Academic literature on the topic 'Contractual adjustment'
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Journal articles on the topic "Contractual adjustment"
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Oxelheim, Lars, Clas Wihlborg, and David Lim. "Contractual price rigidities and exchange rate adjustment." International Trade Journal 5, no. 1 (September 1990): 53–76. http://dx.doi.org/10.1080/08853909008523707.
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Tot, Ivan. "Rizik unovčenja objekta leasinga u ugovoru o operativnom leasingu motornog vozila." Zbornik Pravnog fakulteta Sveučilišta u Rijeci 38, no. 1 (2017): 303–35. http://dx.doi.org/10.30925/zpfsr.38.1.10.
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The subject of the research in this paper are automotive operating lease contracts in the Croatian business practice. The provisions of the general terms and conditions for operating lease contracts of the Croatian leasing companies are being analysed, particulary those relating to the rights and obligations of the parties to the contract after the operating lease contract was terminated and the motor vehicle returned to the lessor. The existence of three contractual models of the automotive operating lease contract in the Croatian business practice is established, which vary with regard to the assignment and the distribution of the residual value risk. Those contractual models are being compared with the two most common contractual models of automotive lease contracts in the Austrian and German business practice: the lease contract with the excess mileage adjustment and the lease contract with the terminal rent adjustment. On the basis of the results of this comparison, applicability of the legal solutions, developed in the Austrian and German jurisprudence and legal literature regarding the lease contract with the excess mileage adjustment and the lease contract with the terminal rent adjustment, to the automotive operating lease contract within the framework of Croatian law, is being examinded.
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Anchishkina, O. V. "Analysis of relations in the state sector of Russian public procurement." Voprosy Ekonomiki, no. 10 (October 20, 2018): 106–26. http://dx.doi.org/10.32609/0042-8736-2018-10-106-126.
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The paper deals with a special sector of public procurement — G2G, in which state organizations act as both customers and suppliers. The analysis shows the convergence between contractual and administrative relations and risks of transferring the negative factors, responsible for market failures, into the administrative system, as well as the changing nature of the state organization. Budget losses in the sector G2G are revealed and estimated. There are doubts, whether the current practice of substitution of market-based instruments for administrative requirements is able to maintain integrity of public procurement in the situation of growing strategic challenges. Measures are proposed for the adjustment and privatization of contractual relations.
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Yan, Bin, and Qing Hua Zhao. "Influence Analysis to Beneficial Period and Pricing of Hydraulic Project Based on Risk Allocation." Advanced Materials Research 594-597 (November 2012): 2963–67. http://dx.doi.org/10.4028/www.scientific.net/amr.594-597.2963.
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The public department and the private investor is the commonly contractual subjects of the chartered operating project. Risk sharing idea is an important manifestation to contract justification. The public department determines the compensate degree to private investor through controlling the project’s beneficial period or the chartered operating price. Aim at part of the risk loss that the public department should undertake after risk events had happened; two flexible process models were studied. The adjustment to project beneficial period or product purchasing price was put forward in allusion to this kind of risks. Case study manifested that the adjustment method is feasible.
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Jo, Teoh Ming, Siti Salwa Mohd Ishak, and Zul Zakiyuddin Ahmad Rashid. "Overview of the Legal Aspects and Contract Requirements of the BIM Practice in Malaysian Construction Industry." MATEC Web of Conferences 203 (2018): 02011. http://dx.doi.org/10.1051/matecconf/201820302011.
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Legal, contractual issues and the absence of appropriate protocols have been ranked as critical barriers associated with the implementation of Building Information Modelling (BIM). As to date, these issues are under studied and there is lack of framework addressing legal and contractual measures ensuring contract best practice in BIM project setting and legal environment in Malaysia. This research attempts to review legal issues and two common local standard forms of contract in order to highlight provisions to suit BIM practice. The potential legal issues that were drawn from literature review are ownership of BIM model, intellectual property rights, level of development of the model, model management, allocation of risk, and schedule of deliverables. Appropriate adjustment or inclusion of the clauses or the contract contents is proposed, it could then be made to fit BIM practice.
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Xue, Yong, and Xinyi Yun. "The optimal performance target of valuation adjustment mechanism agreement with real options perspective." PLOS ONE 17, no. 11 (November 21, 2022): e0277509. http://dx.doi.org/10.1371/journal.pone.0277509.
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The valuation adjustment mechanism (‘VAM’) agreement has recently been widely adopted in venture capital investment in emerging markets. The VAM agreement endows venture capital institutions a contractual right to reevaluate invested startup contingent on preset performance targets, which is crucial for the effectiveness of the VAM agreement by deeply affecting the strategy and fate of the startup. Motivated by exploring a rational performance target setting, this paper: 1)Firstly, extracts a general structure of the VAM agreement by cases analysis;2) Secondly, adopts a real options methodology to derive the option value held by venture capital institutions and how the pre-determined performance target affect the payoff of venture capital institutions;3)Thirdly, derives the expected time to achieve the given performance target and the behavior choice of entrepreneurs of startups; 4)Finally, by maximizing the contractual value of venture capital institutions with the participation constraints of the entrepreneur, derives the optimal performance target setting. The result finds that the option value of the VAM agreement is positively related to the performance target. It may partially explain why venture capital institutions tend to dominate overly high targets from a real options perspective. We also confirm the incentive effect of the VAM agreement that entrepreneurs tend to exert their best effort. Furthermore, the derivation of the optimal performance target shows that it is an increased function of the agreement period and a subtractive function of project risk. This paper contributes to the literature on contingent payment mechanisms and provides practical implications for the VAM agreement design.
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Garcia Fuentes, Mateo. "Distressed Mergers and Acquisitions: Price Adjustment Mechanisms in the Context of Distress." Business Law Review 43, Issue 4 (July 1, 2022): 155–63. http://dx.doi.org/10.54648/bula2022023.
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In crisis contexts, distressed Mergers and Acquisitions (M&A) arise as viable options for companies under severe financial pressure seeking to avoid bankruptcy. However, distressed M&A transactions are accompanied by multiple complexities that turn the process of merging or acquiring a financially distressed company or asset into a risk-driven business activity. The impossibility to conduct a thorough due diligence due to pressing time constraints, the lack of extensive warranty and indemnity protection, and the impact of these two factors on the target’s valuation, constitute core features of distressed M&A transactions. Circumstances that can be addressed by means of opting for the appropriate pricing mechanism that best adjusts to the characteristics of the deal. However, the available pricing mechanisms might not suffice per se. Therefore, parties should consider the inclusion of additional contractual resources to mitigate the identified risks and challenges. Otherwise, instead of reducing the risk exposure from a distressed target, a failed M&A that does not properly address the particularities that come along with doing business in contexts of distress might consequently put the acquirer under great pressure. Corporate Governance, Corporate Social Responsibility, CSR, Directors’ Duties, Equator Principles, ESG, Greenwashing, Risk Management, SDG, Sustainable Banking, Sustainability Reporting
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Sutcliffe, Jonathan, and Jonathan Blaney. "Arbitration of LNG Price Review Disputes." BCDR International Arbitration Review 7, Issue 1 (June 1, 2020): 133–48. http://dx.doi.org/10.54648/bcdr2021019.
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Price review arbitration remains a prevalent feature of the Liquefied Natural Gas (LNG) industry. Contractual pricing schemes may require periodical adjustment to realign them with prevailing commercial realities or market conditions. Price review clauses may provide for the review and potential revision of the contract price, by agreement, at specific times and on the occurrence and fulfillment of certain conditions.Where agreement cannot be reached, disputes will often be settled by international arbitration. Some of the more commonly seen characteristics of price review clauses are explored below, together with the associated processes by which parties may seek to agree revision of the contract price, and failing agreement, the referral of that dispute to arbitration.
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Noyoo, Ndangwa. "Structural adjustment programmes in Sub-Saharan Africa in the 1980s and 1990s." RBEST Revista Brasileira de Economia Social e do Trabalho 4 (November 20, 2022): e022012. http://dx.doi.org/10.20396/rbest.v4i00.16536.
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The paper discusses the World Bank’s and International Monetary Fund’s Structural Adjustment Programmes (SAPs) in Sub-Saharan Africa in the 1980s and 1990s. Most countries in this region did not demonstrate autonomy in regard to national economic management and public policy processes, but acquiesced to the economic austerity prescriptions of the international financial institution, which were supposed to have resuscitated their economies. The paper seeks to provide some insights pertaining to how multilateral financial agencies engaged national governments, not as partners in a contractual relationship, but as servile actors. This situation was not mutually beneficial to both parties as interventions in local economies through financial injections had not resulted in easier repayment of loans by Sub-Saharan African governments. However, conditionalities tied to loans resulted in the erosion of social policies and social rights in Sub-Saharan Africa in the said period. Instead of shoring up economies of the countries in the region, SAPs had helped to weaken or even implode them. SAPs also eroded the social policy gains which were attained in the decade of independence in this region. The paper’s main contention is that Sub-Saharan African countries should bolster their institutions, policy-making mechanisms, and not make the same mistakes they did during that period, if they want to develop and be prosperous this century.
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Caldarelli, Gioia. "Unilateral Modification of Long Term Contracts: American Change of Terms Clauses and Italian Ius Variandi from a ‘Relational’ Point of View." European Review of Contract Law 17, no. 1 (March 12, 2021): 37–53. http://dx.doi.org/10.1515/ercl-2021-0002.
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Abstract This article analyses the compromise required between certainty and flexibility in long-term contracts, which would appear to be intrinsically linked to the adoption of adjustment tools. The allocation of rights and risks at the beginning of a contract may include the enforceability of clauses which empowers one party to unilaterally amend the original terms of the contract. On the one hand, a right granted by a change of terms clause, if properly exercised, may allow both parties to obtain the most from a long-term contract. On the other, it is essential to provide limitations so as to avoid the result that this contractual dexterity gives an unfair advantage to one party to the detriment of the weaker party.
Dissertations / Theses on the topic "Contractual adjustment"
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Domingues, Estêvão Miguel Cardoso. "Behaviour of the contractual service margin on the general measurement model." Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/20006.
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Mestrado em Actuarial ScienceIFRS 17 é a nova norma internacional para seguros que irá ter início em 2022, provocando dificuldades sem precedentes no mundo segurador. Desde novos requisitos quantitativos, até motores computacionalmente avultados. É o novo desafio para as empresas seguradoras e consultores em todo o mundo. Um dos novos componentes da norma é a Contractual Service Margin. Esta componente corresponde ao lucro não adquirido do grupo de contractos. Consoante os serviços prestados, este montante será lançado na insurance revenue e irá afectar directamente o lucro em cada período de reporte. Este é o tema principal do relatório e irá ser testado à força como reage face a eventos inesperados, diferentes daqueles que foram previsto no reconhecimento inicial. Companhias de seguros irão necessitar de desenvolver, ou recorrer a, novos motores de cálculo para a onda de informação que será requerida pela norma. Neste relatório, um motor totalmente automático foi criado de raiz e, apesar de estar calibrado para um tipo de contracto em específico, tem o potencial de reconhecer todos os tipos de contractos. Todos os resultados servem para fins ilustrativos, mas demonstram a importância da Contractual Service Margin nesta nova norma.
IFRS 17 is the new international insurance norm that will start in 2022, bringing an unprecedented difficulty to the insurance world. From new quantitative requirements, to enormous computational engines. It is the new challenge for insurance companies and consultants throughout the world. One of the new components of the norm is the Contractual Service Margin. This component reflects the unearned profit of a group of contracts. As insurance services are provided, this amount is released to the insurance revenue and it will affect the profit directly at each reporting period. We will test how it reacts when faced with unexpected events, different from the ones predicted at initial recognition. Insurance companies will need to develop, or resort to, new calculation engines for the wave on information that is required for this norm. In this report, a fully automatic engine was built from scratch and, although it is calibrated for one specific type of contract, it has the potential to recognise all types of contracts. All results are merely illustrative, but demonstrate the importance of the Contractual Service Margin in this new norm.
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Cruz, Maria Carlota Gonçalves Porto. "Evaluation of the technical provisions of insurance contracts under IFRS 17." Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19429.
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Mestrado em Actuarial ScienceA adoção da IFRS 17 a um de Janeiro de 2022 introduz um dos maiores desafios recentemente enfrentados pelas empresas de seguros. A compreensão das mudanças inerentes à sua introdução, bem como os possíveis impactos no mercado segurador, tornou-se preocupação geral do mercado, alvo de intensa discussão e investigação. Devido ao seu cariz internacional, a IFRS 17 é desenvolvida num contexto de requisitos não prescritivos, baseado em princípios. No entanto, a sua natureza levanta algumas questões na salvaguarda do level-playing field que é desejado. A subjetividade implícita em componentes chave para a mensuração de contratos de seguros, tal como as taxas de desconto e o risk adjustment for non-financial risk, pode ser motivo de heterogeneidade no seio do reporte financeiro. Motivado pelo ambiente de incerteza inerente à adoção do IFRS 17, o presente relatório procura mitigar alguns dos requisitos subjacentes à avaliação das provisões técnicas de contractos de seguros. Adicionalmente, compreende uma discussão ao nível do alcance dos seus principais objetivos, incluindo a transparência, comparabilidade e consistência do reporte financeiro de contractos de seguro. Este relatório é o resultado da investigação realizada ao longo de seis meses no âmbito de um estágio curricular na Autoridade de Supervisão de Seguros e Fundos de Pensões.
The implementation of IFRS 17 on the first of January 2022 brings one of the biggest challenges recently being faced by insurers. The understanding of the upcoming changes and their impact on the insurance sector became a global market concern, subjected to extensive discussion and investigation. Due to its international relevance, IFRS 17 is set-up on a principles-based framework. However, this raises some uncertainty in safeguarding the level-playing field that is aimed. In fact, the subjectivity underlying some key components for the measurement of insurance contracts, such as the discount rates and the risk adjustment for non-financial risk, may be the cause of heterogeneity within insurance reporting. Motivated by the environment of concern that underlies IFRS 17, the present report aims to assess its requirements within the evaluation of technical provisions of insurance contracts, while understanding possible large macro impacts that its adoption implies. It further comprises a discussion on the likelihood of the regime to satisfy its intended goals, including the transparency, comparability and consistency of insurance reporting. This is the outcome of the six-month curricular internship at Autoridade de Supervisão de Seguros e Fundos de Pensões.
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Attias, Benjamin. "La survie du contrat." Thesis, Paris 11, 2015. http://www.theses.fr/2015PA111005.
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A l’aune d’une réforme du droit des obligations, et alors que les relations contractuelles se complexifient et ont vocation à durer, le contrat a parfois besoin d’être protégé. Le respect de la parole donnée par les contractants, en raison de la confiance que les parties se sont mutuellement accordées, n’est pas toujours chose aisée pour les parties et un risque d’extinction du contrat sans satisfaction pèse sur les parties. La nullité du contrat, pour défaut de validité, mais surtout les risques d’inexécution, qui peuvent conduire à la résolution ou à la caducité du contrat, menacent l’existence du contrat qui doit pouvoir être sauvé. Une telle survie du contrat, qui a vocation à permettre la réalisation de l’objectif contractuel, est envisageable par la mise en place de remèdes aux défaillances du contrat et, plus généralement, de traitements en cas de risques d’inexécution. Ce droit des remèdes, déjà présent en droit positif, doit pouvoir être étendu, par une systématisation de la survie, qu’il est possible d’intégrer dans une conception renouvelée du contrat.Pour cela, il est indispensable qu’une obligation préexistante dont l’exécution est possible soit maintenue, afin de dépasser la menace d’inexécution. Ce préalable posé, une application extensive destinée à préserver la satisfaction du créancier est envisageable. De la période précontractuelle à l’extinction intégrale des obligations, autrement dit, le droit à l’exécution mais également la protection des obligations post-contractuelles une survie doit pouvoir être mise en place. Mais à quel prix ? La systématisation de la survie du contrat doit permettre de fixer les limites du mécanisme. Puisque les difficultés d’exécution doivent pouvoir être traitées par une modification, par une atteinte à l’intangibilité du contrat. Or, cette atteinte est parfois synonyme de protection de la force obligatoire et de la sécurité juridique des contractants. La loyauté et la bonne foi imposent parfois certains abandons au créancier, mais permettront la réalisation de l’objectif contractuel. Toutefois, des garde-fous doivent être intégrés pour préserver les intérêts d’un créancier, qui n’a pas à subir indéfiniment la situation contractuelle douloureuseFrom a reform of law of obligations standpoint, and while contractual relationships become evermore complex and are meant to last, the contract may need to be protected. Respect for the word given by the contractors, due to the trust that the parties have mutually granted, is not always an easy task for the parties, who may see the contract be extinguished without any satisfaction.The nullity of the contract, by way of invalidity, but especially the risk of default, which can lead to the resolution or the lapse of the contract, threatens the existence of the contract that must be saved. Such survival of the contract, which is intended to enable the achievement of the contractual objective, is foreseen by implementing remedies for the deficiencies of the contract and, more generally, the risk of treatment failure. This right to remedies, already present in positive law, must be extended by a systematization of survival so that it may be possible to integrate a remedy into a new version of the contract.For this, it is essential that preexisting obligation, for which execution is possible, be maintained in order to overcome the threat of default. This prior condition, extensively applied and designed to preserve the satisfaction of the creditor, is possible. From the pre-contractual period to full termination of obligations, including post contractual obligations, through the preservation of the execution, then survival is possible. But at what price?The systemization of contract survival can fix the limits of the mechanism. Implementation difficulties must be addressed by a change, for a breach of the inviolability of the contract, but this achievement is sometimes synonymous with protection of binding and legal security contractors. Loyalty and good faith sometimes provide some ways out for the creditor, but will achieve the contractual objective. However, limits should be incorporated to protect the interests of creditors, whom should not have to endure the painful contractual situation
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Djiguemdé, Wendkouni Judicaël. "L'aménagement conventionnel de la société commerciale en droit français et en droit OHADA." Thesis, Bordeaux, 2015. http://www.theses.fr/2015BORD0345/document.
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Toute législation en matière économique se doit d’être souple et adaptée àl’évolution du monde des affaires. Le droit des sociétés OHADA, de même que celui français,n’échappe pas à ce principe. Très rigide à l’origine, et caractérisé par un ordre publicomniprésent, le droit des sociétés commerciales OHADA est gagné par le mouvement decontractualisation des sociétés, apparu en France depuis les années 1990. Le droit des contratss’est avéré un excellent moyen pour les praticiens d’apporter de la flexibilité au droit dessociétés. Les aménagements conventionnels, ou conventions sociétaires ou encore pactesd’actionnaires permettront aux associés d’adapter les règles légales sociétaires aux besoins deleurs activités économiques. Cession de titres sociaux, droit de vote, pouvoir de représentationdans la société, règlement des différends sont autant de domaines où se manifeste la libertécontractuelle des associés. Au-delà du caractère rigide du droit des sociétés français etOHADA, cette étude permet de rendre compte de l’importance de ces espaces de liberté dontdisposent les associés. Ces pactes d’actionnaires, statutaires ou extrastatutaires, devront êtreencadrés par des critères précis de validité. Aussi, l’efficacité de ces aménagements dépendraen grande partie de la sanction applicable en cas d’inexécution par une des parties de sesobligations. Le dynamisme de la pratique et de la jurisprudence française permettrad’éprouver les solutions posées par le législateur OHADA en la matière. Cette étude participeainsi de l’élaboration d’un régime juridique adapté, permettant de sécuriser ces aménagementsconventionnels, signe d’une contractualisation du droit des sociétéAny legislation concerning economic matters is expected to be flexible and adaptedto the evolution of business. Company law in the OHADA (Harmonizing Business Law inAfrica Organization) as well as French company law, cannot be excluded from this principal.Although it was very strict to begin with, and characterized by omnipresent public order,company law in the OHADA was caught up by the contractualization movement whichappeared in France in the 1990s. Contract law turned out to be a perfect means forpractitioners to bring flexibility to company law. Contracting adjustments, companyconventions or even shareholder agreements enable shareholders to adapt their legal companyrules to their economic needs. Transferring titles, voting partners, ensuring the power ofrepresentation inside the company, or settling disagreements, are some examples amongst thevariety of situations where the contracting freedom of partners can be seen. Despite therigorous characteristic of French and OHADA company law, this study puts forward theimportance of spaces of freedom that partners can use. These shareholders agreements, eitherstatutory or extra statutory, will be dependent on precise validity criteria. Consequently, theefficiency of these adjustments will mainly depend on the sanction implemented when one ofthe parties does not execute the required obligation. The strength of both the practice andFrench case law will enable to test the proposals set down by the OHADA legislator.Therefore this study will contribute to the development of an adapted judicial system whichwill permit to secure these contracting agreements, as signs of the contractualization ofcompany law
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Leroy, Caroline. "Le pacte d'actionnaires dans l'environnement sociétaire." Phd thesis, Université Paris-Est, 2010. http://tel.archives-ouvertes.fr/tel-00675666.
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Le pacte d'actionnaires se place dans une forme de dépendance unilatérale au contrat de société qui n'est pas sans rappeler le rapport juridique d'accessoire à principal.En effet, s'il est fondamentalement distinct du contrat de société qu'il complète, tout pacte conclu par certains actionnaires, en dehors des statuts, afin d'organiser leurs relations interindividuelles d'actionnaires, trouve nécessairement sa matière et puise sa raison d'être dans le pacte social. Ainsi, la dépendance du pacte au contrat de société se manifeste-t-elle, de la manière la plus évidente, par la caducité qu'entraîne pour le pacte l'arrivée du terme du contrat de société ou la perte de la qualité d'actionnaire d'un partenaire.Dès lors, par analogie avec la règle selon laquelle l'accessoire a vocation à suivre le sort du principal, cette dimension d'accessoire du contrat de société justifie que le pacte subisse l'influence du cadre juridique auquel le contrat de société est lui-même soumis, à savoir le droit des sociétés et, en particulier, l'ordre public sociétaire.Cette dépendance au contrat de société, par essence commune à tous les pactes d'actionnaires en raison de leur objet matériel et de leur cause, est à géométrie variable. Elle repose en effet sur divers facteurs de rattachement au contrat de société que sont l'exercice du droit de vote, la détention des actions ou la qualité d'actionnaire des partenaires, lesquels impriment, selon qu'ils s'immiscent plus ou moins profondément dans le fondement, la structure ou encore le fonctionnement de la société, différents degrés de dépendance dans la relation pacte - contrat de société.Malgré l'hétérogénéité du régime des pactes d'actionnaires, il est alors possible de dégager,à l'aune de cette dimension d'accessoire, une tendance fondamentale qui anime, en droit positif, la jurisprudence relative aux pactes. Cette ligne directrice réside dans la variabilité du degré d'emprise des règles qui encadrent le contrat de société sur le régime des pactes d'actionnaires.La jurisprudence se révèle être, en effet, d'une manière générale et par-delà la casuistique, en cohérence avec cette influence proportionnelle de l'environnement sociétaire à l'intensité du degré de dépendance que présente chaque type de pacte en fonction du facteur qui le rattache au contrat de société. Les pactes caractérisés par une dépendance marquée au contrat de société bénéficient ainsi d'une marge de liberté à la mesure de celle dont bénéficie le contrat de société pour l'aménagement de l'exercice du droit de vote ou de la perte de la qualité d'actionnaire. Au contraire, les pactes caractérisés par une dépendance modérée au contrat de société, qui organisent des cessions ou des acquisitions d'actions,sont plus largement libérés des contraintes auxquelles est soumis le contrat de société au regard du principe de libre négociabilité des actions. Quant à l'influence sur les pactes de certains autres principes d'ordre public sociétaire, tels que la prohibition des clauses léonines ou l'expertise de l'article 1843-4 du Code civil, elle demeure incertaine en droit positif. Toutefois, la jurisprudence tend à reconnaître le particularisme de ces règles et à leur retirer, en conséquence, tout caractère impératif en dehors du cadre des relations entretenues collectivement par les actionnaires avec la société.
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Tsai, Sheng-ying, and 蔡昇穎. "The Mechanism of Construction Procurement Bid Reviewing and the Contractual Unit Price Adjustment." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/65rmba.
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碩士國立中央大學
營建管理研究所
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Since the inauguration of the Government Procurement Law (GPL), the contracting officers usually adopt lump-sum lowest bid method to award the contract for a construction project to the bidder who submits the lowest bid price. If the bid price is considered to be unreasonable, the contracting officers often just ask the lowest bidder providing additional security bond to protect their privities. But they never review the lowest bid price if it is so low that evidently appears to be unreasonable. However, for preventing the occurrence of unbalanced bids, after the lowest bidder is awarded a construction project contract, the contractual unit price for each cost item is taken as the product of the owner’s estimated unit price and a discounting ratio equal to the total bid price divided by the owner’s project cost estimate. But in procurement practice, such contractual unit price may cause disputes when a change order for an increased or decreased quantity of work for an item. The purpose of this study is to develop the mechanism of construction procurement bid reviewing and the contractual unit price adjustment: (1) After tender opening, apply the provided model to determine whether the bid price is reasonable if the lowest bid price is too low. (2) When the contract is awarded to the lowest bidder, adopt the provided model to adjust the contractual unit price. It is expected that the mechanism will help reduce contractual disputes.
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SARTORIS, CHIARA. "Poteri del giudice e nullità di protezione." Doctoral thesis, 2019. http://hdl.handle.net/2158/1169962.
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Lo studio della nullità di protezione prevista dall'art. 36 cod. cons. offre lo spunto per riflettere sul grado di effettività del rimedio, quando l'invalidità colpisce una clausola essenziale per il rapporto.
A ben vedere, infatti, un sistema di soppressione delle clausole abusive basato sulla semplice nullità parziale necessaria non appare sempre in grado di realizzare efficacemente l'obiettivo di protezione del contraente debole. Ove a essere eliminata sia una clausola essenziale o un gran numero di clausole, il rischio, per il consumatore, è che la nullità si estenda a contagiare l'intero contratto, lasciandolo privo di protezione e obbligandolo, anzi, alle conseguenti restituzioni.
Per questi motivi, il presente lavoro intende indagare quali siano le conseguenze del vuoto contrattuale determinato dall'operare della nullità parziale necessaria, stabilendo di quali poteri disponga il giudice per gestire la lacuna sopravvenuta.
A tal fine, lo studio si concentra sull'analisi dei principali meccanismi di modificazione integrativa o correttiva del contratto, funzionali ad assicurarne la conservazione.
Attraverso l'indagine prospettata, è così possibile cogliere l'attuale stadio di evoluzione del rimedio della nullità di protezione nel nostro ordinamento, nella consapevolezza che, nel delicato rapporto tra sindacato del giudice e autonomia privata, quest'ultima deve concorrere ad assicurare un equo assetto di tutti gli interessi.
The study of protective nullity, provided for art. 36 of the Consumer Code, gives the opportunity to reflect upon the grade of effectiveness of this remedy, when invalidity refers to a core clause of the contract.
Ultimately, a system that voids abusive clauses, as a result of a nullity which is necessary partial, does not seem to achieve the purpose of protecting the weak contractual partner. When it is voided a core clause or a large number of clauses, the consumer risks to see that the nullity extends to all the agreement, remaining without protection and having to face to the consequent contractual drawbacks.
For these reasons, the present research aims to examine the consequences of the contractual lack produced by the protective nullity, providing which are the judicial powers to manage that void.
In connection with this purpose, the study analyzes the main instrument of contractual adjustment, in order to incorporate or correct it, so that it can be preserved.
By means this research, it is possible to highlight the current stage of development of protective nullity in our legal system, in the awareness that, with reference to the complex relationship between judicial powers and contractual freedom, the latter must cooperate to ensure a fair balance among all the interests.
Books on the topic "Contractual adjustment"
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Loukas, Mistelis. Part II Investor-State Arbitration in the Energy Sector, 7 Contractual Mechanisms for Stability in Energy Contracts. Oxford University Press, 2018. http://dx.doi.org/10.1093/law/9780198805786.003.0007.
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This chapter discusses the interpretation and enforceability of various contractual means typically used in energy contracts to ensure a sustainable relationship between the contracting parties. These are the stabilization or freezing clauses and the economic equilibrium clauses together with the variants of adjustment, force majeure, and hardship clauses. These clauses are discussed from a historical and comparative viewpoint. In addition, while a dispute is occurring, it is essential to preserve the contract and relationship between the parties, and thus the chapter also looks at how multi-tiered dispute resolution clauses contribute to achieving this objective. The chapter then concludes with an outlook into current trends and future perspectives.
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Hugh, Beale, Bridge Michael, Gullifer Louise, and Lomnicka Eva. Part II Description of Interests, 8 Rights Not Including the Transfer or Retention of Title. Oxford University Press, 2018. http://dx.doi.org/10.1093/law/9780198795568.003.0008.
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This chapter talks about how set-off is the process by which a claim is reduced or eliminated upon account being taken of a cross-claim. Set-off comes in a number of different forms arising by operation of law. Some of these forms may be expanded or abbreviated (even eliminated) by a contract between the relevant parties. There are also several rules that bear a close resemblance to set-off but that technically are, or may be, distinct. These include the ability of a buyer, receiving defective goods, to deduct a sum representing their diminished value from the purchase price claimed by the seller if he has not already paid the price; the adjustment at intervals of a running account between two parties; and the contractual netting processes that take place in financial and other markets.
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Gerard, McMeel. Part III Particular Contractual Provisions, 22 Change of Circumstances and ‘ Force Majeure ’ Clauses. Oxford University Press, 2017. http://dx.doi.org/10.1093/law/9780198755166.003.0022.
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This chapter looks at regimes for change of circumstances and other future events which have an impact on performance. These are universally known as force majeure provisions. Such clauses opt out of the narrow and uncertain scope of the common law doctrine of frustration. They avoid the common law rule that any element of choice or election as to which contracts to perform is incompatible with frustration. The parties can design their own remedial scheme, including suspension of performance (if appropriate) as well as complete relief from the obligation to perform. Furthermore, they can make appropriate adjustments to the parties' liabilities and circumvent the arcane regime of the Law Reform (Frustrated Contracts) Act 1943.
Book chapters on the topic "Contractual adjustment"
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Campbell, David. "The Spectrum of Contracts." In Contractual Relations, 319—C10.N214. Oxford University PressOxford, 2022. http://dx.doi.org/10.1093/oso/9780198855156.003.0010.
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Abstract The late Ian Macneil saw the main value of his work to be its demonstration that all contracts are relational. The distinction between discrete and relational contracts that drew such attention to Macneil’s work nevertheless has great value, but it must be interpreted in light of the sense in which all contracts are relational. Discrete contracts are based on the ‘presentiation’ of risk at the time of agreement. This requires the maintenance of strict liability for the allocation of presentiated risk, and so the general excuse of ‘impossibility’ recognised in the doctrines of common mistake and frustration has no role in the law of contract. Relational contracts deal with Knightian uncertainties by agreed contract planning which provides for the adjustment of obligations. This runs into the legal obstacle of the doctrine of the insufficiency of existing obligations. The necessary but ad hoc use of economic duress, promissory estoppel, and practical benefit to accommodate the existing obligations doctrine to relational contracting have left the doctrine completely incoherent. Coherence in this extremely important area requires distinguishing presentiated obligations, which must be strict, from relational obligations, which can be adjusted.
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Rosati, Eleonora. "Article 20—Contract Adjustment Mechanism." In Copyright in the Digital Single Market, 381–92. Oxford University Press, 2021. http://dx.doi.org/10.1093/oso/9780198858591.003.0021.
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This chapter focuses on Article 20 of Directive 2019/790, order on copyright in the Digital Single Market in Europe, which analyzes the contract adjustment mechanism. It reviews the rights of authors and performers or their representatives in claiming additional, appropriate, and fair remuneration from the party with whom they entered into a contract for the exploitation of their rights in the absence of an applicable collective bargaining agreement. It also points out that authors and performers tend to be in the weaker contractual position when they grant a licence or transfer their rights for the purposes of exploitation in return for remuneration. The chapter analyzes certain contracts for the exploitation of rights harmonised at Union level that are of long duration. It talks about a remuneration adjustment mechanism that should be provided for cases where the remuneration originally agreed under a licence or a transfer of rights becomes disproportionately low.
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Marulanda, A., and M. Neuenschwander. "Contractual time for completion adjustment in the FIDIC Emerald Book." In Tunnels and Underground Cities: Engineering and Innovation meet Archaeology, Architecture and Art, 4494–500. CRC Press, 2020. http://dx.doi.org/10.4324/9781003031659-23.
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Marulanda, A., and M. Neuenschwander. "Contractual time for completion adjustment in the FIDIC Emerald Book." In Tunnels and Underground Cities: Engineering and Innovation meet Archaeology, Architecture and Art, 4494–500. CRC Press, 2019. http://dx.doi.org/10.1201/9780429424441-476.
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Marulanda, A., and M. Neuenschwander. "Contractual time for completion adjustment in the FIDIC Emerald Book." In Tunnels and Underground Cities: Engineering and Innovation meet Archaeology, Architecture and Art, 4494–500. CRC Press, 2020. http://dx.doi.org/10.1201/9781003031659-23.
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Rosati, Eleonora. "Article 21—Alternative Dispute Resolution Procedure." In Copyright in the Digital Single Market, 393–99. Oxford University Press, 2021. http://dx.doi.org/10.1093/oso/9780198858591.003.0022.
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This chapter deals with the alternative dispute resolution procedure outlined in Article 21 of the copyright order in Europe, Directive 2019/790. It examines disputes concerning the transparency obligation and the contract adjustment mechanism that may be applied for a voluntary, alternative dispute resolution procedure. It also refers to Member States that are required to ensure that representative organisations of authors and performers may initiate dispute resolution procedures at the specific request of one or more authors or performers. The chapter explains why authors and performers are often reluctant to enforce their rights against their contractual partners before a court or tribunal. It looks at the task of Member States to provide for an alternative dispute resolution procedure that addresses claims by authors and performers, or by their representatives on their behalf, related to obligations of transparency and the contract adjustment mechanism.
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Balodis, Kaspars. "Apstākļu izmaiņu ietekme uz līguma saistošo spēku un labas ticības princips." In Tiesības un tiesiskā vide mainīgos apstākļos, 128–33. LU Akadēmiskais apgāds, 2021. http://dx.doi.org/10.22364/juzk.79.13.
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According to the Civil Law of Latvia, Article 1587, a contract imposes on a party a duty to perform the promise, and neither the exceptional difficulty of the transaction, nor difficulties in performance arising later, shall give the right to one party to withdraw from the contract, even if the other party is compensated for losses. The Civil Law does not recognise a fundamental change in circumstances as a ground for adjustment or cancellation of a contract, although the doctrine is well known in the country. In many cases, Covid-19 restrictions have been damaging to parties’ ability to perform their contractual obligations. Under certain conditions, the principle of good faith (Article 1 of the Civil Law) could be applied to adjust contracts to the changed circumstances.
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Rosati, Eleonora. "Article 23—Common Provisions." In Copyright in the Digital Single Market, 408. Oxford University Press, 2021. http://dx.doi.org/10.1093/oso/9780198858591.003.0024.
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This chapter covers the common provisions in Article 23 of the copyright order in Europe, Directive 2019/790. It refers to Member States that are required to ensure that any contractual provision that prevents compliance with the transparency obligation and contract adjustment mechanism will be unenforceable in relation to authors and performers. It also looks at the legislation that causes non-compliance with the alternative dispute resolution procedure. The chapter points out that the provisions on the right of revocation do not apply to authors of a computer program within the meaning of Article 2 of Directive 2009/24/EC on the legal protection of computer programs. It emphasizes that the principle of appropriate and proportionate remuneration in Article 18 of Directive 2019/790 do not affect individuals involved in computer programs.
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Briggs, Adrian. "Contractual Obligations." In The Conflict of Laws, 195–243. Oxford University Press, 2019. http://dx.doi.org/10.1093/oso/9780198838500.003.0005.
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This chapter discusses the law on contractual obligations. On Exit Day, and unless any further legislative provision is made, the provisions of EU law set out in the Rome I Regulation, Regulation 593/2008, will be retained as the law of the United Kingdom. The adjustments necessary to allow the Rome I Regulation to operate as English private international law are made by the Law Applicable to Contractual Obligations and Non-Contractual Obligations (Amendment etc) (EU Exit) Regulations 2019, SI 2019 No 834: these adjustments are of no substantial importance. It follows that it is possible to refer in this chapter to the Rome I Regulation without needing to draw attention to its status as EU legislation (as it was prior to Exit Day) or as retained EU legislation (as it is on and after Exit Day).
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Briggs, Adrian. "Non-Contractual Obligations." In The Conflict of Laws, 244–77. Oxford University Press, 2019. http://dx.doi.org/10.1093/oso/9780198838500.003.0006.
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This chapter discusses the law on non-contractual obligations. On Exit Day, and unless any further legislative provision is made, the provisions of EU law set out in the Rome II Regulation, Regulation 864/2007, will be retained as the law of the United Kingdom. The adjustments necessary to allow the Rome II Regulation to operate as English private international law are made by the Law Applicable to Contractual Obligations and Non-Contractual Obligations (Amendment etc) (EU Exit) Regulations 2019, SI 2019 No 834: these adjustments are of no substantial importance. It follows that it is possible to refer in this chapter to the Rome II Regulation without needing to draw attention to its status as EU legislation (as it was prior to Exit Day) or as retained EU legislation (as it is on and after Exit Day).
Conference papers on the topic "Contractual adjustment"
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Barbosa, Fábio C. "Brazilian Freight Rail Concessions Overview: Current Outcomes and Perspectives." In 2019 Joint Rail Conference. American Society of Mechanical Engineers, 2019. http://dx.doi.org/10.1115/jrc2019-1237.
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The formerly public owned Brazilian Freight Rail System was under pressure in the middle nineties, mainly due to the revenue insufficiency, resulting from the government rate control policy and the inherent lack of investments, as well as the increasing funding requirements from the public budget. In this context, the system has been denationalized in the mid nineties, following a corridor format, with 11 regionalized concessions, with 30 year term contracts, running under a price-cap rate regime. The denationalization model has set contractual production and safety targets, which ultimately have indirectly set the required investments to comply with the contractual targets. The post denationalization scenario has allowed the rehabilitation of the former freight rail installed capacity, as a result of private investments on both rail network and rolling stock. The acknowledged freight rail system installed capacity recovery, followed by a profit guided management, have fostered the improvement of freight rail system’s performance, which ultimately have been translated into system’s production and safety enhancements. Albeit the huge advances observed during the first half of contract terms, there were some hurdles to be addressed, mainly the low interoperability/interchange rates, as well as the lack of greenfield investments, required for the necessary expansion of the Brazilian rail network. In this context, the regulatory authority has issued, in 2011, a rail regulatory package reform, focused on: i) interoperability improvement; ii) a widespread service coverage along the rail network (stretches production targets) and iii) a compilation of rail stakeholders (shippers and carriers) rights and obligations. The so called 2011 rail regulatory package has brought more transparency and equilibrium among shippers and carriers relationship, but has not addressed the lack of greenfield required rail investments, necessary to expand the freight rail share on Brazilian transport matrix. In this context, the Brazilian Government has proposed in 2012 the Freight Rail System Unbundling (Open Access Model), in which infrastructure managers would be in charge of providing rail capacity (with the guarantee of the demand risk covered by the Brazilian government) and granted rail operators allowed to operate on the network under a fee payment. However, the unbundled freight rail proposal has not evolved, mainly due to the lack of funding required to guarantee rail infrastructure managers return on investments, resulted from a strong fiscal crisis. Currently, the Brazilian Rail Regulatoy Authority is working on a proposal to extend the current (bundled) freight rail contracts, conditioned to contractual adjustments, focused on the imposition of mandatory investments for capacity improvement and interoperability enhancement. This work is supposed to present an overview of Brazilian Freight Rail System’s performance evolution since the denationalization process, followed by an assessment of the 2011 Rail Regulatory Reform, the 2012 Rail Unbunbled initiative attempt and the perspectives associated with the current freight rail bundled contract term extension proposal.