全球智库信息集成服务系统(G2TT): Procurement with Unenforceable Contract Time and the Law of Liquidated Damages

G2TT

来源类型	FEEM working papers "Note di lavoro" series
规范类型	论文
	Procurement with Unenforceable Contract Time and the Law of Liquidated Damages
	Cesare Dosi; Michele Moretto
发表日期	2012
出处	Economy and Society
出版年	2012
语种	英语
摘要	Time overruns are common in public works and are not confined to inherently complex tasks. One explanation advanced in this paper is that bidders can undergo unpredictable changes in production costs which generate an option value of waiting. By exploiting the real-option approach, we examine how the inability to force sellers to meet the contract time influences their bidding behaviour, and how this can ultimately affect the parties’ expected payoffs. Further, we examine the outcome of the bidding process when legal rules prevent the promisee from contracting for damage measures which would grant more than her lost expectation. We show that when the pre-agreed compensatory payments prove insufficient to discourage delayed orders, setting a liquidated damages clause would not lead to a Pareto superior outcome with respect to the no-damage-for delay condition. While such a clause would increase the seller’s expected payoff, the buyer’s expected payoff is lower than when the contract does not provide for any compensation for late-delivery.
特色分类	C61;D44;D86;K12
关键词	Public Procurement Fixed-Price Contracts Cost Uncertainty Time Overruns Liquidated Damages Real Options
URL	https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/procurement-with-unenforceable-contract-time-and-the-law-of-liquidated-damages/
来源智库	Fondazione Eni Enrico Mattei (Italy)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/118078
推荐引用方式 GB/T 7714	Cesare Dosi,Michele Moretto. Procurement with Unenforceable Contract Time and the Law of Liquidated Damages. 2012.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
20126181132581Nota_d（71KB）	智库出版物		限制开放	CC BY-NC-SA	浏览
20126181133154NDL201（1058KB）	智库出版物		限制开放	CC BY-NC-SA	浏览