice improvement project is to provide travel nurses with the basic and necessary information to prepare them to begin a long-term and skilled nursing assignment. The project involves the identification of travel nurse learning needs through a survey and the development and provision of web-based learning modules to address those needs prior to arrival for a long-term and skilled nursing assignment.

Keywords: nurse staffing, travel nurse, travel staff, contract staff, contracted assignment, long-term care, skilled nursing, onboarding, orientation, staff development, supplemental staff

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Authors: Xiu Zhang

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The Merchant of Venice focuses on identity anxiety through the contract of “a pound of flesh” and refers to the economic, legal and religious issues related to identity. The development of the emerging capitalist economy in Venetian society prompted Shylock to become a usurer. The social identity of Shylock’s lender enabled him to use the power of money to consolidate the interdependent relationship with Christians and strive for his position and living space in Venetian society. However, there have long been economical and religious conflicts between Jews and Christians. Therefore, in order to take vengeance on Antonio and take his life, so as to revenge the whole Christian society, Shylock insists on taking a pound of Antonio’s flesh in the name of abiding by the contract and the law. The choice of “a pound of flesh” is essentially the representation of human materialization and commercialization under the background of the rise of capitalism and economic transformation. At the same time, it also symbolizes Shylock’s efforts and attempts to reshape himself and his racial identity.

Keywords: merchant of Venice, ethical choices, Shylock, a pound of flesh, identity anxiety

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Authors: Shahin Zanbaghi, Saeed Samet

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The internet has transformed the way we shop. Previously, most of our purchases came in the form of shopping trips to a nearby store. Now, it’s as easy as clicking a mouse. But with great convenience comes great responsibility. We have to be constantly vigilant about our personal information. In this work, our proposed approach is to encrypt the information printed on the physical packages, which include personal information in plain text, using a symmetric encryption algorithm; then, we store that encrypted information into a Blockchain network rather than storing them in companies or corporations centralized databases. We present, implement and assess a blockchain-based system using Ethereum smart contracts. We present detailed algorithms that explain the details of our smart contract. We present the security, cost, and performance analysis of the proposed method. Our work indicates that the proposed solution is economically attainable and provides data integrity, security, transparency, and data traceability.

Keywords: blockchain, Ethereum, smart contract, commit-reveal scheme

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Authors: Fatin Fadhilah Hasib, Puji Sucia Sukmaningrum, Imron Mawardi, Achsania Hendratmi

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Murabaha is the most popular contract by the Islamic banks in Indonesia, since there is opinion stating that the risk level of mudharaba and musyaraka are higher and the return is uncertain. This research aims to analyze the difference of return, risk, and variation coefficient between profit sharing-based and trading-based financing in Islamic bank. This research uses quantitative approach using Wilcoxon signed rank test with data sampled from 13 Indonesian Islamic banks, collected from their quarterly financial reports from 2011 to 2015. The result shows the significant difference in return, while risk and variation coefficient are almost same. From the analysis, it can be concluded that profit sharing-based financing is less desirable not because of its risk. Trading-based financing is more desirable than the profit sharing because of its return.

Keywords: financing, Islamic bank, return, risk

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Authors: Patel Parul, Harsh Ganvit

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The construction industry is the second highest industry after agriculture provides employment in India. In developing countries like India, many construction projects are coming up to meet the demand. On the one hand, construction projects are increasing; on the other hand still, construction companies are struggling with many problems. One of the major problems is to ensure safe working conditions at the construction site. Due to a lack of safety awareness and ignorance of safety aspects, many fatal accidents are very common at the construction site in India. One of the key success factors for construction projects is “Accident-Free Construction Projects”. The construction projects can be divided into various categories like Infrastructure projects, industrial construction and real estate construction. Real estate projects are mainly comprised of commercial and residential projects. In the construction industry, private sectors play a huge role in urban and rural development and also contribute significantly to the growth of the nation. Infrastructure and Industrial projects are mainly executed by well-qualified construction contractors. For such projects, ensuring safety at construction projects is inevitable and probably one of the major clauses of contract documents as well. These projects are monitored from time to time by national agencies and researchers, too. However, Real estate projects are rarely monitored for safety aspects. No systematic contract system is followed for these projects. Safety is the most neglected aspect of these projects. In the current research projects, an attempt is made to carry out safety auditing for about 75 real estate projects. The objective of this work is to collect the activity-based safety survey of real estate projects in western India. The analysis of activity-based safety implementation for real estate projects is discussed in the present work. The activities are divided into three categories based on the data collected. The findings of this work will help local monitoring authorities to implement a safety management plan for real estate projects.

Keywords: construction safety, safety assessment, activity-based safety, real estate projects

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Authors: Mhd. Zakiul Fikri, M. Agus Maulidi

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Indonesia is a constitutional state. As the constitutional state, Indonesia is not only using a single legal system, but also adopting three legal systems consist of: The European continental legal system or positive law of Indonesia, adat law system, and legal system of religion. This study will discuss Marosok tradition in the process of buying and selling cattle in Payakumbuh: a comparative study between adat law and positive law of Indonesia. The objectives of this research are: First, to find the meaning of the philosophical of Marosok tradition in Payakumbuh. Second, to find the legal implications of the Marosok tradition reviewed aspects of adat law and positive law of Indonesia. Third, to find legal procedure in arbitrating the dispute wich is potentially appear in the post-process of buying and selling cattle based on positive law and adat law adopted in Indonesia. This research is empirical legal research that using two model approaches which are statute approach and conceptual approach. Data was obtained through interviews, observations, and documents or books. Then a method of data analysis used is inductive analysis. Finally, this study found that: First, tradition of Marosok contains the meaning of harmonization of social life that keep people from negative debate, envy, and arrogant. Second, Marosok tradition is one of the adat law in Indonesia; it is one of contract law in the process of buying and selling. If the comparison between the practice Marosok tradition as adat law with the provisions of Article 1320 book of civil code about the terms of the validity of a contract, the elements contained in the provisions of these regulations are met in practice Marosok. Thus, the practice of Marosok in buying and selling cattle process in Payakumbuh justified in view of the positive law of Indonesia. Last of all, all kinds of disputes arising due to contracts made by Marosok tradition can be resolved by positive law and adat law of Indonesia.

Keywords: Adat law, contract, Indonesia, Marosok

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Authors: Antonio Abatemarco, Francesca Stroffolini

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In the economic literature, Rawls’ Theory of Justice is usually interpreted in a two-stage setting, where a priority to the worst off individual is imposed as a distributive value judgment. In this paper, instead, we model Rawls’ Theory in a three-stage setting, that is, a separating line is drawn between the original position, the educational stage, and the working life. Hence, in this paper, we challenge the common interpretation of Rawls’ Theory of Justice as Fairness by showing that this Theory goes well beyond the definition of a distributive value judgment, in such a way as to embrace efficiency issues as well. In our model, inequalities are shown to be permitted as far as they stimulate a greater effort in education in the population, and so economic growth. To our knowledge, this is the only possibility for the inequality to be ‘bought’ by both the most-, and above all, the least-advantaged individual as suggested by the Difference Principle. Finally, by recalling the old tradition of ‘universal ex-post efficiency’, we show that a unique optimal social contract does not exist behind the veil of ignorance; more precisely, the sole set of potentially Rawls-optimal social contracts can be identified a priori, and partial justice orderings derived accordingly.

Keywords: justice, Rawls, inequality, social contract

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Authors: Meshari Aljohani, Stephan Olariu, Ravi Mukkamala

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Data is essential for enhancing the quality of life. Its value creates chances for users to profit from data sales and purchases. Users in data marketplaces, however, must share and trade data in a secure and trusted environment while maintaining their privacy. The first main contribution of this paper is to identify enabling technologies and challenges facing the development of decentralized data marketplaces. The second main contribution is to propose a decentralized data marketplace framework based on blockchain technology. The proposed framework enables sellers and buyers to transact with more confidence. Using a security deposit, the system implements a unique approach for enforcing honesty in data exchange among anonymous individuals. Before the transaction is considered complete, the system has a time frame. As a result, users can submit disputes to the arbitrators which will review them and respond with their decision. Use cases are presented to demonstrate how these technologies help data marketplaces handle issues and challenges.

Keywords: blockchain, data, data marketplace, smart contract, reputation system

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Authors: E. Harrer, M. Mauerhofer, T. Werginz

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As a result of intensive competition, the building sector is suffering from a high degree of rivalry. Furthermore, there can be observed an unbalanced distribution of project risks. Clients are aimed to shift their own risks into the sphere of the constructors or planners. The consequence of this is that the number of conflicts between the involved parties is inordinately high or even increasing; an alternative approach to counter on that developments are cooperative project forms in the construction sector. This research compares conventional contract models and models with partnering agreements to examine the influence on project risks by an early integration of the involved parties. The goal is to show up deviations in different project stages from the design phase to the project transfer phase. These deviations are evaluated by a survey of experts from the three spheres: clients, contractors and planners. By rating the influence of the participants on specific risk factors it is possible to identify factors which are relevant for a smooth project execution.

Keywords: building projects, contract models, partnering, project risks

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Authors: R. M. Rajapaksa

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Construction industry is one of the key players in driving the economy of a country to achieve its prosperity. However, a dispute is one of the crucial factors which prevent the completion of construction contracts within the budgeted cost, scheduled time, and accepted quality. Disputes are inevitable in the construction contract. Accordingly, a study has been undertaken to identify the factors affecting contractual disputes in construction projects in Sri Lanka. The study was a mixed approach with major qualitative and minor quantitative. Qualitative study was set in the form of in-depth interviews with eighteen participants, and quantitative study was conducted using a questionnaire with twenty-four respondents from previously implemented projects by the National Water Supply & Drainage Board representing the employer, engineer and the Contractor to identify the factors affecting contractual disputes and to verify most critical factors respectively. Data analysis for qualitative and quantitative studies was carried out by means of transcribing, code & categorizeand average score methods, respectively. The study reveals that there are forty factors affecting the contractual disputes in construction contracts in Sri Lanka. The finding further illustrates that conflicting decisions by inexperience personnel in the higher position of the Employer, ambiguities resulting inadequate descriptions of the preliminary/general items in price schedule, unfair valuation and late confirmation of variations, unfair determination due to lack of experience of the Engineer/Consultant, under certification of progress payments, unfair grant of EOT & application of delay damages, unreasonable claims for variation of works, errors/discrepancies/ambiguities in the contract conditions and discrepancies & errors in designs & specifications are the most critical factors affecting contractual disputes. Finally, the study proposed remedial measures to most critical factors affecting contractual disputes.

Keywords: dispute, contractual, factors, employer, engineer, contractor, construction projects

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Authors: Imran Mehboob Shaikh, Kamaruzaman Noordin

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Musharakah Mutanaqisah or Diminishing Partnership is a derivative of Musharakah contract, which is used by Islamic banks for housing finance facility. Most of the banks offer housing finance based on the concept of Musharakah Mutanaqisah, apart from few which still offer housing finance using BBA, Tawarruq (commodity Murabahah) and Istisna. This research attempts to compare the practice of DP housing finance offered in Malaysia. This paper will further look into challenges in Musharakah Mutanaqisah practice and its sustainability as a mortgage product. In practice there are certain issues related to Musharakah Mutanaqisah also known as Musharakah al Muntaiah bi tamlik, widely accepted and mostly used for housing finance by the Islamic banks. In Malaysia, it is in transforming stage from Bay bithamman Ajil, which is mostly used for housing finance in ASEAN region i.e., Malaysia, Indonesia and Brunei. In order to conduct this study, a discussion was carried out with few researchers who had worked on the topic previously and some Islamic bank officers attached to a full-fledged Islamic bank in Malaysia. Apart from that previous literature on Musharakah Mutanaqisah was also reviewed and various books, as well as online data, was considered for this study, and websites of different Islamic banks with information for Diminishing partnership, home financing were retrieved. This paper will highlight issues surrounding Diminishing Partnership contract and its conformity to Maqasid al Shariah (objectives of Shariah). Diminishing Partnership is widely accepted in different parts of the world and is mostly used for housing finance. The future prospect of DP is believed to be affirmative. As the product is a better substitute for BBA and most of the Islamic banks around the world have utilized their housing portfolio using the contract but at the same time, there are certain issues that need to be overcome. Even though Islamic banks are striving to sustain and compete the conventional banks but securing the customers from Gharar and other issues should be the primary objective of Islamic financial institutions.

Keywords: BBA, home financing, musharakah mutanaqisah, tawarruq

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Authors: Bruno Valverde Chahaira, Matheus Jeronimo Low Lopes, Marta Beatriz Tanaka Ferdinandi

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This paper proposes to dissect the meanings and / or directions of the State, in order, to present the State models to elaborate a conceptual framework about its function in the legal scope. To do so, it points out the possible contracts established between the State and the Society, since the general principles immanent in them can guide the models of society in force. From this orientation arise the contracts, whose purpose is by the effect to modify the status (the being and / or the opinion) of each of the subjects in presence - State and Society. In this logic, this paper announces the fiduciary contracts and “veredicção”(portuguese word) contracts, from the perspective of semiotics discourse (or greimasian). Therefore, studies focus on the issue of manifest language in unilateral and bilateral or reciprocal relations between the State and Society. Thus, under the biases of the model of the communicative situation and discourse, the guidelines of these contractual relations will be analyzed in order to see if there is a pragmatic sanction: positive when the contract is signed between the subjects (reward), or negative when the contract between they are broken (punishment). In this way, a third path emerges which, in this specific case, passes through the subject-third sector. In other words, the proposal, which is systemic in nature, is to analyze whether, since the contract of the welfare state is not carried out in the constitutional program on fundamental rights: education, health, housing, an others. Therefore, in the structure of the exchange demanded by the society according to its contractual obligations (others), the third way (Third Sector) advances in the empty space left by the State. In this line, it presents the modalities of action of the third sector in the social scope. Finally, the normative communication organization of these three subjects is sought in the pragmatic model of discourse, namely: State, Society and Third Sector, in an attempt to understand the constant dynamics in the Law and in the language of the relations established between them.

Keywords: access to justice, state, social rights, third sector

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Authors: Mohammad Ebrahim Arbabian

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This paper investigates the impact of 3D printing, also known as additive manufacturing, on a multi-item supply chain comprising a manufacturer and retailer. Operating under a wholesale-price contract and catering to stochastic customer demand, this study delves into the largely unexplored realm of how 3D printing technology reshapes supply chain dynamics. A distinguishing aspect of 3D printing is its versatility in producing various product types, yet its slower production pace compared to traditional methods poses a challenge. We analyze the trade-off between 3D printing's limited capacity and its enhancement of production flexibility. By delineating the economic circumstances favoring 3D printing adoption by the manufacturer, we establish the Stackelberg equilibrium in the retailer-manufacturer game. Additionally, we determine optimal order quantities for the retailer considering 3D printing as an option for the manufacturer, ascertain optimal wholesale prices in the presence of 3D printing, and compute optimal profits for both parties involved in the supply chain.

Keywords: additive manufacturing, supply chain management, contract theory, Stackelberg game, optimization

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Authors: Siavash Soltani Hemmat

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Although 21st-century humanity is at the height of technology and has stepped toward the endless boundaries of knowledge, there are still people in many parts of the world who are deprived of even the most fundamental freedoms. Whereas without freedom, no possible meaning can be imagined for human life, none of the human talents will have the chance to flourish, and that man will be reduced to the level of an animal, removing the obstacles to human freedom, especially from the viewpoint of thoughts, is of utmost importance, in which the liberal ideas of the modern centuries have played an incomparable role. The aim of the present study is to introduce and explain the liberal ideas in the modern centuries and their role in the expansion of human freedoms in order to weaken and discredit the ideological and intellectual barriers to restricting the freedom of individuals and to pave the way for the liberation of humanity. A descriptive method has been employed in order to achieve the objectives of the research. Besides, for data collection, a library method has been conducted. In this study, three ideological teachings of the social contract , resistance against unjust governance and natural law were recognized as the foundations of the realization of fundamental freedoms of the people in the modern centuries and their content was explained and examined.

Keywords: freedom, natural law, social contract, resistance

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Authors: Wencong Lu, Abdul Latif, Raza Ullah, Subhan Ullah

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Agricultural production is subject to risk and the attitudes of producers toward risk, in turn, may be affected by certain socioeconomic characteristics of producers. Although, it is important to assess the risk attitude of farmers and their perception towards different calamitous risk sources for better understanding of their risk management adoption decisions, to the best of our knowledge no studies have been carried out to analyze the risk attitude and risk perceptions in the context of tobacco production in Pakistan. Therefore the study in hand is conducted with an attempt to overcome the gap in existing literature by analyzing different catastrophic risk sources faced by tobacco growers, their attitude towards risk and the effect of socioeconomic and demographic characteristics, farmers’ participation in contract farming and off-farm diversification on their risk attitude and risk perception. Around 78% of Pakistan’s entire tobacco crop and nearly all of the country’s Flue-Cured Virginia (FCV) tobacco is produced in Khyber Pakhtunkhwa (KPK) province alone. The yield/hectare of tobacco produced in KPK province is 14% higher than the global average and 22 % higher than national average. Khyber Pakhtunkhwa province was selected as main study area as nearly all of the country’s Flue-Cured Virginia (FCV) tobacco is produced in Khyber Pakhtunkhwa (KPK) province alone. Six districts were purposely selected based on their contribution in overall production for the last five years which accounts for more than 94.84% of the tobacco production in KPK province. Specific objectives taken into considerations for this study are the risk attitude of the farmers for growing FCV tobacco crop, farmers’ risk perception for different risk sources related to tobacco production (as far as the incidence and severity of each risk source is concerned) and the effect of socioeconomic characteristics, contract farming participation and off-farm diversification (income) on the risk attitude and risk perception of FCV tobacco growers.

Keywords: risk attitude, risk perception, contract farming, off-farm diversification, probit model

Procedia PDF Downloads 358