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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Malaysia Technical Scientist Association
2016
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| Online Access: | http://irep.iium.edu.my/53095/ http://irep.iium.edu.my/53095/1/incomplete%20seminar%20complete_53095.pdf |
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iium-530952018-01-15T08:50:20Z http://irep.iium.edu.my/53095/ Incomplete contract in private finance initiative(PFI): a modified Delphi study Mansor, Nur Syaimasyaza Ayob, Mohd Fairullazi Abdul Rashid, Khairuddin 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. Malaysia Technical Scientist Association 2016-03-17 Conference or Workshop Item PeerReviewed application/pdf en http://irep.iium.edu.my/53095/1/incomplete%20seminar%20complete_53095.pdf Mansor, Nur Syaimasyaza and Ayob, Mohd Fairullazi and Abdul Rashid, Khairuddin (2016) Incomplete contract in private finance initiative(PFI): a modified Delphi study. In: 2016 Advanced Research on Business, Management and Humanities (ARBUHUM2016), 15-17 March 2016, HARRIS hotel & conventions festival citylink – Bandung, Jl. Peta 241, Pasir Koja, Bandung – Indonesia 40323. (Unpublished) |
| repository_type |
Digital Repository |
| institution_category |
Local University |
| institution |
International Islamic University Malaysia |
| building |
IIUM Repository |
| collection |
Online Access |
| language |
English |
| topic |
TH1000 Systems of building construction TH4021 Buildings. Construction with reference to use. TX955 Building operation and maintenance |
| spellingShingle |
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 |
Conference or Workshop Item |
| 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 |
Malaysia Technical Scientist Association |
| publishDate |
2016 |
| url |
http://irep.iium.edu.my/53095/ http://irep.iium.edu.my/53095/1/incomplete%20seminar%20complete_53095.pdf |
| first_indexed |
2023-09-18T21:15:10Z |
| last_indexed |
2023-09-18T21:15:10Z |
| _version_ |
1777411514015154176 |