Search results for: contract law

Authors: Dchieche Amina, Aboulaich Rajae

Abstract:

Profit and loss sharing suggests an equitable sharing of risks and profits between the parts involved in a financial transaction. Salam is a contract in which advance payment is made for goods to be delivered at a future date. The purpose of this work is to price a new contract for profit and loss sharing based on Salam contract, using Khiyar Al Ghabn which is an agreement of choice in case of misrepresent facts.

Keywords: Islamic finance, Shariah compliance, profit and loss sharing, derivatives, risks, hedging, salam contract.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1922

Authors: Malaw Ndiaye, Karim Konate

Abstract:

Smart contracts are computer protocols that facilitate, verify, and execute the negotiation or execution of a contract, or that render a contractual term unnecessary. Blockchain and smart contracts can be used to facilitate almost any financial transaction. Thanks to these smart contracts, the settlement of dividends and coupons could be automated. Smart contracts have become lucrative and profitable targets for attackers because they can hold a great amount of money. Smart contracts, although widely used in blockchain technology, are far from perfect due to security concerns. Although a series of attacks are listed, there is a lack of discussions and proposals on improving security. This survey takes stock of smart contract security from a more comprehensive perspective by correlating the level of vulnerability and systematic review of security levels in smart contracts.

Keywords: Blockchain, bitcoin, smart Contract, criminal smart contract, security.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 539

Authors: Anna Rogozińska-Pawełczyk

Abstract:

A psychological contract is an agreement between the employer and an employee that covers the parties’ informal and frequently non-verbalized obligations and expectations towards each other. The contract is a cognitive pattern-governing employee’s behaviour in the organization. A gap between employee’s expectations and the organizational reality may lead to difficult-to-solve conflicts or cause the employee to modify their behaviour towards organizational values and goals, if they are willing and ready to verbalize their expectations. The article discusses psychological contracts in the financial institutions in Poland. Its theoretical part outlines the types of psychological contracts in organizations (relational, transactional, and balanced) and shows the process of their verbalization. The purpose of the article is to present how the type of the psychological contract relates to employee’s readiness to verbalize it. The article ends with conclusions arising from the study.

Keywords: Customer contact staff in banks, employee expectations, financial institutions, mutual expectations, psychological contract, verbalization of the psychological contract.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1788

Authors: Nicholas Kyriazis, Emmanouil Marios L. Economou, Jr, Loukas Zachilas

Abstract:

In the present essay, a model of choice by actors is analysedby utilizing the theory of chaos to explain how change comes about. Then, by using ancient and modern sources of literature, the theory of the social contract is analysed as a historical phenomenon that first appeared during the period of Classical Greece. Then, based on the findings of this analysis, the practice of direct democracy and public choice in ancient Athens is analysed, through two historical cases: Eubulus and Lycurgus political program in the second half of the 4th century. The main finding of this research is that these policies can be interpreted as an implementation of a social contract, through which citizens were taking decisions based on rational choice according to economic considerations.

Keywords: Chaos theory, public choice, social contract, 4th century BC. Athens.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2399

Authors: Laura Çami (Vorpsi), Xhon Skënderi

Abstract:

In today's rapidly evolving technological landscape, the traditional principles of contract law are facing significant challenges. The emergence of new technologies, such as electronic signatures, smart contracts, and online dispute resolution mechanisms, is transforming the way contracts are formed, interpreted, and enforced. This paper examines the implications of these technological advancements on the constitutional principles of contract law. One of the fundamental principles of contract law is freedom of contract, which ensures that parties have the autonomy to negotiate and enter into contracts as they see fit. However, the use of technology in the contracting process has the potential to disrupt this principle. For example, online platforms and marketplaces often offer standard-form contracts, which may not reflect the specific needs or interests of individual parties. This raises questions about the equality of bargaining power between parties and the extent to which parties are truly free to negotiate the terms of their contracts. Another important principle of contract law is the requirement of consideration, which requires that each party receives something of value in exchange for their promise. The use of digital assets, such as cryptocurrencies, has created new challenges in determining what constitutes valuable consideration in a contract. Due to the ambiguity in this area, disagreements about the legality and enforceability of such contracts may arise. Furthermore, the use of technology in dispute resolution mechanisms, such as online arbitration and mediation, may raise concerns about due process and access to justice. The use of algorithms and artificial intelligence to determine the outcome of disputes may also raise questions about the impartiality and fairness of the process. Finally, it should be noted that there are many different and complex effects of technical improvements on the fundamental constitutional foundations of contract law. As technology continues to evolve, it will be important for policymakers and legal practitioners to consider the potential impacts on contract law and to ensure that the principles of fairness, equality, and access to justice are preserved in the contracting process.

Keywords: Technological advancements, constitutional principles, contract law, smart contracts, online dispute resolution, freedom of contract.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 249

Authors: Abdulkadir Abu Lawal

Abstract:

The study was carried out to establish the probability density function of some selected building construction projects of similar complexity delivered using Bill of Quantities (BQ) and Lump Sum (LS) forms of contract, and to draw a reliability scenario for each form of contract. 30 of such delivered projects are analyzed for each of the contract forms using Weibull Analysis, and their Weibull functions (α, and β) are determined based on their completion times. For the BQ form of contract delivered projects, α is calculated as 1.6737E20 and β as + 0.0115 and for the LS form, α is found to be 5.6556E03 and β is determined as + 0.4535. Using these values, respective probability density functions are calculated and plotted, as handy tool for risk analysis of future projects of similar characteristics. By input of variables from other projects, decision making processes can be made for a whole project or its components using EVM Analysis in project evaluation and review techniques. This framework, as a quantitative approach, depends on the assumption of normality in projects completion time, it can help greatly in determining the completion time probability for veritable projects using any of the contract forms under consideration. Projects aspects that are not amenable to measurement, on the other hand, can be analyzed using fuzzy sets and fuzzy logic. This scenario can be drawn for different types of building construction projects, and using different suitable forms of contract in projects delivery.

Keywords: Building construction, Projects, Forms of contract, Probability density function, Reliability scenario.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 781

Authors: Yung-Pin Cheng, Ching-Huei Wang

Abstract:

Process improvements have drawn much attention in practical software engineering. The capability maturity levels from CMMI have become an important index to assess a software company-s software engineering capability. However, in countries like Taiwan, customers often have no choices but to deal with vendors that are not CMMI prepared or qualified. We call these vendors maturitylevel- 1 (ML1) vendors. In this paper, we describe our experience from consulting an e-school project. We propose an approach to help our client tackle the ML1 vendors. Through our system analysis, we produce a design. This design is suggested to be used as part of contract and a blueprint to guide the implementation.

Keywords: CMMI, Software Engineering, Software Design, Designas Contract.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1529

Authors: T. Spiegel, J. Siegmann, C. F. Durach

Abstract:

Challenges resulting from an international and dynamic business environment are increasingly being passed on from manufacturing companies to external service providers. Especially providers of complex, customer-specific industry services have to cope with continuously changing requirements. This is particularly true for contract logistics service providers. They are forced to develop efficient and highly flexible structures and strategies to meet their customer’s needs. One core element they have to focus on is the reorganization of their service development and sales process. Based on an action research approach, this study develops and tests a concept to streamline tender management for contract logistics service providers. The concept of modularized service architecture is deployed in order to derive a practice-oriented approach for the modularization of complex service portfolios and the design of customized quotes. These findings are evaluated regarding their applicability in other service sectors and practical recommendations are given.

Keywords: Contract Logistics, Modularization, Service Development, Tender Management.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2070

Authors: Oliver Radolović

Abstract:

The subject of the paper is comparative analysis of the hotel guest-s contractual liability for breaching the obligation for non-payment of hotel services in the hotel-keeper-s contract. The paper is methodologically conceived of six chapters (1. introduction, 2. comparative law sources of the hotel-keeper-s contract, 3. the guest-s obligation for payment of hotel services, 4. hotel guest's liability for non-payment, 5. the hotel-keeper-s rights due to nonpayment and 6. conclusion), which analyzes the guest-s liability for non-payment of hotel services through the international law, European law, euro-continental national laws (France, Germany, Italy, Croatia) and Anglo-American national laws (UK, USA). The paper-s results are the synthesis of answers to the set hypothesis and comparative review of hotel guest-s contractual liability for nonpayment of hotel services provided. In conclusion, it is necessary to adopt an international convention on the hotel-keeper-s contract, which would unify the institute of the hotel guest-s contractual liability for non-payment of hotel services at the international level.

Keywords: Comparative law, hotel guest's contractual liability, non-payment, hotel-keeper's contract.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 5056

Authors: Ganiyu Amuda Yusuf, Sarajul Fikri Mohamed

Abstract:

The procurement and cost management approach adopted for mechanical and electrical (M&E) services in Malaysian construction industry have been criticized for its inefficiency. The study examined early cost estimating practices adopted for mechanical and electrical services (M&E) in Malaysia so as to understand the level of compliance of the current techniques with best practices. The methodology adopted for the study is a review of bidding documents used on both completed and on – going building projects awarded between 2008 – 2010 under 9th Malaysian Plan. The analysis revealed that, M&E services cost cannot be reliably estimated at pre-contract stage; the bidding techniques adopted for M&E services failed to provide uniform basis for contractors to submit tender; detailed measurement of items were not made which could complicate post contract cost control and financial management. The paper concluded that, there is need to follow a structured approach in determining the pre-contract cost estimate for M&E services which will serve as a virile tool for post contract cost control.

Keywords: Cost Management, Mechanical and Electrical Services, Procurement, Standard Method of Measurement

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1908

Authors: Seung Yeon Son

Abstract:

Workers (especially, competent personnel) have been recognized as a core contributor to overall organizational effectiveness. Hence, verifying the determinants of turnover intention is one of the most important research issues. This study tested the influence of perceived organizational support and abusive supervision on employee’s turnover intention. In addition, mediating roles of psychological contract and emotional exhaustion were examined. Data from 255 Korean employees supported all hypotheses Implications for research and directions for future research are discussed.

 

Keywords: Abusive Supervision, Emotional Exhaustion, Perceived Organizational Support, Psychological Contract, Turnover Intention.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 3218

Authors: S. Homrossukon, W. Parinyasart

Abstract:

This is an applied research to propose the method for price quotation for a contract electronics manufacturer. It has had a precise price quoting method but such method could not quickly provide a result as the customer required. This reduces the ability of company to compete in this kind of business. In this case, the cause of long time quotation process was analyzed. A lot of product features have been demanded by customer. By checking routine processes, it was found that high fraction of quoting time was used for production time estimating which has effected to the manufacturing or production cost. Then the historical data of products including types, number of components, assembling method, and their assembling time were used to analyze the key components affecting to production time. The price quoting model then was proposed. The implementation of proposed model was able to remarkably reduce quoting time with an acceptable required precision.

Keywords: Price quoting, Contract manufacturer, Stepwise technique, Best subset technique.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 4431

Authors: M. Oloomi-Buygi, M. Reza Salehizadeh

Abstract:

In this paper a new approach for transmission pricing is presented. The main idea is voltage angle allocation, i.e. determining the contribution of each contract on the voltage angle of each bus. DC power flow is used to compute a primary solution for angle decomposition. To consider the impacts of system non-linearity on angle decomposition, the primary solution is corrected in different iterations of decoupled Newton-Raphson power flow. Then, the contribution of each contract on power flow of each transmission line is computed based on angle decomposition. Contract-related flows are used as a measure for “extent of use" of transmission network capacity and consequently transmission pricing. The presented approach is applied to a 4-bus test system and IEEE 30-bus test system.

Keywords: Deregulation, Power electric markets, Transmission pricing methodologies, decoupled Newton-Raphson power flow.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1662

Authors: Kettawa Boonprakarn, Jedsarid Sangkaphan, Bejapornd Deekhuntod, Nuntharat Suriyo

Abstract:

This study aimed to investigate the existence of field corn networks on the Thailand-Burma border under the patron-client contract farming system. The data of this qualitative study were collected through in-depth interviews with nine key informants.

The results of the study revealed that the existence of the field corn networks was associated with the relationship where farmers had to share their crops with protectors in the areas under the influence of the KNU (Karen National Union) and the DKBA (Democratic Karen Buddhist Army) or Burmese soldiers. A Mae Liang, the person who starts a network has a connection with a Thaokae, Luk Rai Hua Chai or the head of a group of farmers, and farmers. They are under the patron-client system with trust and loyalty that enable the head of the group and the farmers in the Burma border side to remain under the same Mae Liang even though the business has been passed down to later generations.

Keywords: Existence, field-corn networks, patron-client system, contract farming.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1791

Authors: Aussadavut Dumrongsiri

Abstract:

Westudy a dual-channel supply chain under decentralized setting in which manufacturer sells to retailer and to customers directly usingan online channel. A customer chooses the purchase-channel based on price and service quality. Also, to buy product from the retail store, the customer incurs a transportation cost influenced by the fluctuating gasoline cost. Both companies are under the revenue sharing contract. In this contract the retailer share a portion of the revenue to the manufacturer while the manufacturer will charge the lower wholesales price. The numerical result shows that the effects of gasoline costs, the revenue sharing ratio and the wholesale price play an important role in determining optimal prices. The result shows that when the gasoline price fluctuatesthe optimal on-line priceis relatively stable while the optimal retail price moves in the opposite direction of the gasoline prices.

Keywords: direct-channel, e-business, pricing model, dualchannel supply chain, gasoline cost, revenue sharing

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1331

Authors: Hamed Homaei, Iraj Mahdavi, Ali Tajdin

Abstract:

One of the main concerns of miners is to increase the quality level of their products because the mining metals price depends on their quality level; however, increasing the quality level of these products has different costs at different levels of the supply chain. These costs usually increase after extractor level. This paper studies the coordination issue of a decentralized three-level supply chain with one supplier (extractor), one mineral processor and one manufacturer in which the increasing product quality level cost at the processor level is higher than the supplier and at the level of the manufacturer is more than the processor. We identify the optimal product quality level for each supply chain member by designing a revenue sharing contract. Finally, numerical examples show that the designed contract not only increases the final product quality level but also provides a win-win condition for all supply chain members and increases the whole supply chain profit.

Keywords: Three-stage supply chain, product quality improvement, channel coordination, revenue sharing.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1104

Authors: Lo Kar Yin

Abstract:

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 identify 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 organisations/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: Sustainable Development, Sustainable solutions, contract, construction value chain, Building Information Modelling, BIM integration.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 184

Authors: Rami Darwish

Abstract:

The transport industry is transitioning to sustainable industrial systems to meet its environmental targets. At the heart of this transition lies the electrification of bus systems, which involves the introduction and testing of sustainable technologies in protected environments for customer evaluation. While the transition necessitates business-model innovation, practical implementation has proven to be complex. This article delves into efforts to present the business model of a bus operator engaged in public procurement with the goal of facilitating the industry's shift towards electrification. Through an in-depth case study, the influence of public contracts’ design on the evolution of a technology and the operator's business model for electrification is explored. While the extant literature suggests that public procurement can facilitate business-model innovation and sustainable development, the findings reveal that public-contract design can limit value creation and value capture in potential business models, locking organizations into existing business models and hindering the socio-technical transition to sustainability. Interestingly, public-procurement contract design can play a pivotal role in preventing sustainable innovations from breaking through. This highlights the importance of contract design as a vehicle for dialogue between businesses and authorities that can enable systemic change. The case study also illuminates a paradoxical scenario in which the transport authority was required to reconcile the efficiency and stability required for bus transport with the potential benefits of electrification technologies promising sustainability. Finally, recommendations for navigating and addressing this tension are provided. The implications of these findings extend to the literature on discontinuous innovation and business-model innovation.

Keywords: Sustainable transition, public procurement, business-model innovation, discontinuous innovation, lock-in.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 205

Authors: M. Pisol B Mat Isa, Asmak Ab Rahman, Hezlina Bt M Hashim, Abd Mutalib B Embong

Abstract:

Al-Murabahah is an Islamic financing facility used in asset financing, the profit rate of the contract is determined by components which are also being used in the conventional banking. Such are cost of fund, overhead cost, risk premium cost and bank-s profit margin. At the same time, the profit rate determined by Islamic banking system also refers to Inter-Bank Offered Rate (LIBOR) in London as a benchmark. This practice has risen arguments among Muslim scholars in term of its validity of the contract; whether the contract maintains the Shariah compliance or not. This paper aims to explore the view of Shariah towards the above components practiced by Islamic Banking in determining the profit rate of al-murabahah asset financing in Malaysia. This is a comparative research which applied the views of Muslim scholars from all major mazahibs in Islamic jurisprudence and examined the practices by Islamic banks in Malaysia for the above components. The study found that the shariah accepts all the components with conditions. The cost of fund is accepted as a portion of al-mudarabah-s profit, the overhead cost is accepted as a cost of product, risk premium cost consist of business risk and mitigation risk are accepted through the concept of alta-awun and bank-s profit margin is accepted as a right of bank after venturing in risky investment.

Keywords: Islamic banking, Islamic finance, al-murabahah and asset financing

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 5918

Authors: Ghaleb Y. Abbasi, Sufyan Al-Mrayat

Abstract:

This study examined the contribution of 36 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.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 165

Authors: Shahin Zanbaghi, Saeed Samet

Abstract:

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 is as easy as clicking a mouse. 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.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 467

Authors: Perumal Nallagownden, Ravindra N. Mukerjee, Syafrudin Masri

Abstract:

In a competitive energy market, system reliability should be maintained at all times. Power system operation being of online in nature, the energy balance requirements must be satisfied to ensure reliable operation the system. To achieve this, information regarding the expected status of the system, the scheduled transactions and the relevant inputs necessary to make either a transaction contract or a transmission contract operational, have to be made available in real time. The real time procedure proposed, facilitates this. This paper proposes a quadratic curve learning procedure, which enables a generator-s contribution to the retailer demand, power loss of transaction in a line at the retail end and its associated losses for an oncoming operating scenario to be predicted. Matlab program was used to test in on a 24-bus IEE Reliability Test System, and the results are found to be acceptable.

Keywords: Deregulation, learning coefficients, reliability, prediction, competitive energy market.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1478

Authors: H. L. Yim, S. H. Lee, S. K. Yoo, J. J. Kim

Abstract:

This study proposes a materials procurement contracts model to which the zero-cost collar option is applied for heading price fluctuation risks in construction.The material contract model based on the collar option that consists of the call option striking zone of the construction company(the buyer) following the materials price increase andthe put option striking zone of the material vendor(the supplier) following a materials price decrease. This study first determined the call option strike price Xc of the construction company by a simple approach: it uses the predicted profit at the project starting point and then determines the strike price of put option Xp that has an identical option value, which completes the zero-cost material contract.The analysis results indicate that the cost saving of the construction company increased as Xc decreased. This was because the critical level of the steel materials price increasewas set at a low level. However, as Xc decreased, Xpof a put option that had an identical option value gradually increased. Cost saving increased as Xc decreased. However, as Xp gradually increased, the risk of loss from a construction company increased as the steel materials price decreased. Meanwhile, cost saving did not occur for the construction company, because of volatility. This result originated in the zero-cost features of the two-way contract of the collar option. In the case of the regular one-way option, the transaction cost had to be subtracted from the cost saving. The transaction cost originated from an option value that fluctuated with the volatility. That is, the cost saving of the one-way option was affected by the volatility. Meanwhile, even though the collar option with zero transaction cost cut the connection between volatility and cost saving, there was a risk of exercising the put option.

Keywords: Construction materials, Supply chain management, Procurement, Payment, Collar option

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2522

Authors: Zarabizan Zakaria, Syuhaida Ismail, Aminah Md. Yusof

Abstract:

Delay can be defined as time overrun or extension of time to complete the project. There are high possibilities that delay issues in final account closing cannot be avoided especially in construction project in Malaysia which is unique and dynamic in the terms of nature of design and technical skill. Delay in final account closing is a situation when the actual planning (time and budget allocation) of a construction project exceeds the planned schedule or on the other hand, final account closing exceeds the time and other provisions specified in the contract. The causes of delay discussed in this paper are appraised from the literature review. There are two main types of delay: excusable delay and non-excusable delay. The literature reviews on the delay in final account closing which is then translated into a theoretical framework are summarized in the context of construction players and academician perspective. It is anticipated that the finding reported in this paper could assist the planning of future strategies and guidelines of final account closing for the betterment of construction projects in Malaysia.

Keywords: Construction industry, construction contract, final account closing, delay.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 4713

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

Abstract:

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: Collaborative work, construction industry, contract-models, influence, partnering, project management, risk.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 869

Authors: A. Leśniak, E. Plebankiewicz, K. Zima

Abstract:

Construction projects can be implemented under various contractual and organizational systems. They can be divided into two groups: systems without the managing company where the Client manages the process, and systems with the managing company, where management is entrusted to an external company. In the public sector of the Polish market there are two ways of delivery of construction projects with the participation of the manager: one is to assign operations to another party, the so called Project Supervisor, whilst the other results from the application of FIDIC conditions of contract, which entail appointment of the Engineer. The decision is to be made by the Client and depends on various factors. On the public procurement market in Poland the selection of construction project manager boils down to awarding the contract for such a service. The selection can be done by one of eight public procurement procedures identified by the procurement law. The paper provides the analysis of 96 contracts for services awarded in 2011, which employed construction management. The study aimed to investigate the methods and criteria for selecting managers, applied in practice by the Polish public Clients.

Keywords: construction management, construction services, methods and criteria of tender selection, public procurement

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1788

Authors: Vishal Awasthi, Tanya Soni, Vigya Awasthi, Swati Singh, Shivali Verma

Abstract:

There is a growing demand for a network that grants a high level of data security and confidentiality. For this reason, the semantic web was introduced, which allows data to be shared and reused across applications while safeguarding users privacy and user’s will grab back control of their data. The earlier Web 1.0 and Web 2.0 versions were built on client-server architecture, in  which there was the risk of data theft and unconsented sale of user data. A decentralized version, Known as Web 3.0, that is mostly built on blockchain technology was interjected to resolve these issues. The recent research focuses on blockchain technology, deals with privacy, security, transparency, and innovation of decentralized applications (DApps), e.g. a Twitter Clone, Whatsapp clone. In this paper the Twitter Alike built on the Ethereum blockchain will replace traditional techniques with improved latency, throughput, and data ownership. The central principle of this DApp is smart contract implemented using Solidity which is an object- oriented and highlevel language. Consequently, this will provide a better Quality Services, high data security, and integrity for both present and future internet technologies.

Keywords: Blockchain, DApps, Ethereum, Semantic Web, Smart Contract, Solidity.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 330

Authors: Farid Ezanee Mohamed Ghazali

Abstract:

The Malaysia Highway Authority (MHA) was established by the Government in 1980 for the purpose of designing, constructing and maintaining toll highways in Malaysia that include the North-South Expressway and the Penang Bridge, which were procured using the publicly-funded traditional procurement. However following a recession in the mid 80-s, the operations of these tolledhighways had been privatized to ensure that their operational services continue through private financing as a result of long-term concession agreement concurred between the Malaysian Government and private operators. The change in the contract strategy for highway projects in Malaysia would have a great tendency to dictate a significant risk exposure towards the key parties involved, particularly the Malaysian Government as project principal, unless operational risks are clearly identified and managed via appropriate mitigation measures prior to a contract signing. This research identifies potential operational risks that have a possibility to occur in highway projects in Malaysia from the perspective of public sector clients. Since this research focuses on the operational risks for highway projects in Malaysia, the initial results acquired from literature review on the operational risks of highway projects in some Asian countries are then justified by a number of key individuals from the MHA through interviews. As a result, among key operational risks that have possibility to occur in the highway projects in Malaysia include initial toll-tariff decided by the Government, traffic congestion, change of road network and overloaded freight transportation, which could cause damage to the road surface and hence affecting the operation of a particular highway.

Keywords: Malaysia, operating highway project, operational risk.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 3546

Authors: Franklin Nantui Mabe, Samuel A. Donkoh, Seidu Al-Hassan

Abstract:

Rice yields among agro-ecological zones are heterogeneous. Farmers, researchers and policy makers are making frantic efforts to bridge rice yield gaps between agro-ecological zones through the promotion of improved agricultural technologies (IATs). Farmers are also modifying these IATs and blending them with indigenous farming practices (IFPs) to form farmer innovation systems (FISs). Also, different metafrontier models have been used in estimating productivity performances and their drivers. This study used the two-step stochastic metafrontier model to estimate the productivity performances of rice farmers and their determining factors in GSZ, FSTZ and CSZ. The study used both primary and secondary data. Farmers in CSZ are the most technically efficient. Technical inefficiencies of farmers are negatively influenced by age, sex, household size, education years, extension visits, contract farming, access to improved seeds, access to irrigation, high rainfall amount, less lodging of rice, and well-coordinated and synergized adoption of technologies. Albeit farmers in CSZ are doing well in terms of rice yield, they still have the highest potential of increasing rice yield since they had the lowest TGR. It is recommended that government through the ministry of food and agriculture, development partners and individual private companies promote the adoption of IATs as well as educate farmers on how to coordinate and synergize the adoption of the whole package. Contract farming concept and agricultural extension intensification should be vigorously pursued to the latter.

Keywords: Efficiency, farmer innovation systems, improved agricultural technologies, two-step stochastic metafrontier approach.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 846

Authors: Saidu Ibrahim, Winston M. W. Shakantu

Abstract:

The problem of construction material waste remains unresolved, as a significant percentage of the materials delivered to some project sites end up as waste which might result in additional project cost. Cost overrun is a problem which affects 90% of the completed projects in the world. The argument on how to eliminate it has been on-going for the past 70 years, but there is neither substantial improvement nor significant solution for mitigating its detrimental effects. Research evidence has proposed various construction cost overruns and material-waste management approaches; nonetheless, these studies failed to give a clear indication on the framework and the equation for managing construction material waste and cost overruns. Hence, this research aims to develop a conceptual framework and a mathematical equation for managing material waste and cost overrun in the construction industry. The paper adopts the desktop methodological approach. This involves comparing the causes of material waste and those of cost overruns from the literature to determine the possible relationship. The review revealed a relationship between material waste and cost overrun that; increase in material waste would result to a corresponding increase in the amount of cost overrun at both the pre-contract and the post contract stages of a project. It was found from the equation that achieving an effective construction material waste management must ensure a “Good Quality-of-Planning, Estimating, and Design Management” and a “Good Quality- of-Construction, Procurement and Site Management”; a decrease in “Design Complexity” which would reduce “Material Waste” and subsequently reduce the amount of cost overrun by 86.74%. The conceptual framework and the mathematical equation developed in this study are recommended to the professionals of the construction industry.

Keywords: Conceptual framework, cost overrun, material waste, project stags.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2769