Contractional Structures Research Articles

Enhancing infrastructure project outcomes through optimized contractual structures and long-term warranties

PurposeThis study delves into the influence of contractual frameworks on infrastructure project timelines and evaluates the role of long-term warranty agreements in maintenance efficacy. It underscores the correlation between construction contract structures and prevalent project delays, advocating for a revision in the allocation of responsibilities to mitigate such delays effectively.Design/methodology/approachWhile previous research has explored individual aspects of construction management, such as contractor incentives and risk allocation, our study uniquely integrates these elements to develop a comprehensive model that includes the effects of long-term warranty agreements and penalty clauses.FindingsThe findings advocate for contract revisions that entail clearly articulated responsibilities and thorough impact assessments, aimed at enhancing the efficiency of project execution and optimizing infrastructure investment returns. Concrete examples are provided from large-scale infrastructure and public works maintenance projects, illustrating the benefits of well-defined penalty clauses in curbing delays and ensuring sustained quality through long-term warranties. Our results demonstrate that optimized contractual structures can significantly reduce project delays and enhance maintenance effectiveness.Originality/valueThis study addresses significant gaps in understanding construction contract management dynamics, especially in transportation infrastructure. It rigorously analyzes how penalty clauses and long-term warranties impact contractor behavior and project outcomes. Key findings show that the benefits of long-term warranties, including social advantages, depend heavily on the strictness of penalty clauses. Innovatively, it employs a First-Price Sealed-Bid Auction framework with empirical data from various case studies, enhancing contract structure optimization for better stakeholder alignment and infrastructure integrity. These insights notably advance construction contract management methodologies.

Late Cretaceous turbidite systems of southern Belgrade outskirts: Constraints on the Santonian convergence onset, evidence from the Sava Suture Zone (Guberevac-Babe, northern Šumadija, Serbia)

As ancient depositional systems associated with active continental margins, turbidites may provide crucial information on orogenic evolution. This paper offers new stratigraphic and structural data on one of the late Alpine turbidite systems of the Late Cretaceous age (Guberevac-Babe-Ropočevo area; Serbia). The two opposite yet juxtaposed tectonic systems were initially deposited within the Sava Suture Zone and East Vardar Zone, whereby the former experienced Upper Cretaceous contractional- and extensional-type deformations. The new biostratigraphic dating constrains the age of mapped compressional structures, which indicates their Santonian age. This deformed segment of the newly dated Santonian clastic-carbonate turbidite sequence near the Guberevac site exposes new important compressional structures. The folds, reverse faults, and tectonic stylolites are allocated several kilometers from the primary deformation (Bela Reka thrust fault), positioned within the crustal footwall of the overriding East Vardar Zone. The complexity of the geological processes in the Guberevac-Babe-Ropočevo area is further revealed by the previously mapped layering of Upper Cretaceous strata, exposed within the wider investigated area. Our combined field study provides a new statistical analysis of structural elements such as faults, folds, and bedding planes, adding to the depth of the understanding of the Sava Suture Zone. The observed contractional structures, mesoscopic folds, thrust faults, two-generation cleavage planes, as well as the produced statistical structures, are mostly imprinted into the out-of-deformation front or within the mixed clastic-carbonate turbidites of the Sava Suture Zone (Guberevac-Babe area). The composite study shows that the investigated footwall segment, represented by the deformed Sava Suture Zone turbidites, underwent tectonic shortening during Santonian (convergence onset). After the main crustal thickening event ceased, the Guberevac-Babe-Ropočevo suture segment was reactivated several times (post-orogenic extension). The investigated segment of the Neotethyan Vardar paleosuture experienced a total of four deformation stages spanning Late Cretaceous to Miocene times. These include the Late Oligocene reactivation and emplacement of the Glavčina-Parlozi Late Oligocene subvolcanic body and the slightly younger Stenička bara Miocene igneous system.

Research on overpressure hazards and flame propagation behaviors of CH4/air mixture explosions in a vessel-duct connected device

ABSTRACT Gas explosion accidents in connected devices significantly compromise industrial safety. To study the dynamic characteristics and propagation behaviors of gas explosions in connected device, the vessel-duct explosion test system and Fluent conducted explosion experiments and numerical simulations on CH4/air mixtures. The study found that the overpressure peak tends to decrease at first and then increase with distance, and the overpressure peak near the sudden contraction structure of the connected device is smaller than those at other measuring points. The maximum overpressure peak and flame speed show a proportional relationship with increased blocking rates. When the obstruction rate of impediments inside the duct is 0.75, the maximum overpressure peak and flame speed inside the duct are respectively 0.414 MPa and 242 m/s. These values are 21.8% and 61.3% higher than when there are no obstacles, respectively. The obstacles in the propagation duct also have a positive effect on the increase of overpressure in the ignition vessel. The mechanism of flame acceleration in connected device was discussed, supported by experimental and numerical findings. The findings of this research can offer not only theoretical but also technical guidance for explosion-proof and disaster reduction related to connected device operations in the chemical industry and other industries.

Investigation on High Stable Ordered Ptｍ (M=Fe, Co, Ni, Cu) Catalysts Via Operando X-Ray Absorption Spectroscopy Analysis

In the development of society, energy stands as the cornerstone for human survival and progress. Historically, traditional fossil fuels served as the primary energy source; however, the widespread utilization of fossil fuels exacerbates issues like climate change and environmental pollution and necessitates the development of new, clean, and efficient energy alternatives to supplant conventional fossil fuels. Hydrogen, with its high energy density and emission-free properties, emerges as a promising alternative energy carrier, particularly in fuel cell technology. 1 However, the widespread adoption of fuel cells is hindered by challenges, notably the high cost associated with platinum catalysts used in oxygen reduction reactions (ORR). Addressing this challenge requires innovative approaches to enhance catalytic performance while reducing cost concern. 2 This has led to the exploration of alloying Pt with non-noble metals (Fe, Co, Ni, Cu), which improves the ORR activity than benchmark Pt/C and simultaneously solves the high catalyst cost issues. 3 Previous analyses of these alloys show that the significant improvement in ORR activity is due to optimized Pt 5d orbital vacancy, which shortens the Pt-Pt bond distance and weakens the binding of intermediates. The Pt-Pt bond distance has been widely regarded as a crucial factor in analyzing the structure-activity relationship.This research aimed to explore the relationship between catalytic performance and Pt-Pt bond distance, combining electrochemical performance with the operando X-ray absorption spectroscopy analysis during ORR conditions. In this study, various ordered PtM (M=Fe, Co, Ni, Cu) alloys were synthesized by thermal treatment under NH3 atmosphere using mesoporous carbon supports, which restrict particle growth during thermal treatment. The morphological attributes analyzed by TEM images clearly show that Pt-M alloys is located inside the pores of the mesoporous carbon layer. The detailed electrochemical investigation by Cyclic voltammetry (CV) and Linear sweep voltammetry (LSV), shows three times superior activity than benchmark Pt/C. The Operando HERFD-XAS analysis, conventional EXAFS combined with electrochemical investigations shows a positive correlation between specific activity and the Pt-Pt bond, which indicated that contracted lattice structure would contribute to less formation of the Pt oxide species and ultimately results in superior ORR activity and durability. Therefore, our results demonstrate the importance of the Pt-Pt bond length in assessing ORR activity and validate that structural changes during operation can be a key enabling factor in predicting catalytic performance and durability. Acknowledgment This work is supported by the PEFC and the NEDO FC-Platform commissioned by the New Energy and Industrial Technology Development Organization (NEDO). Reference: A. Risco-Bravo, C. Varela, J. Bartels and E. Zondervan, Renewable Sustainable Energy Rev., 2024, 189, 113930. J. Wang, W. Ding and Z. Wei, Acta. Phys. Sin., 2021, 37, 2009094. C. Kim, F. Dionigi, V. Beermann, X. Wang, T. Moeller and P. Strasser, Adv. Mater., 2019, 31, 1805617. Figure 1

Thermo-Responsive Polymer-Modified Carbon Nanofiber Electrodes with Autonomous and Heteronomous Switchable Selectivity for Catechol Derivatives

Sophisticated switchable interfaces enable to develop advanced micromachines and biodevices. In the electrochemistry field, functional electrodes switchable by basically either environmental stimuli, such as changes in temperature and pH, or artificial input signals, such as a specific wavelength and magnetic field, have attracted great attention to develop sensors with tunable sensitivity or selectivity and fuel cells with tunable power output in the past few decades. Recently, we have developed thermo- and photo-responsive cup-stacked carbon nanofiber electrodes modified with thermo-responsive poly(N-isopropylacrylamide) (PNIPA/CSCNF electrodes) [1]. PNIPA is known to be reversibly switched between hydrophilic expanded coil structure and hydrophobic collapsed globule structure by environmental temperature changes. CSCNFs have been used as not only electroactive electrode materials but also photothermal conversion materials of near-infrared (NIR) light. Redox species, such as a hydrophilic [Fe(CN)6]3–/4– ion, easily diffused to the CSCNF electrode surface across the swollen PNIPA layer because of its hydrophobic hydration at 25 ˚C without NIR light irradiation, leading to the larger current responses. However, in an electrolyte solution at 45 ˚C and even 25 ˚C with NIR light (> 940 nm) irradiation, the contracted structure of PNIPA was formed because of its hydrophobic interaction, resulting in suppressing transport of the redox species to the CSCNF electrode surface due to its steric hindrance and hydrophobicity. Therefore, the obtained PNIPA/CSCNF electrode allowed to control the activation and inhibition of the electrochemical process for the diffusional redox probe by both alternating surrounding temperature and irradiating the electrode surface with NIR light (Figure 1). If two chemicals with similar structures but different octanol-water partition coefficient log K ow, such as catechol (Mw = 111, Log K ow = 0.88) and dopamine (Mw = 153, Log K ow = –0.98) known as one of the neurotransmitters, contain in the same solution, the present electrode might enable to detect separately. In the present work, we examined autonomous and heteronomous switchable selectivity for catechol and dopamine at the thermo- and photo-responsive PNIPA/CSCNF electrode. As a result, both catechol and dopamine permeated to the CSCNF electrode surface through the swollen PNIPA layer at 25 ˚C, causing their electrochemical signal readout. In contrast, transport of dopamine was selectively suppressed to the CSCNF electrode surface by exposing PNIPA to temperature at 45 ˚C or NIR light irradiation to the CSCNF electrode surface even at 25 ˚C due to the steric hindrance and hydrophobicity of the collapsed globule structure of the PNIPA layer. The electrochemical signal for catechol was therefore observed preferentially. We thus expected that the present electrode would be applied to electrochemical sensors with autonomous and heteronomous switchable selectivity for catechol-based neurotransmitters. [1] K. Komori, R. Ihara, S. Hirao, M. Liu, Y. Toyota, M. Nakata, Y. Tani, and K. Shiraishi, J. Electroanal. Chem., 992, 116704 (2022). Figure 1

Numerical study of the spontaneous ignition mechanisms of pressurized hydrogen released inside pipes with different structures

Hydrogen is considered a key clean energy carrier to achieve the global goal of carbon neutrality. But spontaneous ignition can occur when pressurized hydrogen is released into pipes, and the presence of different pipe structures will significantly affect the ignition mechanism. In this work, the effects of varied pipe structures on the shock wave propagation and spontaneous ignition characteristics are investigated by numerical simulation with the DNS-like approach, EDC combustion model, and 21-step detailed hydrogen combustion mechanism. Results show that the simulation is in well agreement with the experimental data. Five dominant spontaneous ignition mechanisms are provided depending on different pipe structures. Among all types of pipe structures investigated, contraction structures can lead to a greater increase in shock wave pressure due to more severe shock wave reflection and convergence. While enlargement structures can contribute to more mixing of hydrogen and air, causing more sufficient combustion. This study provides a comprehensive understanding and clear safety guidance to inform the practical application of hydrogen energy.

Analysis of structural architecture in western Saudi Neom City area, northwestern Arabian Plate: Field investigation

Saudi Neom City is being constructed as an urban mega-project in the northwestern part of the Arabian plate at the southeastern part of the NNE-oriented sinistral Dead Sea continental transform fault that links the NNW-oriented Red Sea Rift to the Zagros collision through the NE-oriented sinistral East Anatolian Fault. The present study aims to detect and analyze the different structural elements in the western Neom city. It also attempts to provide valuable data to help decision-makers for better achievement of such vital projects. From field investigation, the study area mainly comprises Neogene sedimentary sequence and exhibits a complex structural architecture represented by extensional- and wrench-style deformations. Different fault orientations (NNW–SSE striking extensional faults, WNW–ESE and ENE–WSW striking oblique-slip faults, and NNE–SSW and NNW–SSE striking strike-slip faults) dissect the western Neom area. Individual NNW-oriented Red Sea Rift-related extensional faults and fault blocks are antithetically tilted to the northeast. The sinistral movement onset along the Dead Sea Transform Fault postdates the Lower Miocene Burqan Formation deposition. Furthermore, the sinistral strike-slip regime of the western Neom area involves extensional structures, including normal faults, contractional structures (folds and reverse faults), and structures representing horizontal shear on near-vertical planes. NNW-oriented negative flower structures and forced folding occur along a synthetic NNW-oriented sinistral strike-slip fault set. Contractional structures are expressed by sets of NE-oriented left-handed en echelon-arranged folds in the Middle Miocene deposits. A proposed strain ellipse reveals these structures are associated with the NNE-oriented sinistral Dead Sea Transform Fault. The complexity of the structural architecture of the western Neom area can be attributed to its geologic setting under the influence of the Red Sea extensional rifting followed by the tectonic activity along the Dead Sea transform faulting. It is recommended that the structural attributes investigated, especially the geographic distribution of brittle structures (faults and fractures), be considered during the construction of Neom City.

The Legal Regime of the Investment Protection and Promotion Agreement

Introduction: the paper deals with a new contractual structure – the investment protection and promotion agreement, which is one of the investment instruments aimed at stimulating interaction between a public legal entity and a private legal entity. According to the author, Investment Protection and Promotion Agreements are part of a group of investment agreements mediating the mechanisms of a public-private partnership. The purpose of the paper is to study the problems related to the concept, legal nature, and content of the investment protection and promotion agreement. The author also examines the place of the agreement under study in the system of investment contracts and the relationship with related concepts and categories, including the issue of applying the provisions of civil legislation to it. Methods: both the general scientific and specific scientific methods of scientific cognition are used, among which one can distinguish systematic, dialectical, structural and functional, etc. The methods of formal legal, comparative law, and legal forecasting allow taking into account the specifics of the legal nature of the concepts under study, comparing homogeneous legal phenomena, and identifying prospects for the development of legal relations in dynamics. Results: an analysis of the new contractual structure on attracting investments – the investment protection and promotion agreement led to the conclusion of the legislative confusion and difficulty in determining its content and legal nature. Conclusions: the author concludes that it is difficult to determine the legal nature of the investment protection and promotion agreement (IPPA) today due to the imperfection of the Federal Law “On the Investment Protection and Promotion in the Russian Federation,” which does not allow to unequivocally answer the question of whether an investment project should be implemented within the framework of the IPPA itself, or whether it is also necessary to conclude an additional agreement. It is claimed that the IPPA is an unnamed agreement that has no analogues in the Russian legislation. It is concluded that the structure of the IPPA includes the implementation of an investment project. According to the author, until clarification is made to the Federal Law “On the Investment Protection and Promotion in the Russian Federation,” the IPPA will not be implemented in practice.

The Prenuptial Agreement of Business Spouses: Guarantees of Respect for Mutual Interests and Protection of the Rights of the Parties

Introduction: in the light of modern socio-economic realities, an urgent problem is the effective protection of the property interests and rights of spouses who own a family business. The conclusion of a prenuptial agreement provides spouses who have a family business and are parties to the prenuptial agreement with the opportunity to reduce financial risks and provide themselves with additional legal protection in the event of termination of the marital relationship. The inclusion of legally verified contractual structures in a prenuptial agreement is very effective in preventing future conflicts between spouses who own a joint business. Purpose: to reveal the legal content of the prenuptial agreement concluded between spouses who own a joint business in the system of contractual structures and to develop recommendations for improving the contractual regulation. Objectives: to identify conflicts related to the legal guarantees of respect for mutual interests of spouses who have a family business and are parties to a prenuptial agreement; to identify contractual structures used to minimize conflicts between the subjects of a prenuptial agreement; and to develop a conceptual model for concluding a prenuptial agreement between spouses who own a joint business remotely via the Internet. Methods: the methodological framework for the research is based on the general scientific methods: systematic analysis, abstraction, and the dialectical method, as well as a set of specific scientific methods: structural and functional, formal legal, comparative law, forecasting, and modeling. Results: it is proposed to amend Art. 11 of Federal Law No. 193-FZ dated July 27, 2010, “On an Alternative Dispute Settlement Procedure with the Participation of an Intermediary (Mediation Procedure),” supplementing its paragraph 8; in the context of the effective implementation of the concept of “Electronic State,” the Federal Notary Chamber it is proposed to develop, test, and implement a virtual assistant based on artificial intelligence technologies, which will function not only on the Federal Notary Chamber website but also on the online resources of the notary chambers of the constituent entities of the Russian Federation. Conclusions: it is recommended to normalize the mediation procedure for spouses who have a family business and are parties to a prenuptial agreement through information and communication technologies; as part of the implementation of the concept of “Electronic State,” the Federal Notary Chamber should develop, test, and implement a virtual assistant (“chatbot”) based on artificial intelligence, which will be available not only on the Federal Notary Chamber website but also on the websites of notary chambers of the constituent entities of the Russian Federation, and at the request of users, including spouses who have a joint family business, it will perform an advisory function when drafting a prenuptial agreement.

Contractual Forms of Investment in the Legislation and Practice of the Russian Federation

Introduction: the paper deals with the analysis of contractual forms of investment activity. The research attention is paid to various theories related to the legal nature of an investment agreement, the issues of divergence of existing definitions of an investment agreement as a legal category. Special attention is paid to the structure of the investment agreement, as well as its place in the system of civil contracts. It is argued that the correct qualification of the investment agreement plays a key role in ensuring high quality and rational legal regulation of the relevant relations. In the process of researching the investment agreement, the author differentiates by types and parties. The details of contractual obligations are given, taking into account investment schemes and depending on the types of investment projects. The purpose of the paper is to study the agreement regulating the relations of subjects of investment activity, the legal nature of the investment agreement, its qualifying features, types and parties. Methods: to achieve this goal, a systematic approach was used, as well as the general scientific (analysis, synthesis, formal logical, comparative, and temporal) and specific scientific (formal legal, comparative law) research methods. Results: the international practice of concluding and applying investment contracts (agreements) widely used to attract investments is studied. The interpretations of the investment agreement presented in the domestic and foreign specialized literature are compared. The place of the investment agreement in the system of civil contracts is determined. The approaches to the legal qualification of the investment agreement are studied. It is established that differentiation by types and parties of the investment agreement plays an important role in the development of the economy and business. Understanding the specifics of each type of agreement and the role of parties allows you to effectively organize the investment process and achieve your goals. The author analyzes various forms of investment, including the purchase of a business, participation in investment partnerships, investments in securities, as well as collective investments through joint-stock and mutual funds, concession agreements, and production sharing agreements. Conclusions: the conclusion is substantiated that it is advisable to establish the legal nature of each investment agreement in the process of its execution. The legal relations created by such an agreement are subject to the general principles of civil law and specialized standards of investment law. It is established that for the correct qualification of a specific contractual structure used in the investment sphere, it is advisable to rely on the positions formed in law enforcement practice on such an issue. It is proved that the investment agreement implies any agreements in which the investor participates. These agreements may include various types of civil contracts regulated by the Civil Code of the Russian Federation. Highlighting the main features that distinguish investing from other economic and business processes, the author argues that the best position would be the transfer of personal capital and the transfer of values (investments) to another party in order to make a profit in a certain period without a guarantee of success.

Neogene shale-detached extension and contraction linked system in the Akal Fold and Thrust Belt, Southeast Mexico

Structures related to shale mobility represent an important challenge for proper interpretation in seismic data sets. The large number of seismic sections obtained in recent times of the Akal Fold and Thrust Belt (AFTB) makes this province a natural laboratory for studying shale-related structural styles. The interpretation of two orthogonal 2D seismic sections reveals the geometry of a gravity-driven extension-contraction structural system that developed in the central portion of the AFTB during the Late Miocene to the Early Pliocene. The gravity-driven system was triggered by increasing the sedimentary load in the Miocene and developed a set of listric faults and related growth strata. The contracting structures are the in-sequence fold thrust that evolved from shale-cored detachment anticlines. An Oligocene sequence of soft, weak shale with alternating, rigid layers of sandstone and limestone and a low-resistivity signature acts as the detachment of the gravity-driven system. The progressive sequential restoration of a structural cross section provides more information about the progression of the gravity-driven system. We suggest that mobility started when the Oligocene shale reached a critical condition at >2–3 km burial depth. The coeval northeastward regional Chiapanecan shortening interferes with the last stage of the shale detachment (the Early Pliocene) in the study area and masks the previous interpretation of the gravity-driven system.

Optimizing contract negotiations in clinical research: Legal strategies for safeguarding sponsors, vendors, and institutions in complex trial environments

This paper examines the complexities of clinical trial contract negotiations, focusing on legal strategies and technological innovations that safeguard the interests of sponsors, vendors, and institutions. In an increasingly globalized and digital research environment, contract negotiations are pivotal to ensuring compliance, protecting intellectual property, and mitigating legal risks. The study’s purpose was to explore key components of clinical trial contracts, address the challenges involved, and assess future trends, particularly in light of evolving regulatory frameworks and technological advancements. Through a comprehensive review of legal literature and emerging technologies, the study identified crucial aspects of contract negotiations, including risk allocation, indemnification, intellectual property rights, and data privacy. Special attention was given to the role of technology—such as AI, blockchain, and contract management platforms—in streamlining the negotiation process. These tools have proven effective in reducing errors, enhancing collaboration, and ensuring regulatory compliance. The main findings revealed that while traditional contract structures remain integral, the adoption of digital tools and a patient-centric approach are critical in addressing new challenges posed by decentralized trials and cross-border collaborations. The study concluded that stakeholders must embrace flexible contract frameworks, incorporate robust data protection measures, and leverage technology to optimize negotiations. Recommendations include the integration of advanced analytics for decision-making, the adoption of blockchain for contract security, and a heightened focus on patient rights in contract structures to ensure ethical conduct and compliance in clinical research.

Contingent payments in procurement interactions: Experimental evidence

A primary objective of creating competition among suppliers is the procurement of higher quality goods and services at lower prices. When procuring non-standard goods, it is often difficult to write a complete specification of desired quality in the contract. Thus, payments to suppliers cannot be perfectly conditioned on the quality provided. We develop a simple model to distil several real-world features and illustrate how contract structure within price priority competition jointly affects bid aggression and incentives for the provision of surplus-enhancing quality. We implement the contingent payments as probabilistic. The selected supplier’s payment is, according to a fixed probability, either their bid or a quality contingent amount that depends on the bid and an exogenous norm for allocating social surplus. We use a lab experiment to show that there is a ‘Goldilocks’ region for high quality in which the probability of quality contingent payment is large enough to incentivize provision, but not so large as to induce overly aggressive bidding. This implementation only relies upon preferences for maximizing one’s own profit and the rationality of backward induction. An experimental finding not predicted in our setting is that suppliers earn positive economic profits inside the Goldilocks region, which can be explained by suppliers’ risk aversion. The results have implications for the effective design of contingent payments in contracts.

The evolution of Islamic trade law under the influence of international trade practice: towards the problem of convergence of legal orders

The article provides a historical and legal analysis of the development of Islamic trade law under the influence of secular European trade law. It was concluded that until the second half of the 20th century the influence of European trade law on Muslim legal orders was one-sided. Initially, the penetration of secular European trade law into Islamic commercial law was carried out through the law of medieval merchants (lex mercatoria). From the beginning of the 19th century the reception of secular European trade law was determined by the active colonial policy of European states (the model was the French system of trade law, reflected in the Napoleonic Commercial Code). Only at the end of the 20th century international commercial practice began to take into account Islamic contractual structures, as well as religious prohibitions and permissions of Sharia.

Leveraging Qualitative Analysis Software to Complement Traditional Qualitative Research Approaches for Curriculum Design: Results of a Needs Assessment Study

ABSTRACT Educational programs are continually challenged with maintaining a curriculum that meets the current and future needs of the industry they serve, and accreditation requirements. Research methodologies of interviews, focus groups, and surveys to accomplish these requirements have a long-standing documented history in the literature. Interviews and focus groups can provide collection of rich information, but have limited sample size, and greater potential for participant and researcher bias. Survey research can be more objective and reach larger population, but results are limited to the type and quality of questions posed by the researchers, and honesty of the participant responses. Technological advances in data collection and analysis have been improving research methodologies for decades. This paper describes a research approach for conducting a program needs assessment. Using structured focus groups and qualitative artificial intelligence software, MAXQDA, the methodology identified 15 themes for activities commonly performed by entry-level construction management graduates. Within the themes, 17 common types of knowledge, and 15 types of skills were identified. Key knowledge included Terms & Symbols, Project Documents, Materials & Methods, Software Platforms, Scopes of Work, and Contract Structures. The top skills identified were Oral & Written Communication, Using/Learning Software/Technology, Collaboration/Teamwork, Analyzing/Interpreting Documents, and Personal Organization/Time Management.

Contingent cash crunch: How do performance commitments affect acquirer liquidity?

This paper investigates how performance commitment clauses in mergers and acquisitions (M&As) influence the corporate liquidity of acquiring firms. Using a comprehensive dataset of Chinese domestic M&A deals from 2008 to 2021, we find that acquisitions involving performance commitments correspond to lower corporate liquidity for acquirers in subsequent years. Difference-in-differences analysis, instrumental variables, and propensity score matching support a causal relationship. Furthermore, cross-sectional tests reveal that this negative association is amplified for nonstate ownership, weak governance, poor reporting quality, and low financial constraints. We find that performance commitments increase management optimism, providing insights into the mechanisms linking contingent deal structures with suboptimal liquidity policies and heightened financial distress. Our study suggests that the contingent contract structures in M&A deals drain corporate liquidity, leaving firms financially vulnerable.

Evolving governance in the space sector: From Legacy Space to New Space models

The space sector is evolving from the “Legacy Space” to the “New Space”. Along with the space sector, space program governance is transitioning to support an environment where legacy and New Space actors co-exist. The aforementioned transitions and the entry of New Space players result in new governance models, as space agencies aim to exploit contributions from non-space sectors, leveraging on collaborative opportunities.Public-private partnerships (PPPs) become a new golden rule, disclosing unprecedented achievements.However, the existing body of knowledge lacks a framing of models of space program governance, covering both Legacy Space programs and New Space ones. It is not clear how the roles and responsibilities of stakeholders change from the Legacy Space to the New Space, alongside the related changes in contract structures and the practices space agencies favour in current space programs and projects. Therefore, our paper aims to investigate how space program governance evolved.We performed a single-case study on NASA-led space exploration programs to investigate the transition of space program governance and its actual state-of-the-art. We co-developed and validated three governance models for space programs through semi-structured interviews with senior experts. Furthermore, we present key drivers and barriers behind the evolution towards New Space governance models.We found and discussed three program governance models corresponding to the evolutionary stages of space exploration programs. In the Legacy Space model, the government owns space infrastructures to demonstrate technological supremacy. In the Transitional model, lumpsum contracts, transitioning between cost-plus and fixed-price, replace the legacy EPC (Engineering, Production, Construction) ones. In the New Space model, collaborative efforts and PPPs enable alignment between public and private expertise. Finally, we examine the factors that promote and impede the evolution of space governance, leading to the emergence of a polycentric governance structure observed in current space programs.The three models enable managers to visualize space programs from a governance perspective, where stakeholders’ roles and responsibilities in PPPs are clearly identified. Moreover, managers can leverage and innovate existing practices for transitioning across different models of governance in space programs and projects.We contribute to research by introducing a transitional governance model that enables the smooth transition between the Legacy Space and the New Space paradigms. We justify the concurrent adoption of multiple governance models within the same space program, as in the current Artemis program.

К вопросу об отнесении договора на выполнение НИОКР к алеаторной сделке

The article is devoted to the question of whether an R&D contract can be classified as an aleatory transaction. The purpose of the study is to analyze, in relation to an R&D agreement, the signs of an aleatory transaction, such as: the presence of a random event of a nature beyond the control of the participants, on which the legal consequences of the transaction depend; absence of an exchange element; risk as a fundamental element of this transaction; Features of legal regulation regarding restrictions on the right to judicial protection. Based on the results of the study, the author comes to the conclusion that the R&D agreement is a risky contractual structure, but cannot be qualified as an aleatory transaction.

Electricity contract design and wholesale market outcomes in Australia's National Electricity Market

AbstractThe emergence of variable renewable energy (VRE) technologies has created a range of different energy contracting techniques. Within Australia's National Electricity Market (NEM), Run‐of‐Plant (RoP) Power Purchase Agreements (PPAs) became the most common form of contract with purchasers of wind and solar energy agreeing to pay a fixed price for energy irrespective of when it is produced and, therefore, its actual value to the market. In November 2023, the Commonwealth Government adopted a 32 GW RoP PPA Contract‐for‐Difference (CfD) underwriting policy that aims to effectively shield the generator from market price risk. This article discusses different contract structures and their impact on participant behaviour during periods of material oversupply and negative prices. We find that embedded solar PV exports into the distribution network, which are not required to dynamically participate in the wholesale market, have increased wholesale energy supply, enabling profit maximising vertically integrated renewable firms to drive prices lower in a manner that partially strands the output of RoP PPA CfD generators with a $0/MWh price floor. A key conclusion from our analysis is that requiring embedded solar PV to effectively participate in the wholesale market appears to be a pre‐condition for the efficacy of government‐initiated RoP PPA CfDs.

Договор поминутной аренды транспортных средств (каршеринг)

The transformation of public relations under the influence of digitalization, as well as the intensification of property turnover, contributed to the formation of an economic model of sharing, which is often referred to through the prism of the English term "sharing". A striking example of such a model is carsharing, based on the idea of "mobility on demand" and being a predictable alternative to personal transport in the future. It is assumed that in the future, car owners, giving priority to car-sharing services, will give up ownership of a car, which will significantly accelerate urban traffic, free up parking spaces, and reduce the anthropogenic burden on the environment. Despite the prevalence of carsharing, especially in large and resort cities of Russia, its federal legal regulation has not yet been presented: to date, only regional experience of such regulation is known. At the same time, there are many issues in this subject area, some of which are solved by law enforcement practice. The key issue discussed in this scientific article is the choice of a contractual structure that could become an adequate model of carsharing relations.