Contract Terms Research Articles

Dynamic screening with liquidity constraints

AbstractWe consider a dynamic screening model with serially independent types where the agent is short-term liquidity constrained. We model a liquidity constraint as a hard constraint that forces the agent to renege whenever he would suffer a loss from fulfilling the contract terms in a given period. In particular, the violation of a liquidity constraint is a verifiable event that future contract terms can condition on. This verifiability leads to less stringent truth-telling constraints than those considered in the existing literature. We show that the weaker constraints do not affect optimal contracting, however. Moreover, we develop a novel method to study private values settings with continuous types and show that a regularity condition that has analogues in the literature on multi-dimensional screening ensures that the optimal contract is deterministic.

Non-compete clauses in employment contracts: The case for regulatory response

Abstract In the employment context, non-competes are contractual terms which provide that once the employment ends the employee cannot work for another employer in the same industry or field (i.e. a competitor), within a specified geographic area, for a specified time. The existing law and practice regarding non-competes in Australia is plagued with confusion and uncertainty. Non-competes also have adverse economic consequences; they are associated with reduced employee mobility and consequent negative impacts on wages and productivity. The use of non-competes by Australian business has increased over the past 5 years and absent a policy response; this trend is likely to continue. Non-competes are no longer limited to highly paid executives but now apply to about one in five Australian workers, across income, age, occupational, and education groups. The distribution and prevalence of non-competes in Australia are broadly consistent with data in other developed economies. A number of jurisdictions within the Organisation for Economics Co-operation and Development have imposed restrictions on the use of non-competes. The US Federal Trade Commission is considering a ban on their use and, in the UK, the government has announced its intention to limit the term of non-competes to 3 months. In Australia, the Competition Minister has recently asked the Australian Competition and Consumer Commission and Treasury for advice on the competitive aspect of non-competes. The Australian Government released an Issues Paper (https://treasury.gov.au/sites/default/files/2024-04/c2024-514668-issues-paper.pdf#page40) – ‘Non-competes and other restraints: understanding the impacts on jobs, business and productivity’ in April 2024. The Issues Paper outlines the existing research and evidence in Australia and overseas on the use and effects of non-competes. A public consultation process will conclude in May 2024 and Treasury will advise the Government on the outcomes of the consultations by the end of 2024. After reviewing the arguments for and against restricting the ‘reach’ of non-competes, I conclude that the weight of the evidence favours a regulatory response to ameliorate the unfairness inherent in the existing law and practice. A number of possible regulatory responses are considered.

Comparative Analysis Between Sharia Pawnshops and Conventional Pawnshops in The Economic Empowerment of Indonesian Communities

Sharia Pawnshops and Conventional Pawnshops are two financial entities that play an important role in strengthening the empowerment of Indonesian society. For years, they have been offering credit services with the aim of improving people's financial situations. However, the two institutions operate using different principles and methodologies. The aim of this scientific work is to analyze and then determine which one is more empowering to the community, between conventional pawnshops and sharia pawnshops. This research is included in qualitative research, with data sources containing all material that can be used as a guideline for research emphasis, namely the comparison between sharia pawnshops and conventional pawnshops in empowering Indonesian society. Sharia pawnshops play a bigger and more effective role in empowering the community, especially by providing financial products based on Islamic sharia principles. Sharia pawnshops prohibit all types of interest and focus on contract terms, honesty and security required in buying and selling transactions based on Islamic law.

Logistics service sharing in cross-border e-commerce

While the demand for cross-border e-commerce has grown rapidly, challenges have emerged for both retailers and consumers participating in this global market. Retailers have been struggling with high logistics costs to fulfill cross-border demand, while the lack of trust in foreign retailers is a major issue for consumers. In this paper, we study a cross-border collaboration scheme between a domestic and a foreign retailer to mitigate these challenges. This entails a co-opetition framework where the domestic retailer performs the last-mile delivery of the foreign retailer’s orders in exchange for a logistics service fee. We model demand via a Multinomial Logit (MNL) choice model where the consumers are trust- and price-sensitive. We compare the market outcomes of the two retailers in “pre-collaboration” and “post-collaboration” settings. We find that there exist win-win outcomes where both retailers benefit from collaboration under realistic settings. We also show that a cooperative mechanism can lead to higher profits for both retailers compared to the non-cooperative mechanism for setting the logistics service fee, if the contract terms are decided carefully.

МАТЕРИАЛЬНО-ТЕХНИЧЕСКОЕ ОБЕСПЕЧЕНИЕ СЕЛЬСКОГО ХОЗЯЙСТВА: СОСТОЯНИЕ, ПРОБЛЕМЫ, НАПРАВЛЕНИЯ СОВЕРШЕНСТВОВАНИЯ

One of the determining conditions for competitive domestic agricultural production in foreign markets is the technical and technological modernization of the industry. However, despite the significance of the problem, over the past two decades, a stable trend of reduction in the number of employees in agricultural organizations in Russia has developed for all types of agricultural machinery. The highest rates of reduction in agricultural machinery were observed until 2010, and in subsequent periods the downward trend has significantly decreased. At the same time, it is not entirely correct to assess the current situation unambiguously, since the reduction in the fleet of machinery and equipment in agricultural organizations is due to certain objective circumstances and conditions: the area of cultivated land and cultivation of specific crops has decreased; the number of animals has decreased; the technical means used have become more energy-intensive and productive, which is especially important in the context of a shortage of personnel in rural areas. In 2018-2022 the production of domestic agricultural machinery in value terms increased by almost 2.5 times, while in physical terms the changes are insignificant. At the same time, domestic mechanical engineering practically does not produce machinery and equipment for pig farming, poultry farming, milk processing, potato harvesters, beet harvesting equipment, equipment for gardening, vegetable growing. As a result of the outstripping rate of disposal of agricultural machinery and equipment over the rate of their production and replenishment, the energy capacity of the industry is declining. The sanctions imposed on the Russian economy have led to increased risks of non-receipt of critical components and spare parts; disruption of stable logistics and distribution chains that have functioned for a long time, their rise in price; revision of contract terms, failure to meet delivery deadlines. Sanctions against the use of foreign high technologies used in precision farming, genetics, selection, enterprise management, etc. have a negative impact on the development of the agro-industrial complex.

Place of work and workplace as terms of an employment contract: problematic issues

The article examines the concepts of «place of work» and «workplace», identifies their differences. The problematic issues arising in determining the place of work and workplace for certain categories of employees are analyzed. Based on the conducted research, recommendations are made to amend and supplement some of the legal norms of the Labor Code of the Russian Federation.

The European Energy Crisis and the Consequences for the Global Natural Gas Market

The Russian invasion of Ukraine in February 2022 led to severe disruptions in the European gas market with significant repercussions on a global scale. The conflict caused a surge in energy prices, a major reshuffling of global natural gas flows, and a shift in the policy-makers’ agendas toward energy supply security. This paper provides a comprehensive review of the developments in the global gas market in the aftermath of the war in Ukraine, focusing in particular on the European gas market and on global LNG trade flows. We first review the characteristics of the gas market in terms of both pricing benchmarks and contractual terms. Next, we analyze the changes to LNG and natural gas production, consumption, and trade flows throughout the European energy crisis. Finally, we review the main policy response to the energy crisis and present some considerations on the gas market outlook. JEL Classification: L95, P28, Q35

Müqavilənin standart şərtləri

The article examines the institution of "standard terms of contract", which is an important parameter of today's civil law sphere. The place of the concept in question in the modern legal system is discussed. In relation to this issue, the legislator's position, court practice and approaches available in the doctrine are analyzed. Important nuances such as the understanding of the standard terms of the contract, their place in the legal system of the Republic of Azerbaijan, their elements, verification, reliability, and defense mechanisms formed by the legislator against abuses that may arise from it are touched upon. In particular, the imperative requirements regulating this institution are considered in the legislation. It is clarified whether this type of condition is necessary and desirable from the perspective of civil law. Key words: contract, standard, condition, element, validity, check, mechanism, court, legislator, imperative, interpretation, content

Surviving Science – Coping with Exit-Decisions in Physics and History

AbstractAcademic careers between the completion of a PhD and the acquisition of tenure are characterized by short term contracts, high levels of competition, and future uncertainty. Existing research indicates that uncertainty is a primary cause for postdocs in all disciplines to constantly question the continuation of their career. Despite this commonality between disciplines, we argue that future imaginations, coping strategies and ultimately the decision-making practices to exit or remain in academia differ in each discipline. Drawing from 60 qualitative interviews with physicists and historians, we compared imaginations of the labor market inside and outside of academia, as well as narratives on how they perceive their agency to exit or remain. Our data shows that imaginations of the labor market outside of academia, have considerable consequences for their sense of precarity and planning of career paths. We propose that the uniform concept of future uncertainty must be separated into ‘existential uncertainty’ and ‘secured uncertainty’, which more accurately reflect the problems postdocs are confronted with and the resulting coping strategies. While those who consider their uncertainty as existential either evoke narratives of survival to continue in adverse conditions or begin parallel careers as added security. Those who perceive their future as uncertain but generally secured rely either on their ability to decide when necessary or postpone the question indefinitely. These differences that correlate with our chosen disciplines have important implications for research quality as well as mental-health hazards and further our understanding of self-exploitation and precarity in academia.

Total Power Factor Smart Contract with Cyber Grid Guard Using Distributed Ledger Technology for Electrical Utility Grid with Customer-Owned Wind Farm

In modern electrical grids, the numbers of customer-owned distributed energy resources (DERs) have increased, and consequently, so have the numbers of points of common coupling (PCC) between the electrical grid and customer-owned DERs. The disruptive operation of and out-of-tolerance outputs from DERs, especially owned DERs, present a risk to power system operations. A common protective measure is to use relays located at the PCC to isolate poorly behaving or out-of-tolerance DERs from the grid. Ensuring the integrity of the data from these relays at the PCC is vital, and blockchain technology could enhance the security of modern electrical grids by providing an accurate means to translate operational constraints into actions/commands for relays. This study demonstrates an advanced power system application solution using distributed ledger technology (DLT) with smart contracts to manage the relay operation at the PCC. The smart contract defines the allowable total power factor (TPF) of the DER output, and the terms of the smart contract are implemented using DLT with a Cyber Grid Guard (CGG) system for a customer-owned DER (wind farm). This article presents flowcharts for the TPF smart contract implemented by the CGG using DLT. The test scenarios were implemented using a real-time simulator containing a CGG system and relay in-the-loop. The data collected from the CGG system were used to execute the TPF smart contract. The desired TPF limits on the grid-side were between +0.9 and +1.0, and the operation of the breakers in the electrical grid and DER sides was controlled by the relay consistent with the provisions of the smart contract. The events from the real-time simulator, CGG, and relay showed a successful implementation of the TPF smart contract with CGG using DLT, proving the efficacy of this approach in general for implementing electrical grid applications for utilities with connections to customer-owned DERs.

Compensation of payment of a penalty for improper performance (non-performance) of the duties by the parties to legal services supply agreement

The article is focused on the problem of compensation of payment of a penalty for improper performance (non-performance) of the duties by the parties to legal services supply agreement. The author has indicated that the protection of the rights and interests of the subjects of civil relations, in accordance with the requirements of paragraphs 8, 9 of Part 2 of the Art. 16, paragraphs 3, 4 of Part 1 of the Art. 611 of the Civil Code of Ukraine, can be carried out by means of compensation of damage and other methods of compensation for property damage, compensation for moral (non­property) harm and award of a penalty. The analysis of case-law shows that compensation of damage by customers of legal services, along with termination of contracts, is ranked first within the structure of judicial protection methods in obligations to provide legal services. Talking about the compensation for moral harm and award of a penalty, such methods of protection are applied extremely rarely. Accordingly, the author believes that the problem of the responsibility of a provider of legal services, in particular the matter of classification of the appropriateness (or, on the contrary, inappropriateness) of performing own duties by this party of the obligation, causes the most problematic issues both from the point of view of the doctrine of civil law and legal enforcement practice The author of the article has noted the possibility of applying a penalty for such types of offenses as delay in fulfilling the main obligation (delay in providing a legal service per se) and delay in returning funds to a customer. The legislation of Ukraine does not provide the possibility to apply a penalty in relation to improper (low-quality) service provision. Therefore, if a provider began to provide legal services in time, but provided them improperly, then the application of a penalty (fine) to his illegal behavior will be possible only if the contract concluded between the provider and the customer of legal services specifically stipulates a relevant term. Taking into account the known advantages in the position of legal services’ providers regarding certain dictates of contractual terms at the stage of concluding contracts, such a penalty clause is unlikely to appear in such contracts. The difficulty of applying this type of a penalty is also explained by the problem of determining the criteria for assessing the quality of legal services’ provision. As we have noted, there are no such clear criteria. Therefore, the application of a penalty (fine) for the “low-quality” legal service fulfilled by the provider is also complicated by objective reasons. The author has substantiated the provisions that the composing elements of an offense are required in order to apply a penalty in legal relations on supplying legal services. In contrast to compensation of damage, lesser form of an offense is sufficient for awarding a penalty: wrongfulness of the performer’s behavior and his guilt. In order to avoid unnecessary repetition, we step aside from studying these aspects, since they are sufficiently thoroughly researched in the material of this subsection on compensation of damage.

Analyzing the New Institute Cargo Insurance Clauses of 2009 and its Harmonization with the Arabic Marine Insurance Legislations

The aim of this paper is to discuss in details the new changes in the marine cargo insurance in particular and the new editions of the Institute Cargo Clauses of 2009 known as (l.C.C clauses) in comparison with the old editions of the 1982 clauses. The old clauses at that time were a radical change in the world of marine cargo insurance. The paper examines briefly the reasons behind the change that occurred in 1982 to better understand the recent changes of 2009. The paper also investigates the aims behind the 2009 changes carried out by the Institute of London Underwriters. This paper will also discuss whether the new changes came in favor of the insurers or the insureds. The method adopted by the researcher to tackle with the subject is the analytical and comparison study. The paper considers this matter and the effect of the clauses and harmonization of their wordings compression with the provisions of the English marine insurance ACT of 1906 and the Jordanian Maritime Commercial Law of 1972, which is very similar to other Arab concerned legislations. Finally, the paper will evaluate arrived at the following conclusions; 1- the changes in the marine insurance clauses designed to keep up with the new developments in the international trade and politics. 2- The intention of the draftsman was to create self-standing clauses, stating clearly the terms of the marine insurance contract. A new balance between the insurers and the insured has been achieved, and in general the changes was in favor of the assureds. 4- the new versions of the I.C.Clauses may applied in the Arab marine insurance market without any contradiction the Arab marine insurance legislations.

Analyzing Common Trade Risks Faced by Tanzanian Traders in International Transactions: A Case Study of Dar es Salaam Importers and Exporters

International trade is fraught with inherent risks that can significantly impact the efficiency and success of cross-border transactions. Tanzanian importers and exporters, particularly those navigating the complexities of the Dar es Salaam port, face challenges such as shipment delays, vague contract terms, and financial disputes. This study delves into how the strategic application of International Commercial Terms (Incoterms) serves as a powerful risk management tool, offering clarity and structure to international trade agreements. Utilizing a descriptive research design, we surveyed 96 traders and conducted in-depth interviews to capture their experiences with trade risks and their understanding of Incoterms. The findings reveal a widespread gap in formal training on Incoterms, leading to frequent logistical issues and contractual ambiguities that could otherwise be mitigated. This research highlights the urgent need for targeted educational programs to enhance traders’ knowledge of Incoterms and improve the overall efficiency of Tanzania’s trade environment. By embracing these standardized terms, Tanzanian traders can transform risks into opportunities, positioning themselves as key players in the global trade ecosystem. The study concludes with actionable strategies for improving Incoterm adoption and presents a roadmap for strengthening Tanzania’s competitive edge in international commerce.

Factors influencing tenant retention among selected commercial leasing establishments in Cebu City, Philippines

In the competitive field of commercial real estate, it is important to understand the factors that affect tenant retention to maintain a stable and profitable leasing environment. This descriptive survey research examined the factors influencing tenant retention among selected commercial leasing businesses in Cebu City, Philippines, with a focus on office and retail lease contracts. A total of 150 tenants (lessees) were purposefully selected to participate in the survey, and data were collected through a questionnaire created by the researcher. The results showed that tenants regarded the management structure of the lessor, building quality, lease pricing, contract terms and conditions, building location, and government regulations as key factors in their decision to stay with their lessors. The study also found that tenants were moderately satisfied with these factors. These findings highlight the importance of lease agreements and property management in tenant retention strategies. Further research on these factors and their impact on property management in Cebu City's commercial leasing sector could provide valuable insights for improving tenant satisfaction and retention.

Z-NUMBERS BASED MODELING OF GROUP DECISION MAKING FOR SUPPLIER SELECTION IN MANUFACTURING SYSTEMS

The health of the supply chain, the company's performance, and the quality of the production as well as the success of the entire enterprise, directly depends on the reliability of the company's existing suppliers. Processing enterprises that depend on suppliers are trying to find the best option that will satisfy all customer requirements. With high-quality and inexpensive raw materials, the products produced by the enterprise will largely determine its economic indicators such as revenue, profit, and profitability. Therefore, this enterprise is especially faced with the issue of choosing the most appropriate supplier of resources. Basically, for processing enterprises it is very important to consider the parameters such as quality of incoming materials, terms of supply of raw materials, price of received raw materials, terms of contracts. The challenge in determining of supplier is how to choose reliable suppliers that can maintain supply chain continuity in an environment of ever-increasing instability and uncertainty. For this purpose, a methodology for selecting suppliers using Z-numbers was proposed. Using fuzzy Z numbers in supplier selection, decision-makers can assign values to various criteria in a way that reflects both the uncertainty and the confidence associated with those values. This can lead to more nuanced and robust supplier selection processes, considering a wider range of factors and uncertainties.

Contractual challenges in renewable energy projects: The role of ADR in managing risks and disputes

Renewable energy projects are increasingly pivotal in the global transition to sustainable energy systems. However, these projects face unique contractual challenges that can lead to disputes and risks, impacting project timelines and costs. This paper explores the critical role of Alternative Dispute Resolution (ADR) mechanisms in managing and mitigating these challenges. The study highlights common contractual issues encountered in renewable energy projects, including ambiguities in contract terms, scope changes, and performance obligations. It examines how ADR methods, such as mediation, arbitration, and adjudication, offer effective solutions for resolving disputes and minimizing disruptions. By analyzing case studies and industry practices, the paper demonstrates the efficacy of ADR in addressing specific issues such as delays, cost overruns, and compliance failures. The findings underscore the importance of incorporating ADR clauses into contract frameworks to enhance dispute resolution processes and risk management strategies. The paper concludes with recommendations for integrating ADR into contractual agreements and emphasizes the need for stakeholders to proactively address potential disputes to ensure project success.

Design of Blockchain and Strategic Financing Service under the Platform Economy

The capital constrains and uncertainties in supply disruptions faced by small and medium-sized suppliers pose critical challenges for the development of e-commerce platforms. In response, platforms have begun offering direct financing (PDF) to their suppliers alongside traditional bank credit financing (BCF). Within the private (consortium) blockchain, the platform and the supplier (and the bank) achieve consensus on financial smart contract, enabling the execution of flexible contracts tailored to suppliers’ risk profile. We develop a game-theoretic model to examine the terms of smart contracts in different blockchains and further investigate the platform's optimal blockchain design. We find that PDF serves to safeguard the platform's commission income from high-interest BCF. Our analysis reveals that PDF is more likely to be provided to a risky supplier within the consortium blockchain, contrasting with outcomes observed within the private blockchain. As a result, the platform and the supplier could reach win-win, or win-lose outcomes within the private blockchain; while within the consortium blockchain, they tend to result in win-win or lose-win outcomes. Such incentive conflict could potentially hinder blockchain adoption. Our findings further provide the managerial insights guiding the platform's blockchain design: adopting consortium blockchain under moderate market potential and low or high supplier's risk, and adopting private blockchain otherwise. Furthermore, we consider the supplier's endogenous effort on reducing risk, and numerically demonstrate that blockchain may encourage or discourage the supplier's effort. Our research complements previous studies by investigating the interaction between the PDF provision and blockchain structures under uncertain supply disruption risk.

Nurse academics and the teaching of undergraduate nursing numeracy: A cross-sectional study of self-reported confidence and anxiety

BackgroundNumeracy and mathematics are terms that can cause anxiety, not only in students, but this emotion can also be experienced in teachers. Anxiety can inhibit teacher performance and is correlated with low self-confidence. The anxiety felt by school teachers when teaching mathematics is widely reported, however, the self-reported confidence and anxiety levels of nurse academics when teaching numeracy concepts to undergraduate nursing students has never been studied. AimTo explore and analyse Australian nurse academics' self-reported confidence and anxiety levels when teaching nursing numeracy to undergraduate nursing students. DesignCross-sectional survey. SettingAustralian universities that provide an undergraduate nursing degree leading to nursing registration. ParticipantsAustralian nurse academics employed either permanent full time or part time; casual /sessional; or on a fixed term contract, who teach nursing numeracy and medication calculations to undergraduate nursing students. MethodsA combination of convenience and purposive sampling was used to recruit Australian nurse academics (n = 170). Data were collected between Nov 2023 and Feb 2024 using an online survey platform. ResultsAlmost 50 % of participants self-reported feeling either not confident or somewhat confident and very or somewhat anxious when teaching nursing numeracy. There were no significant differences in overall confidence and anxiety based on demographic variables, indicating this is a widespread issue. A non-significant trend towards level A academics experiencing higher anxiety and less confidence was noted. ConclusionsA significant proportion of students are being taught nursing numeracy by nurse academics who lack confidence and experience anxiety, which can be transferred to students, affecting learning and performance. The downstream consequences are potentially poor numeracy skills in students and compromised patient safety. Strategies that have been effective in reducing school teachers' anxiety could be used to support nurse academics.

Типовые условия государственного контракта на государственное геологическое изучение недр

The full implementation of the state geological survey of the subsurface directly depends on the terms of government contracts, which should reflect the specifics of the field of the subject of purchase, which cannot be done without special conditions for this type of government contracts. It is possible to avoid delaying procurement procedures for the state geological study of subsurface resources and possible nonfulfillment of tasks assigned to state customers by establishing standard conditions necessary to reflect the specifics of the subsurface use area. In this regard, the special law on public procurement requires adjustments in terms of setting standard conditions for the approval of project documentation and the ability of customers to limit the cost of an informational geological report.

The Concept of the Content of the Contract and its Effect: A comparative study with French legislation

The research dealt with the concept of the content of the contract and the impact of a comparative study with French legislation through the definition of the content of the contract in Iraqi law and in French law and then identify the penalty resulting from the breach of the content of the contract in terms of the penalty resulting from the failure of the condition of legality and the penalty resulting from the failure of contractual terms.