Valuing a price cap contract for material procurement as a real option

This paper uses real option methodology to compare the cost of a long‐term contract with a price cap to that of spot purchases in construction material procurement. In construction, material procurements are usually short‐term, project‐based and subject to high price volatility. These characteristics and the competitive nature of the industry lower the profit margin of contractors. We have observed that contractors purchase a stable amount of commodity materials such as concrete, structural steel and lumber year after year. For contractors, the price cap reduces the price volatility of materials without their being obliged to purchase a certain quantity; for suppliers, the price‐cap contracts give them steady demand and a bigger market share. We evaluate this price‐cap contract as a real option and find the contractor's optimal ordering policy. When materials are not frequently traded, we model price processes by using related market information and then evaluate the idiosyncratic uncertainties in a risk‐neutral setting. Our methodology does not require market completeness and incorporates some of the results of the latest research in finance such as correlation pricing, option pricing and zero level pricing, as well as Monte Carlo simulation.     

An alternative classification of project delivery methods used in the United States building construction industry

Although many sources describe the project delivery methods available to owners, there is little empirical data on their defining characteristics. The objective of this research was to examine patterns in contract arrangements, procurement practices and compensation terms used in the US building construction industry. Survey data were collected for projects completed between 2008 and 2013 (N = 204) from owners and contractors belonging to large US professional organizations. A latent class analysis was used to identify five distinct patterns or ‘classes’ based upon eight characteristics of the project delivery process. These classes were defined as: (I) late builder and trade involvement, with an open, cost-based selection and lump sum contract (9% of projects in sample); (II) late builder and trade involvement, with a prequalified, cost-based selection and lump sum contract (19%); (III) early builder and late trade involvement, with a prequalified non-cost based selection and guaranteed maximum price (GMP) contract (26%); (IV) early builder and trade involvement, with a prequalified, cost-based selection and lump sum design-build (DB) contract (27%); (V) early builder and trade involvement, with a prequalified, non-cost based selection and GMP DB contract (18%). Compared to existing classifications of project delivery methods, these classes are data-driven typologies that represent how participants are procured and organized into a project team. The findings have implications as an alternative classification system in project delivery research and as guidance to owners considering their project delivery options.     

GMP合同在澳门某酒店承包工程中的应用

以澳门某酒店工程为例,说明了GMP合同的性质及在该项目的应用情况。通过分析GMP合同的特点,作者认为在工程复杂程度和风险日益增加的今天,适当采用成本合同,对降低工程风险对工程的负面影响,提高承包商的履约能力,促进业主和承包商相互合作有实质性的积极作用。     

The impact of the integration of renewable energy sources in the electricity price formation: is the Merit-Order Effect occurring in Portugal?

This study investigates the relationship between wholesale electricity price behaviour and the integration of new renewable energy sources in the electricity system in Portugal. The research analyses two different samples, namely: the significant deployment of wind power versus the abrupt increase in the installed capacity of solar photovoltaic. Daily data from 2011 until 2019 and, a SARMAX/EGARCH approach has been conducted to assess the merit-order effect. The main results suggest that electricity production from wind power is decreasing the price of electricity but increasing its volatility. In addition, there is evidence for the leverage effect in electricity price.     

关于建设工程价款优先受偿问题探讨

合同法第286条规定的承包人建设工程价款优先受偿权,在性质上属于法定抵押权,且在建筑施工合同无效、建设工程尚未竣工的条件下,仍应适用本条规定;对承包人垫付的且已物化到建设工程中的工程款、因业主违约而形成的补偿性违约金也应当列入优先受偿之列;并对行使优先受偿权的期限及与消费者的权利冲突问题作了初步探讨.     

固定总价合同研究

介绍了固定总价合同的含义,从价格与工程量两方面对固定总价合同的风险进行了研究,明确了固定总价合同的适用范围,并对其合同价款结算方法及固定总价合同要点作了详细分析,促使工作人员重视合同管理,从而为工程建设更好地服务。     

建设工程合同价格条款设置

价格条款是工程合同双方最为重视的核心,条款之一，合理且操作性好的价格条款对工程管理、合同变更、计量支付、工程结算以及保障业主和承包商双方的利益等都将起到重要的作用。本文介绍合同专用条件中价格条款设置时应考虑的因素，全面详细地阐述了价格条款的组成内容和设置原则。     

物价波动下合同价格调整条款的构建

对于物价变化引起的合同价格调整,长期的结算习惯是遵照当地建设行政主管部门发布的规范性文件办理。在市场经济条件下合同价格调整条款作为工程施工合同的重要条款之一,才是调整工程价格的主要依据。文章对比分析各地行政主管部门发布的规范性文件的基础上,主要对调价的材料范围、物价风险包干的幅度、主材调整的数量和材料价差的确定进行了研究,提出了较为全面、合理的物价波动下工程价格调整的合同条款设计。     

Asymmetric price response of industrial electricity demand in India

This paper analyses the asymmetric effects of electricity prices on industrial electricity demand in India from 1981 to 2016 using the two-threshold nonlinear autoregressive distributed lag (NARDL) model. The results show that customers react more strongly to a large price cut than a large price increase, whereas a small price change does not affect electricity consumption. A large price decrease, which raises the quantity demanded by a higher percentage, makes it more challenging to reach net-zero emissions as electricity generation relies mainly on fossil fuels. Since demand is inelastic for price increases, a large price hike minimally reduces electricity consumption.     

An empirical survey of the motives and benefits of adopting guaranteed maximum price and target cost contracts in construction

In light of increasing project complexity, constraints on programme schedule and limited budget, there exists a strong call for changes in contracting procedures in construction. Both the Guaranteed Maximum Price (GMP) and Target Cost Contracting (TCC) approaches with a gain-share/pain-share arrangement have been advocated to achieve better value for money and more satisfactory project performance. This paper aims to review the prevailing practices of GMP/TCC in general, and explore the motives and benefits of implementing the GMP/TCC scheme in comparison with the traditional fixed-price lump-sum contract in particular. The research study is based on a comprehensive literature review and an industry-wide empirical questionnaire survey for evaluating the relative importance of motives and benefits associated with GMP/TCC in Hong Kong. The survey data collected from 45 valid completed questionnaires were analysed using the mean score ranking technique, Kendall's concordance test, Spearman's rank correlation test and one-way ANOVA test. The perceived benefits were measured and ranked from the perspectives of the client, contractor and consultant for cross-comparison. The survey findings indicated that the three most common motives of clients behind their decision of adopting GMP/TCC include: (1) to generate an incentive for contractor to achieve cost saving; (2) to develop better working relationship within the project team; and (3) to tap in contractor's expertise in design and innovation. The top three perceived benefits of applying GMP/TCC were found to be: (1) early settlement of final project account; (2) improved partners' working relationship under a partnering arrangement; and (3) capability of integrating contractor's expertise in building designs and innovations prior to construction. The research results are particularly essential in assisting key project stakeholders to realise the potential benefits derived from the use of GMP/TCC contracts and in generating more useful insights into alternative integrated contracting strategies for the construction industry, so as to drive for excellence in overall project performance.     

标准化工程总承包合同条件计价方式的讨论

工程总承包是目前国际上一种主流的工程发包方式,与之相匹配的标准化合同文本也应运而生。这些标准化合同文本总体上采用总价方式,这为发挥工程总承包的优势创造了条件,但同时也限制了工程总承包的广泛应用。本文介绍了FIDIC的"银皮书",以及我国在2011年相继颁布的两个标准化工程总承包合同条件的特点和适用范围,并对其计价方式进行了分析,剖析了它们计价方式的收益或风险分配方式的特点以及适用范围,指出了在普遍推广应用中所面临的问题。特别的,为推动工程总承包合同条件计价方式的完善,提出了改进标准化合同条件计价方式的途径:构建介于单价合同与总价合同之间的计价方式,既保持总价合同对承包方激励作用,又充分发挥单价合同可对风险作合理分配的优势,以实现承发包双方的共赢。     

公平原则在建设工程施工合同中的适用 —以固定价格计价方式约定不明为视角

1999年的建设施工合同范本未对固定总价与固定单价加以区分,直至2013年的建设施工合同范本才予以明确区分。但在实务中,不少工程仍采用99年建设施工合同范本,导致了在工程结算时,因约定不明,发包方与施工单位对适用固定总价还是固定单价作为合同计价依据产生了分歧。本文从公平原则的角度出发,阐述在建设工程施工合同中因固定价格计价方式约定不明的处理方式。     

浅析固定总价合同的合同风险防范策略

对固定总价合同进行了介绍，从价格、工程量、合同等方面分析了固定总价合同条件下的合同风险，深入探讨了固定总价合同风险的防范，以帮助工程相关人员更好地认识固定总价合同，该文具有一定的参考价值。     

建设项目承包合同计价方式分析

在建设工程项目中,承包合同规定了业主和承包商之间权利和义务,是双方最高的行为准则,一切工程活动都是为了实现和履行合同中各项条款,而计价方式作为承包合同的重要组成部分,决定了大部分工程风险在业主和承包商之间的分配方式。本文介绍了当前国际工程项目中使用较多的几种合同计价方式,分析了各自的优缺点以及在各种计价方式下工程风险在业主和承包商之间的分配方式。最后指出业主应根据具体项目的特点,结合自身的情况,灵活选择合同计价方式,并积极就合同计价方式进行创新。     

议施工合同的分类

介绍了合同的定义,论述了施工合同中承包人和发包人需承担的责任与履行的义务,对劳务合同、采购合同、单价合同、总价合同、成本加酬金合同涉及的内容进行了详细阐述,以更加科学合理地运用合同。     

不同计价方式下建设工程造价司法鉴定方法研究

《司法解释》第22条"当事人约定按照固定价结算工程价款,一方当事人请求对建设工程造价进行鉴定的,不予支持"的规定,因该条款对固定价合同的概念没有做精确的理解与限定,故实践活动中对其引用容易引发歧义。在明确固定价合同的类型和特点的基础上,着重分析在施工图预算计价方式下和工程量清单计价方式下对固定单价、固定总价合同进行司法鉴定的方法,以及各种方法的异同点。最终得出了固定价、可调价、成本加酬金合同这种分类已不再适用的结论,明确了《司法解释》第22条的适用条件。     

建筑工程合同审计有关问题探讨

探讨了建筑工程合同协议的法律效力问题,提出了合同文件的优先解释顺序,论述了调价条款的适用问题,分析了调价条款中的设计变更问题,总结了结算中的计价程序和方法,以提高人们对建筑工程合同审计的认识。     

建设项目管理全目标下代建合同的激励机制研究

首先分析了我国当前采用的代建合同机制的3种形式:总价合同、单价合同和代建成本+固定酬金±工程成本偏差相关奖罚金类型各自存在的局限性,在此基础上构建了更加全面、有效的建设项目全目标下的代建合同激励机制。指出建设项目管理全目标下代建合同激励机制的具体设计步骤,并结合实例进行设计计算,有效促进了代建市场的良性发展。     

建设工程施工合同的风险边界及其应用研究——基于合同状态补偿视角

承发包双方在施工合同中对风险分担约定不明确,双方各执一词,导致工程价款纠纷时有发生。从合同状态补偿视角,在分析施工合同状态补偿机理的基础上,界定建设工程施工合同的风险边界,指出单价和总价合同存在两个风险边界,即物理边界和时间边界,并探讨施工合同风险超出边界时,合同发承包双方进行风险再分担的原则。以某医院综合住院部大楼工程价款结算的争议为例,说明建设工程施工合同风险边界的应用方法。     

国际工程成本风险分析与对策

针对因国际工程前期准备投入大、中标率低致使我国建筑企业难以承受而面临巨大成本风险的问题,分析导致国际工程价格风险、延期赔偿风险以及成本增加风险等成本风险的原因,提出与当地公司组建联合体投标,在合同签订前进行造价重测、工期重测以及细化合同等应对策略,为我国企业降低国际工程成本风险提供参考。