2013 Fiscal Year Final Research Report
Risk sharing structure of public procurement contracting as mutual holding of financial option
| Project/Area Number |
23760484
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Multi-year Fund |
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| Research Field |
Civil engineering project/Traffic engineering
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| Research Institution | Kyoto University |
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Principal Investigator |
ONISHI Masamitsu 京都大学, 工学(系)研究科(研究院), 助教 (10402968)
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| Project Period (FY) |
2011 – 2013
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| Keywords | 建設契約 / ジョイントベンチャー / リスク分担 / オプション / 連帯責任 |
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| Research Abstract |
Under the circumstance of severe budget constraint of national and local governments in Japan, the further efficiency of construction projects has been required. Risk sharing arrangement of contracting is important to give appropriate incentive toward risk management in construction projects to contractors. Construction contract does not permit the breach or termination of contract. In addition, under the joint venture (JV) contracting, more than one contractors undertake a project under the joint and several liability. This study theoretically proves that the efficient risk sharing of JV contracting is characterized by its payoff structure of JV members as financial option.
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