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Author: Michaela Isabel Höhn
Publisher: Springer Science & Business Media
ISBN: 3642027911
Category : Business & Economics
Languages : en
Pages : 134
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Book Description
Supply relations are often governed by so-called relational contracts. These are informal agreements sustained by the value of future cooperation. Although relational contracts persist in practice, research on these types of contract is only emerging in Operations and Supply Chain Management. This book studies a two-firm supply chain, where repeated transactions via well-established supply contracts and continued quality-improvement efforts are governed by a relational contract. We are able to characterize an optimal relational contract, i.e., to develop policies for supplier and buyer that structure investments in quality and flexibility in a way that no other self-enforcing contract generates higher expected joint surplus. A second goal is to compare the performance of different returns mechanisms in the context of relational contracting (quantity flexibility and buy-back contracts). Industry studies motivate the presented model.
Author: Michaela Isabel Höhn
Publisher: Springer Science & Business Media
ISBN: 3642027911
Category : Business & Economics
Languages : en
Pages : 134
Get Book Here
Book Description
Supply relations are often governed by so-called relational contracts. These are informal agreements sustained by the value of future cooperation. Although relational contracts persist in practice, research on these types of contract is only emerging in Operations and Supply Chain Management. This book studies a two-firm supply chain, where repeated transactions via well-established supply contracts and continued quality-improvement efforts are governed by a relational contract. We are able to characterize an optimal relational contract, i.e., to develop policies for supplier and buyer that structure investments in quality and flexibility in a way that no other self-enforcing contract generates higher expected joint surplus. A second goal is to compare the performance of different returns mechanisms in the context of relational contracting (quantity flexibility and buy-back contracts). Industry studies motivate the presented model.
Author: David Frydlinger
Publisher: Springer Nature
ISBN: 3030650995
Category : Business & Economics
Languages : en
Pages : 327
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Book Description
Today’s business environment is constantly evolving, filled with volatility, uncertainty, complexity and ambiguity and driven by digital transformation, globalization, and the need to creating value through innovation. These shifts demand that organizations view contracting through a different lens. Since it is impossible to predict every what-if scenario in a transactional contract, organizations in strategic and complex partnerships must shift to a mindset of shared goals and objectives built upon a strong foundation of transparency and trust, working together to mitigate risk much better than merely shifting risk to the weaker party. Contracting in the New Economy helps you to not only develop this mindset – but also offers the practical tools needed to embrace the social side of contracting, enabling your organization to harness the value creating potential of formal relational contracts. Briefly sharing the theoretical foundations that prove relational contracting works, it goes well beyond theory by providing powerful examples of relational contracting principles in practice. In addition, the authors provide a practical and proven approach for helping you to put relational contracting theory into practice for your own relationships. First by providing a framework for approaching any contracting situation and helping organizations finding the best contract model for each situation. And then by sharing five proven steps you can take to create an effective relational contract for you own strategic and complex business relationships. For anyone involved in developing contracts —lawyers, in-house counsels, contract managers, C-level managers, procurement officers, and so on — this book will empower you to create powerful cooperative alliances that will help you reach —and surpass — your business goals in today’s dynamic new environment.
Author: Derek Walker
Publisher: John Wiley & Sons
ISBN: 0470680369
Category : Technology & Engineering
Languages : en
Pages : 318
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Book Description
Construction has been an industry characterised by disputes, fierce competitiveness and fragmentation - all major obstacles to development. Now, however, a relationship-based approach to project procurement, through partnering and alliancing, aims to bring about a fundamental change. This book addresses the critical relationship issues for a more collaborative and sustainable construction industry. It looks at how project procurement and project alliancing partner selection works, and how risk and crisis resolution are managed. It provides readers with guidance and models on how to put a relationship-based approach to procurement into practice, drawing on specific prototypes from an actual, successful project that can be adapted.
Author: Gian Luigi Albano
Publisher:
ISBN:
Category :
Languages : en
Pages : 34
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Book Description
We show how repeatedly awarded procurement contracts where unverifiable quality dimensions are relevant can be reinterpreted as relational contracts between a buyer and a contractor that is threatened by a potentially less efficient competitor. We compare two scenarios: 1) Under freedom of choices the (public) buyer freely chooses the contractor, the price and the (unverifiable) quality it should stick to, 2) in a competitive discretionary tendering the buyer evaluates differently the bids of the suppliers by means of a handicap, based on the firm's past performance. We show that, if firms' costs are common knowledge, relational discriminatory tenderings replicates the results of long term contracting (freedom of choice). The handicap ensures the existence of a relational contract under which the buyer selects the more efficient firm and pays it a price higher than its cost, and the firm delivers the required quality. This outcome is an equilibrium when thecost of quality is not too high, and the players' discount factor and the valuation of quality are not small. A self-enforcing relational contract entails an handicap which is closer to the difference between the firms' specific-cost, the lower is the variable cost of quality and the higher is the players' discount factor.
Author: Gian Luigi Albano
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
We show how repeatedly awarded procurement contracts where unverifiable quality dimensions are relevant can be reinterpreted as relational contracts between a buyer and a contractor that is threatened by a potentially less efficient competitor. We compare two scenarios: 1) Under freedom of choices the (public) buyer freely chooses the contractor, the price and the (unverifiable) quality it should stick to, 2) in a competitive discretionary tendering the buyer evaluates differently the bids of the suppliers by means of a handicap, based on the firm's past performance. We show that, firms' costs are common knowledge, relational discriminatory tenderings replicates the results of long term contracting (freedom of choice). The handicap ensures the existence of a relational contract under which the buyer selects the more efficient firm and pays it a price higher than its cost, and the firm delivers the required quality. This outcome is an equilibrium when the cost of quality is not too high, and the players' discount factor and the valuation of quality are not small. A self-enforcing relational contract entails an handicap which is closer to the difference between the firms' specific-cost, the lower is the variable cost of quality and the higher is the players' discount factor.
Author: Trevor L. Brown
Publisher: Cambridge University Press
ISBN: 1107292662
Category : Business & Economics
Languages : en
Pages : 273
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Book Description
Complex Contracting draws on core social science concepts to provide wide-ranging practical advice on how best to manage complex acquisitions. Using a strong analytical framework, the authors assess contract management practices, suggesting strategies for improvement and ways to avoid the pitfalls of managing contracts for large and sophisticated projects. An in-depth analysis of the US Coast Guard's Deepwater program is included to illustrate ways to respond to real-world contracting challenges. This high-profile and controversial case consisted of a projected 25-year, $24 billion contract through which the US Coast Guard would buy a system of new boats, aircraft, communications, and control architecture to replace its aging fleet. The authors explore the reasons why this program, launched with such promise, turned out so poorly, and apply the lessons learned to similarly complex contracting scenarios. This engaging and accessible book has broad applicability and will appeal to policymakers, practitioners, scholars and students.
Author: Michaela Isabel H Hn
Publisher:
ISBN: 9783642027925
Category :
Languages : en
Pages : 140
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Book Description
Author: Albert P Chan
Publisher: Routledge
ISBN: 1134036019
Category : Technology & Engineering
Languages : en
Pages : 385
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Book Description
Improved efficiency and effectiveness in the construction industry provide huge potential savings. Various forms of relational contracting such as partnering, alliancing, public private partnership (PPP), and joint venture are good examples of this. Relational Contracting for Construction Excellence presents the principles of relational contracting, practicalities and a series of short case studies. Principles begins with the fundamentals then covers development in major countries, definitions of relational contracting, their benefits, difficulties, critical success factors and key performance indicators. Practice includes the relational contracting approach and process in general, and significant factors which make workshops successful, at whatever stage of the process. A number of real-life case studies from the UK, USA, Australia, and Hong Kong are provided. Since the book draws on a combination of practical consultancy works and university research, a wide range of readers will find it useful, i.e. from industrial practitioners to undergraduate students.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Marcus C. Jefferies
Publisher: Routledge
ISBN: 1317635027
Category : Technology & Engineering
Languages : en
Pages : 375
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Book Description
The last three decades have seen the evolution of Public–Private Partnerships (PPPs) and Relationship Contracting (RC) as alternative procurement approaches to traditional methods of delivering public infrastructure. The potential for growth in these new forms of procurement has led to an on-going debate on the nature of requirements, particularly in terms of policy development, encouraging private investment and value for money. A key argument for Governments to procure projects using PPPs and RC is that the process delivers better value for all the stakeholders, including the community and asset end-users. This wide-ranging study of such crucial procurement issues includes international historical context, collaboration and risk management, with a focus on sustainable procurement approaches. The international significance of PPPs and RC procurement is reinforced with case study examples from the UK, Europe, North America, South Africa and the Asia-Pacific. It features cutting-edge research from around the world on subjects such as: Reviews and reflection of the PPP approach Project Alliancing Implementation of RC in developing countries Changes in procurement policy Value for money, collaboration and stakeholder involvement Growth and emergence of PPPs in Asia Risk management Including contributions from some of the world's most prominent academics and practitioners in this field, it is a crucial guide to the strategic choices governments now face for the provision of infrastructure, between using ‘public’ or ‘private’ mechanisms, or a combination of the two.
