Effective hedging of business risks via protective instruments in public works contracts

Result code in IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216305%3A26110%2F19%3APU132074" target="_blank" >RIV/00216305:26110/19:PU132074 - isvavai.cz</a>

Result on the web

<a href="http://www.esd-conference.com/past-conferences" target="_blank" >http://www.esd-conference.com/past-conferences</a>

DOI - Digital Object Identifier

—

Result language

angličtina

Original language name

Effective hedging of business risks via protective instruments in public works contracts

Original language description

According to the Act on Public Procurement issued in the Czech Republic in 2016, the contracting authority specifies a set of economic qualification criteria and technical qualification criteria in order to establish human resources, technical resources and the expertise and experience necessary to perform the contract acceptable. For building construction project, meeting all qualification requirements does not yet represent protection of the contracting public authority to the potential business risks connected with the construction contract. At this moment, protective instruments in the contracts for works must be used to ensure the delivery of contract on time, cost and quality. The paper analyses the contracts for public works in the field of retirement homes for the elderly which were built in last six years in the Czech Republic. The aim is to determine the hedging of business risks and the most frequently used protective instruments applied to solve the potential business risks, how efficient they are and whether the frequency of the applied instruments contrasts with other types of construction contracts. A quantitative analysis of the currently used protective instruments in the contracts for public works is performed. The outcomes of the empirical study are compared with previous research of authors in the field of revitalization of school buildings and sewage facilities and equipment. Overall, the research paper identifies what protective instruments are currently employed, at what amounts and whether the instruments fulfil the functions required to protect both investors and contractors during the contract period and to ensure quality of public construction works contracts with the criteria of economy, efficiency and effectiveness.

Czech name

—

Czech description

—

Type

D - Article in proceedings

CEP classification

—

OECD FORD branch

20101 - Civil engineering

Project

—

Continuities

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Publication year

2019

Confidentiality

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Article name in the collection

37th International Scientific Conference on Economic and Social Development – "Socio Economic Problems of Sustainable Development"

ISBN

—

ISSN

1849-7535

e-ISSN

—

Number of pages

10

Pages from-to

710-719

Publisher name

Varazdin Development Entrepreneurship Agency

Place of publication

Varazdin, Chorvatsko

Event location

Baku, Azerbaijan

Event date

Feb 14, 2019

Type of event by nationality

WRD - Celosvětová akce

UT code for WoS article

000471844300092