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AbouRizk, S and Shi, J (1994) Automated Construction‐Simulation Optimization. Journal of Construction Engineering and Management, 120(02), 374–85.

AbouRizk, S M, Halpin, D W and Wilson, J R (1994) Fitting Beta Distributions Based on Sample Data. Journal of Construction Engineering and Management, 120(02), 288–305.

Bai, Y and Amirkhanian, S N (1994) Knowledge‐Based Expert System for Concrete Mix Design. Journal of Construction Engineering and Management, 120(02), 357–73.

Everett, J G and Slocum, A H (1994) Automation and Robotics Opportunities: Construction versus Manufacturing. Journal of Construction Engineering and Management, 120(02), 443–52.

Farid, F and Koning, T L (1994) Simulation Verifies Queuing Program for Selecting Loader‐Truck Fleets. Journal of Construction Engineering and Management, 120(02), 386–404.

Furuya, N, Yamaoka, R and Paulson, B C (1994) Construction of Akashi‐Kaikyo Bridge West Anchorage. Journal of Construction Engineering and Management, 120(02), 337–56.

Hinze, J and Tracey, A (1994) The Contractor‐Subcontractor Relationship: The Subcontractor's View. Journal of Construction Engineering and Management, 120(02), 274–87.

Ndekugri, I and Turner, A (1994) Building Procurement by Design and Build Approach. Journal of Construction Engineering and Management, 120(02), 243–56.

Nishigaki, S, Vavrin, J, Kano, N, Haga, T, Kunz, J C and Law, K (1994) Humanware, Human Error, and Hiyari‐Hat: A Template of Unsafe Symptoms. Journal of Construction Engineering and Management, 120(02), 421–42.

Pin, T H and Scott, W F (1994) Bidding Model for Refurbishment Work. Journal of Construction Engineering and Management, 120(02), 257–73.

Severson, G D, Russell, J S and Jaselskis, E J (1994) Predicting Contract Surety Bond Claims Using Contractor Financial Data. Journal of Construction Engineering and Management, 120(02), 405–20.

  • Type: Journal Article
  • Keywords: Contracts; Claims; Contractors; Financial management; Probability; Models;
  • ISBN/ISSN: 0733-9364
  • URL: https://doi.org/10.1061/(ASCE)0733-9364(1994)120:2(405)
  • Abstract:
    This paper describes the results of a study to predict contract bond claims based upon contractor financial data. Financial statements of 87 contractors (36 claim and 51 nonclaim) were obtained from four companies underwriting construction‐contract surety bonds. A claim contractor was defined as one that defaulted on a bond, many times requiring the surety to pay a loss. A nonclaim contractor was defined as one that has not defaulted on a surety bond. A predictive model was developed using discrete choice modeling. Variables identified in the model are cost monitoring, underbillings/sales, total current liabilities/sales, retained earnings/sales, and net income before taxes/sales. This model predicts the probability of experiencing a claim in the accounting period following the period in which the financial statement was prepared. Considering each variable, recommendations are presented for reducing the probability of claim. Additionally, questions related to the variables have been developed for consideration by the management of construction companies. The model can assist construction‐industry professionals by providing them with a quantitative tool to evaluate contractors.

Thomas, H R, Smith, G R and Mellott, R E (1994) Interpretation of Construction Contracts. Journal of Construction Engineering and Management, 120(02), 321–36.

Williams, T P (1994) Predicting Changes in Construction Cost Indexes Using Neural Networks. Journal of Construction Engineering and Management, 120(02), 306–20.