Contract Theory in Continuous-Time Models

Contract Theory in Continuous-Time Models PDF

Author: Jakša Cvitanic

Publisher: Springer Science & Business Media

Published: 2012-09-26

Total Pages: 258

ISBN-13: 3642141994

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In recent years there has been a significant increase of interest in continuous-time Principal-Agent models, or contract theory, and their applications. Continuous-time models provide a powerful and elegant framework for solving stochastic optimization problems of finding the optimal contracts between two parties, under various assumptions on the information they have access to, and the effect they have on the underlying "profit/loss" values. This monograph surveys recent results of the theory in a systematic way, using the approach of the so-called Stochastic Maximum Principle, in models driven by Brownian Motion. Optimal contracts are characterized via a system of Forward-Backward Stochastic Differential Equations. In a number of interesting special cases these can be solved explicitly, enabling derivation of many qualitative economic conclusions.

The Corporate Contract in Changing Times

The Corporate Contract in Changing Times PDF

Author: Steven Davidoff Solomon

Publisher: University of Chicago Press

Published: 2019-03-08

Total Pages: 364

ISBN-13: 022659954X

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Over the past few decades, significant changes have occurred across capital markets. Shareholder activists have become more prominent, institutional investors have begun to wield more power, and intermediaries like investment advisory firms have greatly increased their influence. These changes to the economic environment in which corporations operate have outpaced changes in basic corporate law and left corporations uncertain of how to respond to the new dynamics and adhere to their fiduciary duties to stockholders. With The Corporate Contract in Changing Times, Steven Davidoff Solomon and Randall Stuart Thomas bring together leading corporate law scholars, judges, and lawyers from top corporate law firms to explore what needs to change and what has prevented reform thus far. Among the topics addressed are how the law could be adapted to the reality that activist hedge funds pose a more serious threat to corporations than the hostile takeovers and how statutory laws, such as the rules governing appraisal rights, could be reviewed in the wake of appraisal arbitrage. Together, the contributors surface promising paths forward for future corporate law and public policy.

Determination of Contract Time for Highway Construction Projects

Determination of Contract Time for Highway Construction Projects PDF

Author: Zohar J. Herbsman

Publisher:

Published: 1995

Total Pages: 56

ISBN-13:

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This synthesis will be of interest to highway administrators; design, construction, and specification engineers; project schedulers; and highway construction contractors. The synthesis describes the state of the practice with respect to procedures used throughout the United States and other countries to determine highway construction contract time, with emphasis on new methods in use. Transportation agencies must set reasonable times for completion of construction projects. Factors to be considered in determining contract time include materials, equipment, labor, cost, and constraints such as weather, traffic conditions, utilities location, and user convenience. This report of the Transportation Research Board covers the still pertinent procedures from NCHRP Synthesis 79: Contract Time Determination (e. g., critical path methods, linear scheduling, bar charts) as well as new methods in use (e.g., A + B methods, lane rental, flexible time-to- start). In addition to information on various methods to determine contract time, information on issues related to implementing procedures for contract time determination, from both agency and contractor perspective, is included.

Contract Management

Contract Management PDF

Author: Alain Brunet

Publisher: Springer Nature

Published: 2021-07-30

Total Pages: 292

ISBN-13: 3030680762

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This book presents the latest findings relating to behavioral economics and the digital tools applied to contract management. There has been a decisive change in the role of contracts in the past decade, with contracts being transformed from purely legal necessities designed to protect against worst-case scenarios into tools for optimizing ongoing and mutually profitable business relationships with customers. There is an increasing emphasis on tight contracts, where time-risk and additional costs are passed on to the prime contractor, who may suffer heavy penalties in the event of non-performance. Contracts shape the behavior of the parties involved and as such have a major impact on project success. The contract manager’s goals are to protect the interests of the company and its shareholders by minimizing the company’s financial and contractual liabilities and to maximize its profitability while ensuring end-user satisfaction. The contract is usually written before the design is fully developed, and there is often a mismatch between contractual specifications and what the customer actually wants. Good contract management entails preserving the rights of the contractor by ensuring all parties respect their contractual obligations; providing advice to the project managers and engineering team; preparing profitable amendments to contracts or change requests; maintaining good record-keeping in the event that claims arise; filing notices when necessary; and guiding the project to a profitable conclusion. Like the ancient Chinese game of Go, moves made early in the game (notification of events) can shape the nature of a potential conflict one hundred moves later (arbitration threat). Contract management can also smooth the relationship between partners, allowing well-balanced “don’t-trade-a-dollar-for-a-penny” contracts to be managed through an established process rather than as sporadic events (we cannot claim to be in control of our business if we are not in control of the contracts on which it depends). Managing a contract with a mix of incomplete manuals, fragmented information, and poor planning can drive companies to “reinvent the wheel.” Contract management promotes a three-phase sequence to streamline information flows across the contract lifecycle, from the bid phase to performance, project closeout, and final payments.

Extensions of Time

Extensions of Time PDF

Author: Gillian Birkby

Publisher: Routledge

Published: 2019-07-26

Total Pages: 102

ISBN-13: 1000703649

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This is a straight forward jargon-free practical guide about all aspects of extensions of time for all construction industry professionals. An extension of time is an issue which most architects and other construction professionals face sooner or later in their career. It is a complex area where the professional administering the contract must act in accordance with the contract conditions andfailure to do so will potentially land the professional and/or his client in court. Throughout the guide the information is presented in a way that is immediately accessible, useful and related to the latest JCT Contracts. Tables, graphs and a glossary are used to help the reader navigate through chapters on liquidated damages, terms under standard contracts, notification of delay, supply of information, assessment, concurrent delays and ethical issues. The authors have clarified potentially complex issues with short, relevant examples drawn from case law and have defined difficult concepts in easy-reference text boxes. This Good Practice Guide is a friendly reference tool for all architects or other professionals charged with assessing extensions of time.

Contracts

Contracts PDF

Author: Richard Stim

Publisher: Nolo

Published: 2021-09-01

Total Pages: 497

ISBN-13: 1413328938

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Life has become an endless series of contracts—this is the manual. There’s no reason to risk your hard-earned money signing a contract you don’t understand. With Contracts: The Essential Business Desk Reference, you get easy-to-understand explanations for every common contract term. In no time, you’ll grasp mysterious concepts like “force majeur,” “indemnity,” and “time is of the essence." Contracts: The Essential Business Desk Reference is more than just an A–Z explanation of over 300 terms. It also includes: common negotiating strategies examples of contract provisions sample contract clauses and entire contracts examples of illegal and dangerous contract clauses what to expect if you or the other side breaks a contract up-to-date explanations of electronic contracts, and tips on amending and modifying agreements. Whether you’re starting a business, signing a lease, hiring a new employee or independent contractor, licensing a concept, selling a boat, or contracting for a new fireplace, Contracts: The Essential Business Desk Reference can help. A must-have for small business owners, entrepreneurs, lawyers, and law students—and anyone else whose success is built around understanding and negotiating agreements.

Time and Materials Contracts and Pricing Answer Book

Time and Materials Contracts and Pricing Answer Book PDF

Author: Gregory A. Garrett

Publisher: CCH Incorporated

Published: 2010

Total Pages: 0

ISBN-13: 9780808022862

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Business professionals who manage contracts, in both the public and private business sectors, must be aware of the many types of contract pricing arrangements available in order to choose the best type for each situation. Over time, three general pricing arrangements categories have evolved: fixed-price, cost-reimbursement (CR), and time-and-materials (TandM). Despite the relatively common use of TandM contracts worldwide for the buying and selling of professional services (i.e. automotive repairs, plumbing services, legal services, accounting services, consulting services, etc.) the U.S. federal government has created numerous complex laws, policies, and regulations which govern the pre-award, award, and post-award actions of TandM contracts. Best-selling and award-winning author and leading government contracting consultant--Gregory A. Garrett - has created this practical and comprehensive Time-and-Materials Contracts and Pricing Answer Book. If you plan to use or are using government Tandamp;M contracts, then this book is a must read! Key features include: 100+ TandM Contracts and Pricing Questions and Answers The most recent OMB Policy on TandM Contracts The most recent GAO Reports on TandM Contracts An excellent Introduction to the full-range of Government Contract types A Glossary of Key Terms References

Contract on Time

Contract on Time PDF

Author: Marcia A. Oster

Publisher: Trafford Publishing

Published: 2012-10-30

Total Pages: 255

ISBN-13: 1466955473

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Katherine's father, Dillon Blackwood has a heart attack. At his doctor's suggestion he takes cruise to recuperate and returns with a new bride, Eleanore. Eleanore brings her three offspring to live at the Blackwood house located outside of Richmond, Virginia and then plots to get rid of her new stepdaughter--one way or another. Her lies and deception cause Dillon to severely beat Katherine. Then the stepchildren plan to play nasty sexual games with Katherine while her father's away. Fearing for her life, Katherine calls her brother, Devin who quickly comes to her rescue. In Texas, Katherine quickly substitutes Frank Dailey for her father. However, Frank's feelings are anything but fatherly. Blake Dailey retires from being a professional hired killer (hit man) and returns home. Blake immediately detects his father's true feelings for Katherine. Blake figures she's a gold digger after his father's money so he decides to court her to prove her a phony. This plan backfires when Blake falls for her. Refusing one last hit, Blake discovers Dillon Blackwood is the intended target. Blake wants to visit Katherine's father under the premise of asking for her hand, while actually trying to determine who ordered the hit and stop it. Things immediately go bad in Virginia when Katherine is kidnapped to get her father to where the 'accident' can happen. Back in Texas, Kyle (Franks youngest son) finds out about Blake's past when an old acquaintance of Blakes' visits to see if Blake took a hit he refused. After hearing the Blackwood name and the state of Virginia, Kyle goes to Devin and his father. Frank assumes Blake plans to kill Dillon and possibly even Katherine to keep her from marrying him. In Virginia, things get worse, even after Blake's rescue of Katherine and her father. Frank is enraged to learn his oldest son is a cold-blooded murderer and Katherine's father insists she have nothing more to do with Blake. Katherine returns with Devin to Texas after Blake promises to come for her. Back in Texas, Frank proposes to Katherine. She refuses and tells him that she's in love with Blake. Blake arrives and they flee to Utah. Devin calls and says Kyle left to search for them. Thinking they would hide in New York City, Kyle goes to Katherine's oldest brother, Dustin. Unfortunately, Blake's old boss has now put out an open contract on Blake. Blake threatens his old boss with a horrible death and a deal is struck—Blake will make one more hit on the man's rival. On their way back to Texas after the job, Kyle takes a bullet meant for Katherine. This forces Blake to return home with Kyle's body to face his father. Frank's hatred for Blake surges out of control. He's lost Katherine and now Kyle—because of Blake. Uncontrollably enraged, Frank suffers a massive stroke. Blake is forced to run his fathers’ ranch while Katherine tries to help Frank recover. Although Katherine and Blake are secretly married, because of her tender care, Frank thinks she's secretly in love with him. When Katherine discovers she's pregnant, she tells Frank hoping this will bring father and son together. In a fit of rage, Frank screams that he hopes the child dies. Two days later, a fall down the stairs causes a miscarriage. Blake then hires Frank's physical therapist, Terry as a housekeeper because Katherine's fall will keep her bedridden for a while. Frank marries Terry and spending his money like there's no tomorrow. Blake ends up using his money to keep the family ranch in the family. An attempt on Blake's life sends them again fleeing to Utah so Blake can recover. The assassin finds them and Katherine is forced to kill him to save Blake's life. Again pregnant, they return to Texas to finish their dream home and raise the child Katherine is now carrying. When Frank's money is gone—so is Terry. Blake begins to wonder if his life is a contract living on borrowed time.

A Manual of Style for Contract Drafting

A Manual of Style for Contract Drafting PDF

Author: Kenneth A. Adams

Publisher: American Bar Association

Published: 2004

Total Pages: 276

ISBN-13: 9781590313800

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The focus of this manual is not what provisions to include in a given contract, but instead how to express those provisions in prose that is free ofthe problems that often afflict contracts.

Delay Analysis in Construction Contracts

Delay Analysis in Construction Contracts PDF

Author: P. John Keane

Publisher: John Wiley & Sons

Published: 2015-06-29

Total Pages: 290

ISBN-13: 111863117X

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The most significant unanticipated costs on many construction projects are the financial impacts associated with delay and disruption to the works. Assessing these, and establishing a causal link from each delay event to its effect, contractual liability and the damages experienced as a direct result of each event, can be difficult and complex. This book is a practical guide to the process of delay analysis and includes an in-depth review of the primary methods of delay analysis, together with the assumptions that underlie the precise calculations required in any quantitative delay analysis. The techniques discussed can be used on projects of any size, under all forms of construction contract, both domestic and international. The authors discuss not only delay analysis techniques, but also their appropriateness under given circumstances, demonstrating how combined approaches may be applied where necessary. They also consider problematic issues including ‘who owns the float’, concurrent delay, early completion programmes, and disruption. The book has been brought fully up to date, including references to the latest publications from the CIOB, AACEI and SCL, as well as current case law. Broad in scope, the book discusses the different delay analysis approaches likely to be encountered on national and international projects, and features practical worked examples and case studies demonstrating the techniques commonly used by experienced practitioners. This is an invaluable resource to programmers and schedulers, delay analysts, contractors, architects, engineers and surveyors. It will also be of interest to clients’ professional advisors managing extension of time or delay claims, as well as construction lawyers who require a better understanding of the underlying assumptions on which many quantitative delay analyses are based. Reviews of First Edition "John Keane and Anthony Caletka are pukka analysts in that tricky area of delays, programming and extension of time. I highly recommend their book Delay Analysis in Construction Contracts. Buy the book." (Building Magazine, February 2009) "The book′s stated purpose is to provide a practical guide for those interested in schedule delay analysis. It provides a good in–depth review of the most common delay analysis techniques.... An excellent book, full of practical tips for the reader and very timely in its publication. It is well worth the cost and a good read for anyone involved in schedule delay analysis." (Cost Engineering, February 2009) It achieves in spades its stated aim of being a practical guide for contractors, contract administrators, programmers and delay analysts, as well as construction lawyers who require a better understanding of the underlying assumptions on which many quantitative delay analyses are based. (Construction Law Journal, 2009)