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Organization, technology & management in construction : an international journal, Vol. 7 No. 3, 2015.

Izvorni znanstveni članak

Financial Risk Hedging Instruments for Public Work Contracts

J. Korytárová orcid id orcid.org/0000-0002-0046-0141 ; Brno University of Technology, Faculty of Civil Engineering
J. Štaffa ; Brno University of Technology, Faculty of Civil Engineering
P. Papežíková ; Brno University of Technology, Faculty of Civil Engineering

Puni tekst: engleski pdf 142 Kb

str. 1352-1357

preuzimanja: 490

citiraj

Sažetak

Public work contracts create a substantial share of building
industry performance and consume a large amount of
public financial resources. Construction process should be
efficient without additional costs and overrun time schedules.
A very important point in this process is represented by hedging
public contracts against potential risk. There are many instruments
used in the Czech Republic - insurance construction
contracts, contractual penalty and retention or a bank guarantee
to name several of them. But not all of them are as effective
as the contractors need them to be. The main aim of this paper
is to find an effective set of hedging instruments in contracts for
work to sufficiently fulfil their function and protect the goals of
both the investor and the contractor impending business risks.
Information on hedging instruments has been studied on the
sample of 246 public works contracts of sewage facilities and
equipment. The empirical part of the research focuses on the
extent of hedging instruments used, and discusses their application
in the context of efficiency. Research finds out that the
most commonly used instruments are retention and bank guarantees.
Furthermore, the reasons for significant changes in
shares of these instruments in the course of monitoring have
been analyzed. The final outputs can have societal benefits and
serve the contracting authorities and suppliers as a comparison
of conditions of their own work contracts or as a help in
creation of new work contracts. As additional outputs of this
research is also comparison of contract prices and estimated
values of tender according to number of tenders and type of
award procedures.

Ključne riječi

Public works contracts; Hedging instruments; Estimated value; Tender price; Contract price

Hrčak ID:

152320

URI

https://hrcak.srce.hr/152320

Datum izdavanja:

30.12.2015.

Posjeta: 978 *