Towards Adoption of Smart Contract in Construction Industry in Malaysia

The revolution of Malaysian Construction 4.0 through emerging technologies has brought a paradigm shift that has digitalized the construction sector. There is a need to adopt a computerized protocol to assist in automating the performance of a contract to meet future digital challenges. Therefore, this paper aims to serve as a pioneer study to investigate the implementation of the Malaysian construction industry to adopt smart contracts. This study adopted a qualitative scientific methodology, whereby a systematic review was conducted to gather the benefits and challenges of implementing smart contracts in the construction industry. Further, interview sessions were arranged to collect data from the construction contract management experts. The research findings unveil that due to the self-executing attribute of smart contracts, the implementation of smart contracts could provide a better apportionment of risks in a contract. The study also finds that the challenges in implementing smart contracts are severe. For instance, the smart contract is irreversible and immutable and prone to human error. The study concludes that it is more suitable to apply and implement a smart contract to a short-term contract that is not subjected to variation. Furthermore, a smart contract can enhance the efficiency in managing the contracts, such as reducing time and managing the conflicts and disputes that arise during the contract duration. The developed implementation framework is significant for the construction personnel, especially those dealing with the contract administration. The implementation of smart contracts in construction could boost contract administration and management discipline via investment in this new technology.

How Does the Stability of Land Management Right (SLMR) Affect Family Farms’ Cultivated Land Protection and Quality Improvement Behavior (CLPQIB) in China?

Protecting and improving cultivated land quality is a key way to the realization of agricultural modernization. The Chinese government advocates agricultural producers to implement cultivated land protection and quality improvement behavior (CLPQIB). However, the cultivated land management rights of family farms are not so stable. In order to study how stability of land management rights (SLMR) affects family farms’ CLQPIB, promoting family farms in adopting technologies to protect cultivated land, this study investigated 117 family farms in Anhui and Hubei provinces by stratified sampling and analyzed data through the logistic regression model and marginal effects model. The results showed that transferred land ratio, contract types, and contract duration affected family farms’ CLPQIB significantly. The probability of family farms applying organic fertilizer decreased by 0.9% for every 1% increase of the transferred land ratio. Family farms’ rented land through formal contracts have a 21.4% higher probability of adopting planting–breeding technology than family farms’ rented land through informal contracts. For every additional year of the rental contract duration, the possibility for family farms to replace chemical fertilizer with organic fertilizer, pesticides reduction, and integrated planting-breeding increase by 2.1%, 2.2%, and 1.3%, respectively. The results of this study can guide policy makers with further regulating land transfer behavior, guide family farms with signing formal lease contracts, and extending the duration of lease contracts, improving the cultivated land protection behavior of family farms.

Walking on broken glass: gender as predictor of job precariousness among young people in Spain

Previous evidence reveals that socioeconomic factors, such as contract duration, occupation, activity sector, age, training, nationality, marital status or gender, lead to precariousness. This research looks into the intersectionality of inequalities in order to explain the impact of precariousness among young people based on gender. Data from the Spanish Labor Force Survey (EPA) from 2005 to 2016 has been analyzed using logistic regression and hierarchical segmentation. Results suggest that the economic crisis has widened the gender gap in precarious jobs, such that currently, young women are more likely to face precarious situations as compared to young men.

Liquefied Natural Gas Infrastructure and Prospects for the Use of LNG in the Baltic States and Finland

In the early 2010s, only 23 countries had access to the liquefied natural gas (hereinafter – LNG). Import terminals, despite attractive short-term economics, took long time to build, and rigid supply contracts made truly global use of LNG rather complicated. Concerns about geo-political risks also stunted demand growth from existing supply sources, even when new LNG export routes and sources became available. Current natural gas market is very different, both in terms of market participants and accessibility and diversity of services. In 2019, the number of LNG importing countries reached 43. Rising competition among suppliers and increasing liquidity of markets themselves created favourable conditions to diversify contract duration, size, and flexibility. In addition, development of floating storage and regasification unit (hereinafter – FSRU) technology provided LNG suppliers with a quick response option to sudden demand fluctuations in regional and local natural gas markets [1]. Moreover, LNG is one of the major options not only for bringing the natural gas to regions where its pipeline supply infrastructure is historically absent, limited or underdeveloped, but also for diversification of the natural gas supply routes and sources in regions with sufficient state of pipeline delivery possibilities. And it concerns smaller natural gas markets, like the Baltic States and Finland as well. Accordingly, prospects for use of LNG there in both mid and long-term perspective must be carefully evaluated, especially in regards to emerging bunkering business in the Baltic Sea aquatory and energy transition in Finland, replacing coal base-load generation with other, more sustainable and environmentally friendly alternatives.

ФІНАНСОВА СКЛАДОВА МЕХАНІЗМУ МІЖНАРОДНИХ ВИРОБНИЧИХ МЕРЕЖ ОБОРОННО-ПРОМИСЛОВОГО КОМПЛЕКСУ

The article provides insights into financial and economic aspects of international partnerships in the defense sector. A critical review of operational practices of the largest defense companies provides evidence that subcontractor financing (in particular, in case of multi-phase contract financing or investment capital budgeting) is used only if the main contractor gains an advantage (in situations when high demand products are available only from a small, undercapitalised supplier or when a ‘critical’ product supplier faces certain financial difficulties). The findings demonstrate that working and investment capital raising practices refer more to the specifics of how companies accept payments from their customers rather than focusing on the particular military product they offer. Although the company funding needs including capital size and time investment are directly affected by the product type, the factors that drive the company needs in financing are characterised by contract duration and the specific services or products provided to customers in a package. The study suggests a well-reasoned action plan to be implemented at the government level along with specifying the areas of international cooperation to reduce the negative effects from the final severance of value chains between Ukrainian companies and the CIS defense industry. In particular, the study substantiates the need to liberalize the regulatory framework for transferring of military equipment and dual-use goods; the need to change management practices at state-owned enterprises in terms of timely disposal of inefficient assets along with asset corporatization and privatization; the need to reform the standards and technical regulation framework in the area of defense-related product design and manufacturing; the need to implement tax incentives and mandatory payments for defense industry enterprises which invest in production growth. A special emphasis is put on the role of Ukraine – NATO cooperation to modernise the national defense industry and enhance the integration of Ukrainian businesses into global production networks along with demonstrating the benefits gained from international cooperation, in particular this refers to Ukraine's access to important regulatory documents, including military doctrines, which contributes to facilitating reforms within the Armed Forces of Ukraine; approval of the package of measures which are critical to raising awareness and to support NATO partners in the Black Sea region; and finally, the recognition of Ukraine as an Enhanced Opportunities Partner in June 2020.

THE LAND LEASE RELATIONS DEVELOPMENT

The modern trend of land lease relations in agriculture, singled out the existing problems and ways to solve them. Genesis of the land lease relations development in the agrarian sector of the economy of Ukraine is studied. Сurrent trends in the agricultural sector are revealed. The general approaches to establishing leasing relations as an important component of land use are defined. The authors show that land lease is the main direction of land shares’ (pay) applied in Ukraine by owners, who have received certificates about the land transfer act. Tendencies of change in the rent value for agricultural lands, dynamics of forms of rent for land shares (pay) and subject structure of signed agreements on land shares (pay) lease, structure by contract duration of signed agreements on land shares (pay) lease in Ukraine are determined. The distribution of leases by subject composition and in terms of making. Revealed a gradual reduction in the number of contracts concluded for a period of 1-3 years and the increasing number of medium- and long-term lease. The existing trends in forms of rent calculation for land shares, namely, money, natural, the labor were defined. It was established that the natural form of payment remains dominant . The projected values of rent for land shares are calculated.

RISK FACTORS TOWARDS PUBLIC-PRIVATE PARTNERSHIPS (PPP) PROJECTS IMPLEMENTING BUILDING INFORMATION MODELLING (BIM) IN THE UNITED KINGDOM (UK): A LESSON LEARNT FOR MALAYSIA

Public Private Partnership (PPP) projects involve stakeholders engaged in various contract structures in a lengthy contract duration. Such situations expose the projects to risks related to collaborative working and information integration. Building Information Modelling (BIM) is seen as a mechanism to improve the collaboration and integration in the PPP projects. However, BIM also exposes its users to additional risk when the barriers in sharing information are reduced. Therefore, the aim of this paper is to investigate the BIM risk factors that have significant impact towards PPP projects implementing BIM. Since the United Kingdom (UK) is considered advanced in practising PPP and BIM, this study investigates the UK industry players’ views on what they considered as significant BIM factors in PPP projects. Consequently, the study has identified six (6) most significant BIM risk factors through questionnaire and experts’ interviews. The findings provide a lesson learnt for Malaysia to consider the BIM risks in implementing BIM in PPP projects.