Dispute Boards and construction contracts 1

2021 ◽  
pp. 339-350
Author(s):  
Donald Charrett
2017 ◽  
Vol 5 (2) ◽  
pp. 80-96
Author(s):  
Raid Saleem Abd Ali ◽  
Nooran kanaan Yassin

This research aims to diagnose and identify the causes of claims and disputes between the contractor and the employer, also review the methods used to resolve disputes in construction contracts. In order to achieve the goal of the research, scientific methodology is followed to collect information and data on the subject of claims and disputes in construction projects in Iraq through personal interviews and questionnaire form. The most important results in this research are: the price schedule contract as a kind of competitive contracts is the most important and guarantee for the completion of minimum level of claims and disputes with relative importance of (84.1), compared with the (cost plus a percentage of the cost contract) as a kind of negotiating contracts is the most relative importance of (79.6), and the turnkey contract as a kind of special contracts is the most relative importance of (74.2). The  contractor and  his agents are one of the most influence sources in occurring claims and disputes in construction contracts with relative importance of (77.4) followed by the contract documents with relative importance of (74.2) and then the employer with relative importance of (73.2). In addition to the long period of litigation and the multiplicity of veto grades are most negative when contractual disputes have resolved by it, and with relative importance of (86), followed by the large number of issues and lack of efficiency and specialty of Judges with relative importance (78.4). Finally, the direct negotiation method (relative importance of 77) is one of the most friendly settlement ways favored by conflicted parties, while the resolution of disputes and claims board (relative importance of 10) occupied the last rank in the friendly settlement ways.


2021 ◽  
Vol 11 (13) ◽  
pp. 6188
Author(s):  
Parinaz Jafari ◽  
Malak Al Hattab ◽  
Emad Mohamed ◽  
Simaan AbouRizk

Due to a lack of suitable methods, extraction of reporting requirements from lengthy construction contracts is often completed manually. Because of this, the time and costs associated with completing reporting requirements are often informally approximated, resulting in underestimations. Without a clear understanding of requirements, contractors are prevented from implementing improvements to reporting workflows prior to project execution. This study developed an automated reporting requirement identification and time–cost prediction framework to overcome this challenge. Reporting requirements are extracted using Natural Language Processing (NLP) and Machine Learning (ML), and stochastic simulations are used to predict overhead costs and durations associated with report preparation. Functionality and validity of the framework were demonstrated using real contracts, and an accuracy of over 95% was observed. This framework provides a tool to rapidly and efficiently retrieve requirements and quantify the time and costs associated with reporting, in turn providing necessary insights to streamline reporting workflows.


Author(s):  
Larry G. Crowley ◽  
Jared L. Madewell

Public agencies generally let construction contracts to the lowest responsible, responsive bidder. In following this practice, agencies recognize there are higher risks of cost growth in awarding to either unusually low bids or to certain “claim-conscious” bidders. Despite this awareness, there are few documented studies supporting or quantifying the presence of these perceived competitive procurement risks. This research undertakes that specific task. First, bids and bidders on a sample of Alabama highway projects are grouped into risk categories by information available at the project bid opening—well in advance of any potential contract award— and without considering actual project performance data. Second, the cost growth experiences of these projects are statistically analyzed based upon these risk groupings. The results indicate that cost growth on Alabama highway projects is significantly more likely when projects are awarded to unusually low bids or to certain bidder types. A similar study performed earlier on Texas highway projects provides nearly identical results. This type of analysis and the derived information can be used by public agencies to amend the procurement process and objectively disqualify unusually low bids or questionable bidders without abandoning competitive procurement principles.


2002 ◽  
Vol 20 (1) ◽  
pp. 13-22 ◽  
Author(s):  
K Chandrashekhar Iyer ◽  
Kalidindi N. Satyanarayana

Author(s):  
Samir Kumar Barua ◽  
Mahendra R. Gujarathi

This case provides an experiential learning opportunity to (a) appreciate the role of professional judgment in accounting policy choices, (b) evaluate the effect of accounting decisions on other business functions, and (c) understand the challenges in transitioning to a new accounting standard. Prestige’s previous auditors were fine with its use of output-based measure (milestones completed) to compute the percentage-of-completion (POC) for its long-term construction contracts. However, the newly appointed auditors recommended Prestige to switch over to input-based measure (costs incurred) to compute POC. Students need to choose the appropriate financial reporting policy considering accounting and non-accounting issues. The case addresses an important context, long-term construction contracts. Although the case setting is in India, it can be used in any country given its GAAP-agnostic nature. The case is best suited for intermediate accounting courses in which the topic of revenue recognition is addressed.


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