Search results for: deposit contract

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: Euphrasia Susy Suhendra, Lies Handrijaningsih

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The banking sector as an intermediary party or intermediaries occupies a very important position in bridging the needs of working capital investment in the real sector with funds owner. This will certainly make money more effectively to improve the economic value added. As an intermediary, Islamic banks raise funds from the public and then distribute in the form of financing. In practice, the distribution of funding that is run by Islamic Banking is not as easy as, in theory, because, in fact, there are many financing problems; some are caused by lacking the assessment and supervision of banks to customers. This study aims to analyze the influence of the Third Party Funds, Return on Assets (ROA), Non Performing Financing (NPF), and Financing Deposit Ratio (FDR) to Total Financing provided to the Community by Islamic Banks in Indonesia. The data used is monthly data released by Bank of Indonesia in Islamic Banking Statistics in the time period of January 2009 - December 2013. This study uses cointegration test to see the long-term relationship, and use error correction models to examine the relationship of short-term. The results of this study indicate that the Third Party Fund has a short-term effect on total funding, Return on Assets has a long term effect on the total financing, Non Performing Financing has long-term effects of total financing, and Financing deposit ratio has the effect of short-term and long-term of the total financing provided by Islamic Banks in Indonesia.

Keywords: Islamic banking, third party fund, return on asset, non-performing financing, financing deposit ratio

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Authors: Ali Obaid Alyami

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In Saudi Arabia, the pandemic of Coronavirus (COVID-19) has been affecting administrative contracts in many different ways. Lots of planned projects were stopped temporarily or implemented partially. Many contractors have suffered financial struggles and the absence of manpower. These administrative contracts are governed by Government Tenders and Procurement Law (GTPL) which was issued by a royal decree in 2019. This law addresses some challenges that could be stumbling blocks in the way of implementing a contract. One significant challenge is emergency circumstances that occur during the implementation of an administrative contract. The law provides some solutions for this disruption, but these solutions may not compensate for the whole damages that contractors suffer. This study will use the doctrinal methodology to analyze the rules of law and their application to the research problem. Most importantly, the issue that arises in this research is the possibility of governmental entities’ consideration, in administrative contracts, of the pandemic Coronavirus (COVID-19) as an emergency circumstance. This study points out the conditions for applying the theory of emergency circumstances on administrative contracts in addition to the definition of the theory and analyzing its elements. The other significant question is the limits on governmental entities to make a change in an administrative contract to achieve contractual rebalancing. GPTL and its implementing regulation set the conditions and limits of contractual rebalancing. However, this study finds that although GTPL provides rules for contractual rebalancing, there are some other mechanisms that contractors may take to fully compensate for the damages. For instance, when the loss cannot be minimized by GTPL, contractors might file lawsuits before the administrative judiciary. The study concludes that GTPL is a very comprehensive law system that stipulates specific rules for contractual rebalance and treats the emergency circumstances that obstruct the performance of administrative contracts.

Keywords: administrative contracts, emergency circumstances, balance of contract, administrative judiciary, government tenders, procurement law

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Authors: Samira Ghizellaoui, Manel Boumagoura, Rayane Menzri

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The ground water Hamma rich in calcium and bicarbonate likely to deposit the tartar and subsequently lead to the obstruction of the pipes and the seizing of the stopping devices in addition to the financial losses resulting there from. It is therefore necessary to optimise an antiscaling treatment in order to avoid the risk of formation of tartar deposits in the various installations and to protect the equipment in contact with this water. MgCl2 is the chemical inhibitor which was tested. To optimise the effective concentration of this product, we used two electrochemical methods (chronoamperometry and impedancemetry) to identify the best method for optimizing antiscaling treatment. IR, RX, Raman spectroscopy and SEM indicate that the raw waters of Hamma give precipitates in the form of calcite (the most stable form), with the presence of a small amount of magnesian calcite and aragonite. In the presence of the inhibitor (MgCl2), calcium carbonate changes morphology to other forms that do not exist in the deposit obtained from the raw water (vaterite and calcium carbonate monohydrate).

Keywords: calcium carbonate, MgCl2, chronoamperometry, Impedancemetry

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Authors: Basem Elarbe, Ibrahim Elganidi, Norida Ridzuan, Norhyati Abdullah

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Wax deposition in production pipelines and transportation tubing from offshore to onshore is critical in the oil and gas industry due to low-temperature conditions. It may lead to a reduction in production, shut-in, plugging of pipelines and increased fluid viscosity. The most significant popular approach to solve this issue is by injection of a wax inhibitor into the channel. This research aims to determine the amount of wax deposition of Malaysian crude oil by estimating the effective parameters using (Design-Expert version 7.1.6) by response surface methodology (RSM) method. Important parameters affecting wax deposition such as cold finger temperature, inhibitor concentration and experimental duration were investigated. It can be concluded that SA-co-BA copolymer had a higher capability of reducing wax in different conditions where the minimum point of wax reduction was found at 300 rpm, 14℃, 1h, 1200 ppmThe amount of waxes collected for each parameter were 0.12g. RSM approach was applied using rotatable central composite design (CCD) to minimize the wax deposit amount. The regression model’s variance (ANOVA) results revealed that the R2 value of 0.9906, indicating that the model can be clarified 99.06% of the data variation, and just 0.94% of the total variation were not clarified by the model. Therefore, it indicated that the model is extremely significant, confirming a close agreement between the experimental and the predicted values. In addition, the result has shown that the amount of wax deposit decreased significantly with the increase of temperature and the concentration of poly (stearyl acrylate-co-behenyl acrylate) (SABA), which were set at 14°C and 1200 ppm, respectively. The amount of wax deposit was successfully reduced to the minimum value of 0.01 g after the optimization.

Keywords: wax deposition, SABA inhibitor, RSM, operation factors

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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: Iqra Ali

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This study uses panel Vector Auto Regression (VAR) to analyses the dynamic link between banking and insurance activities based on the asset size of the insurance industry for 73 countries between 1980 and 2014. Assets in the insurance industry and banking activities usually have a Granger causal link, according to panel Granger-causality tests. Impulse response analyses for the entire sample show that the size of insurance assets responds favorably to a shock to the liquid liabilities and deposits of the financial system but negatively to a shock to deposit money bank assets and private credit offered by commercial banks, other financial institutions, and deposit banks. While the findings for middle- and low-income nations varied significantly, the observations for high-income countries are essentially the same. Furthermore, we find that there is a substantial interplay between banking and insurance activity in civil law nations as opposed to common law ones.

Keywords: vector autoregression, banking, insurance, Granger-causality

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Authors: Adelina Vrancianu

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A public procurement procedure starts with the publication of the contract notice and the tender documentation. The documentation provides bidders with general guidelines and rules governing the tender process. At this stage, the interested economic operators start to prepare their bid. During this process, they may encounter unclear elements that, if are not clarified, may have a negative impact on the future bid with the ultimate sanction of exclusion. Until the opening of the bids, the potential bidders have the right to ask questions in order to clarify certain aspects of the tender documentation. In correlation, the contracting authorities have the obligation to answer these questions in a reasoned time and with clarity. In practice, the two conditions are not met due to a number of factors. This essay tries to outline the general principles regarding the clarifications during the phase of tender preparation. The provisions of the new directive on public procurement will be taken in consideration in this process in regard to the old directive.

Keywords: tender preparation, tender documentation, clarifications, contract notice

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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: Xiaochun Huang, Xuejun Zhao, Yun Zou, Feiyu Yang, Wenbin Liu, Nan Deng, Ming Zhang, Nengbin Cai

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A simple device termed infrared radiation (IR) was developed for rapid visualization of sweat fingerprints deposit on paper with blue light (450 nm, 11 W). In this approach, IR serves as the pretreatment device before the sweat fingerprints was illuminated by blue light. An annular blue light source was adopted for visualizing latent sweat fingerprints. Sample fingerprints were examined under various conditions after deposition, and experimental results indicate that the recovery rate of the latent sweat fingerprints is in the range of 50%-100% without chemical treatments. A mechanism for the observed visibility is proposed based on transportation and re-impregnation of fluorescer in paper at the region of water. And further exploratory experimental results gave the full support to the visible mechanism. Therefore, such a method as IR-pretreated in detecting latent fingerprints may be better for examination in the case where biological information of samples is needed for consequent testing.

Keywords: forensic science, visualization, infrared radiation, blue light, latent sweat fingerprints, detection

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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: Harche Rima, Laoufi Nadia Aicha

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This work focuses on the study and modeling of the fouling phenomenon in a vertical pipe. In the first step, milk is one of the fluids obeying the phenomenon of fouling because of the denaturation of these proteins, especially lactoglobulin, which is the active element of milk, and to facilitate its use, we chose to study milk as a fouling fluid. In another step, we consider the test section of our installation as a tubular-type heat exchanger that works against the current and in a closed circuit. A simple mathematical model of Kern & Seaton, based on the kinetics of the fouling resistance, was used to evaluate the influence of the operating parameters (fluid flow velocity and exchange wall temperature) on the fouling resistance. The influence of the variation of the fouling resistance with the operating conditions on the efficiency of the heat exchanger and the importance of the dirty state exchange coefficient as an exchange quality control parameter were discussed and examined. On the other hand, an electronic scanning microscope analysis was performed on the milk deposit in order to obtain its actual image and composition, which allowed us to calculate the thickness of this deposit.

Keywords: fouling, milk, tubular heat exchanger, fouling resistance

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Authors: Tri Harianto, Lawalenna Samang, St. Hijraini Nur, Arwin

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Recently, a port development is constructed in Makassar city, South Sulawesi Province, Indonesia. Makassar city is located in lowland area that dominated by soft marine clay deposit. A two kilometers causeway construction was built which is situated on the soft clay layer. In order to investigate the behavior of causeway embankment, a full-scale test was conducted of high embankment built on a soft clay deposit. The embankment with 3,5 m high was supported by two types of reinforcement such as raft and raft-aggregate column foundation. Since the ground was undergoing consolidation due to the preload, the raft and raft-aggregate column foundations were monitored in order to analyze the vertical ground movement by inducing the settlement of the foundation. In this study, two types of foundation (raft and raft-aggregate column) were tested to observe the effectiveness of raft-aggregate column compare to raft foundation in reducing the settlement. The settlement monitored during the construction stage by using the settlement plates, which is located in the center and toe of the embankment. Measurements were taken every day for each embankment construction stage (4 months). In addition, an analytical calculation was conducted in this study to compare the full-scale test result. The result shows that the raft-aggregate column foundation significantly reduces the settlement by 30% compared to the raft foundation. A raft-aggregate column foundation also reduced the time period of each loading stage. The Good agreement of analytical calculation compared to the full-scale test result also found in this study.

Keywords: full-scale, preloading, raft-aggregate column, soft clay

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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: A. O. Talabi, F. M. Taib, D. J. Jalaludin

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The influence of sustainability reporting on Deposit Money Banks (DMBs)' financial performance both before and after mandated environmental, social, and governance (ESG) disclosure is examined in this article. Using a sample size of the top six strategically important listed banks in Nigeria, the study employed the paired sample t-test to assess the pre-mandatory ESG period (2009-2015) and the post-mandatory ESG period (2016-2022). According to the findings, there was no discernible difference between the performance of DMBs in Nigeria before and after the requirement for ESG disclosure. In the pre-mandatory requirement time, sustainability reporting is a major predictor of financial metrics, but in the post-mandatory requirement period, there was no discernible change in financial performance. Market authorities ought to have unrestricted authority to impose severe fines for noncompliance and bring legal action against corporations that fail to disclose ESG. This work contributes to the literature on ESG disclosure and financial performance by considering two different periods.

Keywords: financial, performance, sustainability, reporting

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Authors: Yue Meng, Lingyun Wei

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In this paper, the coordination problem of a supply chain system composed of multiple retailers and manufacturers is studied under the background of the new retail supply chain. Taking a system composed of two retailers and one manufacturer as an example, this paper introduces an online store owned by the manufacturer to reflect the characteristics of the combination of online and offline new retail. Then, this paper gives the conditions that need to be satisfied to realize the coordination between retailers and manufacturers, such as the revenue sharing coefficient. The supply chain coordination model is compared with the newsboy model through a specific example. Finally, the conclusion is drawn that the profits of the coordinated supply chain and its members are better than the corresponding profits under the newsboy model; that is, the coordination of the supply chain is realized by using the revenue sharing contract and the transshipment fund mechanism.

Keywords: transshipment, coordination, multi-retailer, revenue-sharing contract

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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: Abdulmagid A. Khattabi, Ahmed A. Hablus, Osama Ab. M. Shafah

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The goal of this work is to understand how the thermal influence of combustion chamber deposits can be utilized to expand the operating range of HCCI combustion. In order to do this, two main objectives must first be met; tracking deposit formation trends in an HCCI engine and determining the sensitivity of HCCI combustion to CCD. This requires testing that demonstrates the differences in combustion between a clean engine and one with deposits coating the chamber. This will involve a long-term test that tracks the effects of CCD on combustion. The test will start with a clean engine. One baseline HCCI operating point is maintained for the duration of the test during which gradual combustion chamber deposit formation will occur. Combustion parameters, including heat release rates and emissions will be tracked for the duration and compared to the case of a clean engine. This work will begin by detailing the specifics of the test procedure and measurements taken throughout the test. Then a review of the effects of the gradual formation of deposits in the engine will be given.

Keywords: fuels, fuel atomization, pattern factor, alternate fuels combustion, efficiency gas turbine combustion, lean blow out, exhaust and liner wall temperature

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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: Erika De Finis, Paola Gattinoni, Laura Scesi

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Massive rock avalanches formed some of the largest landslide deposits on Earth and they represent one of the major geohazards in high-relief mountains. This paper interprets a very large sedimentary fan (the Sernio fan, Valtellina, Northern Italy), located 20 Km SW from Val Pola Rock avalanche (1987), as the deposit of a partial collapse of a Deep Seated Gravitational Slope Deformation (DSGSD), afterwards eroded and buried by debris flows. The proposed emplacement sequence has been reconstructed based on geomorphological, structural and mechanical evidences. The Sernio fan is actually considered anomalous with reference to the very high ratio between the fan area (about 4.5km2) and the basin area (about 3km2). The morphology of the fan area is characterised by steep slopes (dip about 20%) and the fan apex is extended for 1.8 km inside the small catchment basin. This sedimentary fan was originated by a landslide that interested a part of a large deep-seated gravitational slope deformation, involving a wide area of about 55 km². The main controlling factor is tectonic and it is related to the proximity to regional fault systems and the consequent occurrence of fault weak rocks (GSI locally lower than 10 with compressive stress lower than 20MPa). Moreover, the fan deposit shows sedimentary evidences of recent debris flow events. The best current explanation of the Sernio fan involves an initial failure of some hundreds of Mm3. The run-out was quite limited because of the morphology of Valtellina’s valley floor, and the deposit filled the main valley forming a landslide dam, as confirmed by the lacustrine deposits detected upstream the fan. Nowadays the debris flow events represent the main hazard in the study area.

Keywords: anomalous sedimentary fans, deep seated gravitational slope deformation, Italy, rock avalanche

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Authors: Nadine Rashed, A. Samer Ezeldin, Engy Serag

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The principle of good faith plays a critical role in shaping contractual relationships, yet its application varies significantly across different types of construction contracts and legal systems. This paper presents a comparative analysis of how various construction contracts perceive the principle of good faith, a fundamental aspect that influences contractual relationships and project outcomes. The primary objective of this analysis is to examine the differences in the application and interpretation of good faith across key construction contracts, including JCT (Joint Contracts Tribunal), FIDIC (Fédération Internationale des Ingénieurs-Conseils), NEC (New Engineering Contract), and ICE (Institution of Civil Engineers) Contracts. To accomplish this, a mixed-methods approach will be employed, integrating a thorough literature review of current legal frameworks and academic publications with primary data gathered from a structured questionnaire aimed at industry professionals such as contract managers, legal advisors, and project stakeholders. This combined strategy will enable a holistic understanding of the theoretical foundations of good faith in construction contracts and its practical effects in real-world contexts. The findings of this analysis are expected to yield valuable insights into how varying interpretations of good faith can impact project performance, dispute resolution, and collaborative practices within the construction industry. This paper contributes to a deeper understanding of how the principle of good faith is evolving in the construction industry, providing insights for contract drafters, legal practitioners, and project managers seeking to navigate the complexities of contractual obligations across different legal systems.

Keywords: construction contracts, contractual obligations, ethical practices, good faith

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Authors: Nidhin Dani Abraham, T. K. Sri Shilpa

Abstract:

Asset liability management is an important aspect in banking business. Moreover, the today’s banking is based on BASEL III which strictly regulates on the counterparty default. This paper focuses on prediction and analysis of counter party default risk, which is a type of risk occurs when the customers fail to repay the amount back to the lender (bank or any financial institutions). This paper proposes an approach to reduce the counterparty risk occurring in the financial institutions using an appropriate data mining technique and thus predicts the occurrence of NPA. It also helps in asset building and restructuring quality. Liability management is very important to carry out banking business. To know and analyze the depth of liability of bank, a suitable technique is required. For that a data mining technique is being used to predict the dormant behaviour of various deposit bank customers. Various models are implemented and the results are analyzed of saving bank deposit customers. All these data are cleaned using data cleansing approach from the bank data warehouse.

Keywords: data mining, asset liability management, BASEL III, banking

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Authors: Mhd. Zakiul Fikri, M. Agus Maulidi

Abstract:

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: E. Yu. Yakovlev, A. V. Puchkov

Abstract:

The study is devoted to experimental work on the assessment of emanation properties of kimberlites and host rocks of the Lomonosov diamond deposit of the Arkhangelsk diamondiferous province. The aim of the study is estimation the factors influencing on formation of the radon field over kimberlite pipes. For various types of rocks composing the kimberlite pipe and near-pipe space, the following parameters were measured: porosity, density, radium-226 activity, activity of free radon and emanation coefficient. The research results showed that the largest amount of free radon is produced by rocks of near-pipe space, which are the Vendian host deposits and are characterized by high values of the emanation coefficient, radium activity and porosity. The lowest values of these parameters are characteristic of vent-facies kimberlites, which limit the formation of activity of free radon in body of the pipe. The results of experimental work confirm the prospects of using emanation methods for prospecting of kimberlite pipes.

Keywords: emanation coefficient, kimberlites, porosity, radon volumetric activity

Procedia PDF Downloads 139