Incomplete contract in private finance initiative(PFI): a modified Delphi study

Incomplete contract (IC) is a contract that fails to state all the parties’ rights and obligations, has gaps and ambiguities in its terms and conditions. Literature had discussed the reasons of IC are due to long duration of the contract, high risk and uncertainty, high transaction cost, bounded rat...

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Main Authors:	Mansor, Nur Syaimasyaza, Ayob, Mohd Fairullazi, Abdul Rashid, Khairuddin
Format:	Article
Language:	English English
Published:	American Scientific Publishers 2017
Subjects:	K Law (General) TH1000 Systems of building construction TH4021 Buildings. Construction with reference to use. TX955 Building operation and maintenance
Online Access:	http://irep.iium.edu.my/45973/ http://irep.iium.edu.my/45973/ http://irep.iium.edu.my/45973/ http://irep.iium.edu.my/45973/8/45973_Incomplete%20contract%20in%20private.pdf http://irep.iium.edu.my/45973/9/45973_Incomplete%20contract%20in%20private_SCOPUS.pdf

id	iium-45973
recordtype	eprints
spelling	iium-459732018-03-21T04:29:10Z http://irep.iium.edu.my/45973/ Incomplete contract in private finance initiative(PFI): a modified Delphi study Mansor, Nur Syaimasyaza Ayob, Mohd Fairullazi Abdul Rashid, Khairuddin K Law (General) TH1000 Systems of building construction TH4021 Buildings. Construction with reference to use. TX955 Building operation and maintenance Incomplete contract (IC) is a contract that fails to state all the parties’ rights and obligations, has gaps and ambiguities in its terms and conditions. Literature had discussed the reasons of IC are due to long duration of the contract, high risk and uncertainty, high transaction cost, bounded rationality, and others. Private Finance Initiative (PFI) contracts are also inevitably incomplete. PFI involves the private sector to finance, design, construct, operate and maintain the asset through 20-30 years concession period. It is almost impossible for the parties to specify all potential contingencies that might occur throughout the contract period. IC could provide the necessary flexibility in the contract to deal with uncertainty. Nonetheless, it can cause inefficiencies and costs, hold-up problem, and others. This paper aims to investigate the presence of IC in PFI contract in Malaysia through a two-round modified Delphi method. 12 clauses are identified incomplete through literature review and content analysis, and it became the basis of the semi-structured questionnaire for the modified Delphi approach. The statistical descriptive analysis was used to analyze the data and the results found that out of 12 clauses, only 10 clauses were considered incomplete. American Scientific Publishers 2017-01 Article PeerReviewed application/pdf en http://irep.iium.edu.my/45973/8/45973_Incomplete%20contract%20in%20private.pdf application/pdf en http://irep.iium.edu.my/45973/9/45973_Incomplete%20contract%20in%20private_SCOPUS.pdf Mansor, Nur Syaimasyaza and Ayob, Mohd Fairullazi and Abdul Rashid, Khairuddin (2017) Incomplete contract in private finance initiative(PFI): a modified Delphi study. Advanced Science Letters, 23 (1). pp. 227-231. ISSN 1936-6612 E-ISSN 1936-7317 http://www.ingentaconnect.com/content/asp/asl/2017/00000023/00000001/art00055 10.1166/asl.2017.7141
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	K Law (General) TH1000 Systems of building construction TH4021 Buildings. Construction with reference to use. TX955 Building operation and maintenance
spellingShingle	K Law (General) TH1000 Systems of building construction TH4021 Buildings. Construction with reference to use. TX955 Building operation and maintenance Mansor, Nur Syaimasyaza Ayob, Mohd Fairullazi Abdul Rashid, Khairuddin Incomplete contract in private finance initiative(PFI): a modified Delphi study
description	Incomplete contract (IC) is a contract that fails to state all the parties’ rights and obligations, has gaps and ambiguities in its terms and conditions. Literature had discussed the reasons of IC are due to long duration of the contract, high risk and uncertainty, high transaction cost, bounded rationality, and others. Private Finance Initiative (PFI) contracts are also inevitably incomplete. PFI involves the private sector to finance, design, construct, operate and maintain the asset through 20-30 years concession period. It is almost impossible for the parties to specify all potential contingencies that might occur throughout the contract period. IC could provide the necessary flexibility in the contract to deal with uncertainty. Nonetheless, it can cause inefficiencies and costs, hold-up problem, and others. This paper aims to investigate the presence of IC in PFI contract in Malaysia through a two-round modified Delphi method. 12 clauses are identified incomplete through literature review and content analysis, and it became the basis of the semi-structured questionnaire for the modified Delphi approach. The statistical descriptive analysis was used to analyze the data and the results found that out of 12 clauses, only 10 clauses were considered incomplete.
format	Article
author	Mansor, Nur Syaimasyaza Ayob, Mohd Fairullazi Abdul Rashid, Khairuddin
author_facet	Mansor, Nur Syaimasyaza Ayob, Mohd Fairullazi Abdul Rashid, Khairuddin
author_sort	Mansor, Nur Syaimasyaza
title	Incomplete contract in private finance initiative(PFI): a modified Delphi study
title_short	Incomplete contract in private finance initiative(PFI): a modified Delphi study
title_full	Incomplete contract in private finance initiative(PFI): a modified Delphi study
title_fullStr	Incomplete contract in private finance initiative(PFI): a modified Delphi study
title_full_unstemmed	Incomplete contract in private finance initiative(PFI): a modified Delphi study
title_sort	incomplete contract in private finance initiative(pfi): a modified delphi study
publisher	American Scientific Publishers
publishDate	2017
url	http://irep.iium.edu.my/45973/ http://irep.iium.edu.my/45973/ http://irep.iium.edu.my/45973/ http://irep.iium.edu.my/45973/8/45973_Incomplete%20contract%20in%20private.pdf http://irep.iium.edu.my/45973/9/45973_Incomplete%20contract%20in%20private_SCOPUS.pdf
first_indexed	2023-09-18T21:05:25Z
last_indexed	2023-09-18T21:05:25Z
_version_	1777410900870823936

Incomplete contract in private finance initiative(PFI): a modified Delphi study

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