Abstracts – Browse Results
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Chiang, Y and Cheng, E W L (2009) Perception of Financial Institutions toward Financing PFI Projects in Hong Kong. Journal of Construction Engineering and Management, 135(09), 833–40.
Chou, C, Caldas, C H, O’Connor, J T, Sroka, A W and Goldman, G K (2009) Identification of Decision Drivers for the Strategy of Incorporating Utility Relocations into Highway Construction Contracts. Journal of Construction Engineering and Management, 135(09), 812–8.
Choudhry, R M, Fang, D and Lingard, H (2009) Measuring Safety Climate of a Construction Company. Journal of Construction Engineering and Management, 135(09), 890–9.
De Marco, A, Briccarello, D and Rafele, C (2009) Cost and Schedule Monitoring of Industrial Building Projects: Case Study. Journal of Construction Engineering and Management, 135(09), 853–62.
Dhakal, S, Mrawira, D and Rankin, J (2009) Effect of Specifications Type on the Quality of Paving Contracts in New Brunswick. Journal of Construction Engineering and Management, 135(09), 801–11.
El-adaway, I H and Kandil, A A (2009) Contractors’ Claims Insurance: A Risk Retention Approach. Journal of Construction Engineering and Management, 135(09), 819–25.
- Type: Journal Article
- Keywords: Contracts; Claims; Financing; Risk management; Construction management;
- ISBN/ISSN: 0733-9364
- URL: https://doi.org/10.1061/(ASCE)CO.1943-7862.0000033
- Abstract:
The negative effects of claims and disputes have serious negative impacts on contracting parties, their projects, the construction industry as a whole, and consequently on the nation’s economy. This paper explores a method for mitigating the negative effects associated with contractors’ claims and disputes using a risk retention approach. This method can help contractors in getting early relief from the financial and economic burdens of construction claims. To meet the goals and objectives of this study, the writers have: (1) investigated the feasibility of pricing insurance premiums using the options pricing theory; (2) explored the applicability of modeling the options pricing theory using Monte Carlo simulation; (3) set up the principles required for optimal design of a risk retention group for construction claims; and (4) tested the possible impact of the newly developed risk retention group using historic data of 10,193 construction projects spanning over 12 different California districts. Pursuant to this study, it was verified that construction claims satisfy the required principles for insurance. Also, based on the used testing framework, the developed risk retention group for construction claims has been proved a success from the insured and insurer sides. It is the writers’ hope that this study will lay the basis for a leading risk management technique that could be extended over the nation for the benefit of relieving the negative consequences associated with lengthy claims and disputes resolution in the construction industry.
Golden, S K and Skibniewski, M J (2009) Immigration and Construction: The Makeup of the Workforce in the Washington, D.C., Metropolitan Area. Journal of Construction Engineering and Management, 135(09), 874–80.
Hartmann, A, Ling, F Y Y and Tan, J S H (2009) Relative Importance of Subcontractor Selection Criteria: Evidence from Singapore. Journal of Construction Engineering and Management, 135(09), 826–32.
Kiziltas, S and Akinci, B (2009) Contextual Information Requirements of Cost Estimators from Past Construction Projects. Journal of Construction Engineering and Management, 135(09), 841–52.
Le, T, Caldas, C H, Gibson, G E and Thole, M (2009) Assessing Scope and Managing Risk in the Highway Project Development Process. Journal of Construction Engineering and Management, 135(09), 900–10.
Lu, M and Lam, H (2009) Transform Schemes Applied on Non-Finish-to-Start Logical Relationships in Project Network Diagrams. Journal of Construction Engineering and Management, 135(09), 863–73.
Minchin, R E (2009) Fall and Rise of the Largest Construction Manager-at-Risk Transportation Construction Project Ever. Journal of Construction Engineering and Management, 135(09), 930–8.
Mitropoulos, P, Cupido, G and Namboodiri, M (2009) Cognitive Approach to Construction Safety: Task Demand-Capability Model. Journal of Construction Engineering and Management, 135(09), 881–9.
Odeh, I, El-Rayes, K and Liu, L (2009) Field Experiments to Evaluate and Control Light Tower Glare in Nighttime Work Zones. Journal of Construction Engineering and Management, 135(09), 911–9.
Poveda, C A and Fayek, A R (2009) Predicting and Evaluating Construction Trades Foremen Performance: Fuzzy Logic Approach. Journal of Construction Engineering and Management, 135(09), 920–9.