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Barraza, G A, Back, W E and Mata, F (2004) Probabilistic Forecasting of Project Performance Using Stochastic S Curves. Journal of Construction Engineering and Management, 130(01), 25–32.

Bonnal, P, Gourc, D and Lacoste, G (2004) Where Do We Stand with Fuzzy Project Scheduling?. Journal of Construction Engineering and Management, 130(01), 114–23.

Chan, A P C, Scott, D and Chan, A P L (2004) Factors Affecting the Success of a Construction Project. Journal of Construction Engineering and Management, 130(01), 153–5.

Cho, Y, Haas, C T, Sreenivasan, S V and Liapi, K (2004) Position Error Modeling for Automated Construction Manipulators. Journal of Construction Engineering and Management, 130(01), 50–58.

Deng, X, Ding, S and Tian, Q (2004) Reasons underlying a mandatory high penalty construction contract bonding system. Journal of Construction Engineering and Management, 130(01), 67–74.

  • Type: Journal Article
  • Keywords: civil engineering; contracts; economic analysis; government policies; public finance; public policy; public works
  • ISBN/ISSN: 0733-9364
  • URL: https://doi.org/10.1061/(ASCE)0733-9364(2004)130:1(67)
  • Abstract:

    Mandatory high penalty conditional bond in public works features the current U.S. construction contract bonding system, which is unique to the low penalty unconditional bond, a more popular choice on the international market. The diversity of construction contract bonding practices puzzles many transitional economies in their globalization processes, when they are to establish or reform their construction contract bonding system. Based on the research into surety bonding mechanisms, this paper illustrates that the penalty requirement is a controlling factor, and that only high penalty conditional bond and low penalty unconditional bond can bring a state of equilibrium to the market. The conditional bond is fairer, and a high penalty conditional bond is a more functional choice than the low penalty unconditional bond. However, lack of enough demand and experienced sureties hampers the application of high penalty condition bonds. Being the nominal owner of public works, the government can always save its money from construction contract bonding system and start up the demands. Therefore, a mandatory surety bonding system in public works with a high penalty requirement should be a good public policy choice for the government.

     

Dikmen, I and Birgonul, M T (2004) Neural Network Model to Support International Market Entry Decisions. Journal of Construction Engineering and Management, 130(01), 59–66.

Dzeng, R J, Wang, W C and Tserng, H P (2004) Module-Based Construction Schedule Administration for Public Infrastructure Agencies. Journal of Construction Engineering and Management, 130(01), 5–14.

Elazouni, A M and Gab-Allah, A A (2004) Finance-Based Scheduling of Construction Projects Using Integer Programming. Journal of Construction Engineering and Management, 130(01), 15–24.

Ford, D N, Anderson, S D, Damron, A J, de Las Casas, R, Gokmen, N and Kuennen, S T (2004) Managing Constructibility Reviews to Reduce Highway Project Durations. Journal of Construction Engineering and Management, 130(01), 33–42.

Goodrum, P M and Haas, C T (2004) Long-Term Impact of Equipment Technology on Labor Productivity in the U.S. Construction Industry at the Activity Level. Journal of Construction Engineering and Management, 130(01), 124–33.

Hauck, A J, Walker, D H T, Hampson, K D and Peters, R J (2004) Project Alliancing at National Museum of Australia—Collaborative Process. Journal of Construction Engineering and Management, 130(01), 143–52.

Ho, S P and Liu, L Y (2004) Analytical Model for Analyzing Construction Claims and Opportunistic Bidding. Journal of Construction Engineering and Management, 130(01), 94–104.

Ling, F Y Y, Chan, S L, Chong, E and Ee, L P (2004) Predicting Performance of Design-Build and Design-Bid-Build Projects. Journal of Construction Engineering and Management, 130(01), 75–83.

Marzouk, M and Moselhi, O (2004) Multiobjective Optimization of Earthmoving Operations. Journal of Construction Engineering and Management, 130(01), 105–13.

Shapira, A (2004) Work Inputs and Related Economic Aspects of Multitier Shoring Towers. Journal of Construction Engineering and Management, 130(01), 134–42.

Shr, J and Chen, W T (2004) Setting Maximum Incentive for Incentive/Disincentive Contracts for Highway Projects. Journal of Construction Engineering and Management, 130(01), 84–93.

Treloar, G J, Love, P E D and Crawford, R H (2004) Hybrid Life-Cycle Inventory for Road Construction and Use. Journal of Construction Engineering and Management, 130(01), 43–49.