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Journal articles on the topic 'Forward contracts'

Author: Grafiati

Published: 4 June 2021

Last updated: 30 May 2022

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1

Gersbach, Hans, Volker Hahn, and Yulin Liu. "FORWARD GUIDANCE CONTRACTS." Macroeconomic Dynamics 23, no. 8 (2018): 3386–423. http://dx.doi.org/10.1017/s1365100518000093.

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We examine “Forward Guidance Contracts,” which penalize central bankers for choosing high interest rates. We integrate those contracts into the New Keynesian Framework and show that they can be used to overcome a liquidity trap. Moreover, although the government takes only a share of the social benefits into account when it has to decide whether to offer the contract, we demonstrate that for plausible parameter values the government will always find it desirable to offer the contract in a liquidity trap but not in normal times. Finally, we show that the optimal duration of such contracts is typically very short.

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2

Carmichael, David G., and John P. Karantonis. "Construction contracts with conversion capability: a way forward." Journal of Financial Management of Property and Construction 20, no. 2 (2015): 132–46. http://dx.doi.org/10.1108/jfmpc-10-2014-0022.

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Purpose – The purpose of this paper is to explore the role and viability of changing contract terms as a project progresses and to offer an original analysis in this respect. Commonly, projects start out with broadly defined information, and this gets refined as the project progresses. This suggests that a prudent approach would be to tailor the contract between the project owner and the project contractor to the project stage, with conversions along the way. Information asymmetry between owner and contractor also suggests the need to tailor a contract to a project ' s situation. Design/methodology/approach – An original method of analysis of the conversion of contract terms within projects is given, along with discussion on the risk transfer between owner and contractor, the common law issues associated with implementing such conversions, any compensation that the owner might need to pay, the timing of the conversion and associated practical implementation issues. The paper, for definiteness, concentrates on construction contracts with conversion between payment types, but the paper’s approach applies to all contracts and all terms within contracts. Findings – The paper provides a readily usable method for analysing the value of having a convertible contract, couched within acceptable common law practice. Practical implications – The paper offers a novel method and framework usable by practitioners for establishing the value of convertibility within a contract. Having convertibility within a contract can be shown to offer benefits to both contracting parties. Originality/value – The idea of having flexible contracts is not new, but, hitherto, a rational method of analysing their value has been missing. This paper gives an original analysis of contracts with conversion capabilities. Current literature does not deal directly with the matter addressed in the paper.

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3

Dchieche, Amina. "Pricing of Participating Forward Contract." Global Review of Islamic Economics and Business 8, no. 2 (2020): 091. http://dx.doi.org/10.14421/grieb.2020.082-03.

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The purpose of this work is to model a participating forward contract permitting to avoid unlimited risk and unknown loss using a formula of risk sharing that includes the payment of an additional amount under specific price variations. This contract offers a new tool that Islamic finance can use since this finance is suspicious of classical forward contracts. The modeling is based on the classical forward equation, which incorporates the profit and loss sharing principle derived from Islamic finance. The participating forward is tested on oil data prices to compare the participating forward contract to the classical one. The participating forward offers a better possibility of profit to the seller and the buyer because of the PLS mechanism which reduces the risk for both parties. The main implication of this modeling is that the participating forward can provide some investors and Islamic banks with an alternative to conventional forward contracts.

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4

Shin, Yong Jae, and Unyong Pyo. "Liquidity hedging with futures and forward contracts." Studies in Economics and Finance 36, no. 2 (2019): 265–90. http://dx.doi.org/10.1108/sef-04-2018-0109.

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Purpose This paper aims to develop hedging strategies using both futures and forward contracts and issuing risky debt when financially constrained firms are forced to operate in long horizon. Design/methodology/approach The authors present a model for developing hedging strategies using both futures and forward contracts and issuing risky debt. A theoretical model employing stochastic differential equations for forward hedging is illustrated with a numerical example over parameter values consistent with the literature. Findings A financially constrained firm with limited cash balance must hedge its liquidity with both future and forward contracts and issue risky debt to support its long-term operations. The firm can issue a minimal amount of risky debt by adding forward contracts into hedging and can increase its value higher than that when hedging with only futures contracts. We show numerically that hedging with both futures and forward contracts allows the firm to issue minimal risky debt in increasing its firm value. Practical implications When Metallgesellschaft nearly collapsed in 1993, it offered long-term forward contracts to its customers and attempted to hedge its risk by rolling over series of short-term futures contract. It created the situation of inherent mismatch in maturity structure. A financially constrained firm operating in a long horizon appears to commit its liquidity as long-term forward contracts, which cannot be fully hedged with series of futures contacts. The firm should hedge its liquidity with both futures and forward contracts and avoid liquidation with deadweight costs in its long-term operation. Originality/value This is the first study examining hedging strategies with both futures and forward contracts.

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5

Wu, Song, and Mei Ling Wang. "Study on Adjusting Contract Sum of Construction Projects from Contract Status Compensation Perspective." Applied Mechanics and Materials 584-586 (July 2014): 2343–48. http://dx.doi.org/10.4028/www.scientific.net/amm.584-586.2343.

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The initial contract status was formed when the contract was signed, firstly, this paper analyzed necessities of adjusting contract sum and practicable routes that could be followed for classifying and compensating contract status; which was initiated under three contract types, lump sum contracts, unit rate contracts and cost plus contracts for balancing the rights and obligations for both contract parties and aims to provide a reference for pushing forward construction progress smoothly.

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6

Zhao, Yan Qing, and Hai Jiang Jin. "Research about the Contract Management and Execution of Contractors." Applied Mechanics and Materials 584-586 (July 2014): 2268–71. http://dx.doi.org/10.4028/www.scientific.net/amm.584-586.2268.

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Contract execution and management is the core of project management, however contractors in China failed to fully recognize its importance. In the process of contract implementation, problems like oversimplified contract, lagging contracts modification, lagging vise engineering change and letter sending and so forth are very common, which all contribute to high risk and low efficiency in contracting engineering projects. The origin of these problems were analyzed and some practical solutions were put forward in this paper .

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7

Giacomelli, Jacopo, and Luca Passalacqua. "Unsustainability Risk of Bid Bonds in Public Tenders." Mathematics 9, no. 19 (2021): 2385. http://dx.doi.org/10.3390/math9192385.

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Public works contracts are commonly priced and awarded through a tender process. Each bidder joining the tender must underwrite a bid bond that guarantees their fitness as contractors in case of a win. The winning contractor also needs to underwrite a performance bond before entering the contract to protect the procuring entity against the performance risk arising during the execution phase. This study addresses the case when sureties refuse to issue the performance bond, despite having issued a bid bond to the same subject. A creditworthiness variation of the contractor during the tender or an excessive discount of the contract’s price may lead to this outcome. In that case, all the subjects involved are damaged. The surety who issued the bid bond has to indemnify the procuring entity. The contract award is nullified, which is financially harmful to both the contractor and the procuring entity. We show that sureties adopting a forward-looking risk appetite framework may prevent the demand for unsustainable performance bonds instead of addressing it by rejecting the bidders’ requests. The Solvency II regulatory framework, the Italian bidding law, and actual historical data available from the Italian construction sector are considered to specify a simplified model. The probability of unsustainable tender outcomes is numerically estimated by the model, together with the mitigating impact of a surety’s proper strategy.

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8

Staudenmayer, Dirk. "The Way Forward in European Contract Law." European Review of Private Law 13, Issue 2 (2005): 95–104. http://dx.doi.org/10.54648/erpl2005008.

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The Commission has gone one step further on its way to a coherent European contract law. The Communication ?European contract law and the revision of the acquis: the way forward? shows this already in its title. The Communication deals in particular with the development of the Common Frame of Reference which will serve as a tool to review and revise the contract?law?relevant EC acquis. In addition, it also develops some parameters for the discussion on future optional instruments in European contract law which the contractual parties can choose as the applicable law for cross?border contracts.

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MCKENZIE, ANDREW M., BRADLEY J. ISBELL, and B. WADE BRORSEN. "THE COST OF FORWARD CONTRACTING IN THE CIF NOLA EXPORT BID MARKET." Journal of Agricultural and Applied Economics 51, no. 1 (2019): 164–81. http://dx.doi.org/10.1017/aae.2018.30.

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AbstractThe CIF NOLA “river market” represents an important but opaque forward market that serves Gulf exporters and elevators. CIF NOLA bids function similarly to traditional forward contracts; however, like a futures market, firms can offset their forward contractual obligations by offsetting positions in a liquid off-exchange paper market. Analysis shows grain sellers pay a risk premium for fall harvest delivery contracts. However, outside of fall harvest, contract liquidity, coupled with a good institutional balance of long and short market participants, mostly removes the pricing bias commonly found in farmer forward contracting in corn and soybeans.

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10

Thorp, Edward O. "Options on Commodity Forward Contracts." Management Science 31, no. 10 (1985): 1232–36. http://dx.doi.org/10.1287/mnsc.31.10.1232.

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11

DeGraba, Patrick, and Maureen O'Hara. "Extracting rents with forward contracts." International Journal of Industrial Organization 10, no. 1 (1992): 103–25. http://dx.doi.org/10.1016/0167-7187(92)90051-y.

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12

Jadalhaq, Iyad Mohammad. "Gross Fraud in the UAE Civil Code: From Its Roots in Islamic Jurisprudence to Contemporary Proposals for Reform." Arab Law Quarterly 34, no. 2 (2019): 109–40. http://dx.doi.org/10.1163/15730255-12341046.

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Abstract The regulations concerning gross fraud instituted by the United Arab Emirates (UAE) legislature in the UAE Civil Code are derived from provisions put forward by the Ḥanafī school of law. A general rule was put forward, and exceptions thereto were set. A certain remedy for gross fraud was instituted, namely, giving the defrauded party the right to terminate the contract. This article determines the comprehensiveness and adequacy of the legal texts dealing with the impact of gross fraud on contracts in the UAE Civil Code, the methods by which balance could be achieved between the interests of the contracting parties, and the means of protecting the defrauded contractor. Furthermore, shortcomings and defects in the existing legal texts that require amendment and reform are highlighted. This study concludes that the legislative treatment of the impact of gross fraud on contracts is insufficient, and advances possible recommendations.

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13

Brodie, Douglas. "The employment contract and unfair contracts legislation." Legal Studies 27, no. 1 (2007): 95–109. http://dx.doi.org/10.1111/j.1748-121x.2006.00040.x.

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In 2005, the Law Commissions published a report reviewing unfair contracts legislation in the UK. Where the contract of employment was concerned, the Commissions were of the view that, in short, the status quo should remain. This paper seeks to appraise that position and considers whether an opportunity to bring forward beneficial reforms has been missed. The paper takes cognisance of the legislative scheme in New South Wales, which contains extensive powers where unfair contracts are concerned. It is suggested that, in the UK, the two key issues which need to be addressed are contracting-out and terms which may be substantively unfair.

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14

Karpova, Vlada, Tetjana Serikova, and Viktoriia Tyschenko. "Management of the development of the accounting and tax accounting system for forward and futures contracts." Development Management 17, no. 2 (2019): 17–25. http://dx.doi.org/10.21511/dm.17(2).2019.03.

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In the modern conditions of economic development management in Ukraine, forward and futures contracts allow for reducing risks of price fluctuations that are necessary for economic entities under growing inflation. The number of concluded deals with futures is constantly decreasing, which is influenced by the lack of legal regulation of the taxation of derivatives transactions in Ukraine. Therefore, the purpose of the study is to determine the directions of development of the tax and accounting system for forward and futures contracts. The subject of the study is the methodical provision of tax and accounting for forward and futures contracts. The theoretical and methodological basis of the research is the position of modern economic theory, legislative, normative and instructional documents on taxation. According to the results of the study, accounting and tax accounting for forward and futures contracts is included in the enterprise accounting system. The management of this system is carried out through the improvement of regulations that regulate at the legislative level the tax and accounting of forward and futures contracts. The authors found that at present, in Ukraine, the procedure for accounting for forward and futures contracts is not clearly regulated at the legal level in Ukraine. The analysis showed that the national accounting provisions (standards) contain insufficient information regarding the disclosure of such transactions in the entity’s accounting records. In order to solve these problems, an original systematization of accounting rules for forward and futures contracts based on international financial reporting standards is proposed. The systematization of regulatory accounting rules can be used in the development of methodological recommendations that regulate the accounting of forward and futures contracts in Ukraine. This will solve the problems that exist at this time in managing the development of accounting and tax accounting for forward and futures contracts.

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15

Livingston, Miles. "The Delivery Option on Forward Contracts." Journal of Financial and Quantitative Analysis 22, no. 1 (1987): 79. http://dx.doi.org/10.2307/2330871.

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16

Bick, Avi. "Producing Derivative Assets with Forward Contracts." Journal of Financial and Quantitative Analysis 23, no. 2 (1988): 153. http://dx.doi.org/10.2307/2330878.

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17

Chow, Ying-Foon, Michael McAleer, and John Sequeira. "Pricing of Forward and Futures Contracts." Journal of Economic Surveys 14, no. 2 (2000): 215–53. http://dx.doi.org/10.1111/1467-6419.00110.

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18

Wong, Kit Pong. "Cross Hedging with Currency Forward Contracts." Journal of Futures Markets 33, no. 7 (2012): 653–74. http://dx.doi.org/10.1002/fut.21561.

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19

Varfolomeeva, Vera A., and Natalia A. Ivanova. "FORWARD CONTRACTS AND THEIR MAIN CHARACTERISTICS." EKONOMIKA I UPRAVLENIE: PROBLEMY, RESHENIYA 2/2, no. 122 (2022): 4–9. http://dx.doi.org/10.36871/ek.up.p.r.2022.02.02.001.

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The article reveals the essence of forward transactions, forward prices. The relevance of the topic of the article is due to the fact that the modern financial market in many of its sectors is characterized by high price volatility. The authors highlight the main advantages and disadvantages of using forward contracts, as well as the scope of their application. The variants of the forward contracts used are indicated. It turns out where forward contracts are common, what requirements and points should be analyzed by the parties when concluding a forward agreement.

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20

Rezende, Christiane Leles, and Decio Zylbersztajn. "Pacta sunt servanda versus the social role of contracts: the case of Brazilian agriculture contracts." Revista de Economia e Sociologia Rural 50, no. 2 (2012): 207–21. http://dx.doi.org/10.1590/s0103-20032012000200001.

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This study explores the instability created by contradictory court decisions related with contract breaches. Forward marketing contracts represent an important source of resources to finance Brazilian agriculture, however a large number of contract breaches were observed during a period of marked increase in soy prices. The study analyzed 161 judicial appeal decisions and a survey was carried with 70 farmers. The results show the difference of judges' interpretation and the existence of second order effects. The effects of court decisions were more requirements of guarantees and the reduction in the number of contracts. Those soybean farmers who did not breach their contracts have also been negatively affected by the strategic reactions of trading and processing companies. The concept of "social function of the contract" introduced in Brazilian civil code led to a higher degree of instability in contracts, raising transaction costs and motivating private economic sanctions.

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21

Koontz, Stephen R., Michael A. Hudson, and Matthew W. Hughes. "Livestock Futures Markets And Rational Price Formation: Evidence For live Cattle And Live Hogs." Journal of Agricultural and Applied Economics 24, no. 1 (1992): 233–49. http://dx.doi.org/10.1017/s0081305200026157.

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AbstractThe efficiency of livestock futures markets continues to receive attention, particularly with regard to their forward pricing or forecasting ability. The purpose of this paper is to present a more general theory that encompasses the forward pricing concept. It is argued that futures contract prices for competitively produced nonstorable commodities, such as live cattle and live hogs, follow a rational formation process. Futures contract prices reflect expected market conditions when contracts are sufficiently close to the delivery month that the supply of the underlying commodity cannot be changed. However, prior to the period when future supplies are relatively fixed, futures contract prices should adjust to reflect the competitive equilibrium, where output price equals average costs of production. Presented evidence suggests that live cattle and live hog futures markets support the rational price formation hypothesis: prices for distant contracts reflect average costs of feeding. Implications for risk management strategies are considered.

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22

Yadav, Vanita, and B. A. Metri. "Outsourcing Contract Success." International Journal of Innovation in the Digital Economy 1, no. 4 (2010): 41–53. http://dx.doi.org/10.4018/jide.2010100104.

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Despite the phenomenal growth in outsourcing of various business functions like Enterprise Systems outsourcing, IT outsourcing, and Business Process outsourcing, there has been relatively less attention given to the high-risk area of outsourcing contracts. In this regard, contract has been the conventional medium for governing outsourcing relationships. This study aims to bring forward the importance of quality in the entire contracting process, involving contract planning, pre-contract negotiation, contract formulation, and post-contract management. Specifically, the objective of this paper is to posit a quality framework for planning and analyzing outsourcing contracts that will in turn help in achieving outsourcing success. The framework proposed can be a useful guiding lens for practitioners and researchers associated with outsourcing work.

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23

Anderson, Edward J., and Xinmin Hu. "Asymmetric Supply Function Equilibria with Forward Contracts." Journal of Optimization Theory and Applications 152, no. 1 (2011): 198–224. http://dx.doi.org/10.1007/s10957-011-9879-2.

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BRADBURY, MICHAEL, and HELEN PRANGNELL. "(Net) Fair Value Accounting for Forward Contracts." Australian Accounting Review 15, no. 37 (2005): 84–89. http://dx.doi.org/10.1111/j.1835-2561.2005.tb00307.x.

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25

Lioui, Abraham, and Patrice Poncet. "General equilibrium pricing of nonredundant forward contracts." Journal of Futures Markets 23, no. 9 (2003): 817–40. http://dx.doi.org/10.1002/fut.10087.

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26

Höffler, Felix, and Sebastian Kranz. "Using Forward Contracts to Reduce Regulatory Capture." Journal of Industrial Economics 63, no. 4 (2015): 598–624. http://dx.doi.org/10.1111/joie.12086.

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27

Gedra, T. W. "Optional forward contracts for electric power markets." IEEE Transactions on Power Systems 9, no. 4 (1994): 1766–73. http://dx.doi.org/10.1109/59.331429.

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28

Chau, K. W., S. K. Wong, and C. Y. Yiu. "Housing Quality in the Forward Contracts Market." Journal of Real Estate Finance and Economics 34, no. 3 (2007): 313–25. http://dx.doi.org/10.1007/s11146-007-9018-x.

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29

Redl, Christian, and Derek W. Bunn. "Determinants of the premium in forward contracts." Journal of Regulatory Economics 43, no. 1 (2012): 90–111. http://dx.doi.org/10.1007/s11149-012-9202-7.

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30

Rodriguez, David Esteban, Alfredo Trespalacios, and David Galeano. "Risk Transfer in an Electricity Market." Mathematics 9, no. 21 (2021): 2661. http://dx.doi.org/10.3390/math9212661.

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Energy is traded using different products; long-term contracts or electricity forward contracts can assure the future transaction price. However, due to the difficulties in storing electrical energy for long periods and in large amounts, risks must be incorporated when defining contract prices through a Forward Risk Premia (FRP). This study analyzes the transfer of uncertainty from electricity market variables to the FRP in long-term contracts. We evaluate a type of econometric risk with the construction of Autoregressive Distributed Lag contagion models for the FRP using electricity demand, spot price, power generation via different technologies, and the Oceanic Niño Index. As a case study, we consider the Colombian electricity market. Our results show empirical models where the FRP has a short-term response with the following variables: hydropower generation, coal power generation, electricity demand, and Oceanic Niño Index, even though its transaction is reflected one or two years after the occurrence of the event.

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Ene, Charlotte. "Smart contracts - the new form of the legal agreements." Proceedings of the International Conference on Business Excellence 14, no. 1 (2020): 1206–10. http://dx.doi.org/10.2478/picbe-2020-0113.

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AbstractToday we are witnesses an explosion of online business, developed on the internet – a special environment that requires own resources and tools and it is governed by specific rules. In this context, a new type of technology has been developed – the distributed ledger system, which allowed the creation of a new form of the agreement - the smart contracts. Smart contract is the next step forward in the process of digitalized contracts, after using the PDF documents with electronic signatures, and it favors the businesses to be carried out completely automatically, without the need for human intervention, and to gain greater efficiency and reduction in costs. This paper will try to provide the answers to several questions, such as: what is a smart contract?; how smart contract will be used?; how smart contract will be enforced?; etc. Moreover, it will be emphasized the advantages of smart contract and the new developments such as “Ricardian” contracts representing more efficient and transparent agreements that can be drafted and enforced on platform. Most important issue of this paper consists in analysis of legal framework of smart contracts using the basic principles of contract law combined with blockchain regulations, taking into account changing the paradigm from “code is law” to “law is code”.

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Hu, Yun Peng. "Research on Risk Sharing Mode of the Construction Project Based on Systems Theory." Applied Mechanics and Materials 99-100 (September 2011): 233–37. http://dx.doi.org/10.4028/www.scientific.net/amm.99-100.233.

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The construction contracts are the important basis of the project risk management and a reasonable contract system can effectively share engineering risks among various project participants. However, the current situation of risk management in China is not optimistic. Based on the analysis of the existing problems in the risk sharing management, the paper introduces Hall three dimension structure into the engineering fields and establishes a three-dimensional (contract dimension, procedure dimension and logic dimension) space structure of the construction project to elaborate the vital role of the contracts in the project risk management. Finally, the paper attempts to put forward a risk sharing mode centered on contract systems to make a reasonable and effective risk distribution among various project participants

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Đurović, Andrea. "Smart contracts as an innovation in insurance law." Pravo i privreda 58, no. 3 (2020): 305–17. http://dx.doi.org/10.5937/pip2003305c.

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One of the major current topics and one of the major innovations in the contract law, as well as in insurance law is the invention of the smart contracts. The author is basing her research on use of smart contract in insurance law and what are the main legal issues arising from the use of smart contract. In her paper, the author points out that the implementation of the smart contract in insurance law will greatly affect all participants in insurance contract and a significant step forward in improving the level of protection of insurance users (consumers), although it takes time and readiness of European and domestic legislators to create a special regulatory framework so that smart contract can reach its potential.

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Radnai, M. "Futures and Forward Prices - Theory and Hungarian Experience." Acta Oeconomica 54, no. 2 (2004): 159–74. http://dx.doi.org/10.1556/aoecon.54.2004.2.2.

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Researchers have examined the difference between forward and futures prices since the introduction of futures contracts. In this paper we derive the explicit formula for stock-index futures prices under the assumptions of lognormal asset prices, determine the relative difference between futures and forward prices, and test the model for BUX contracts traded on the Budapest Stock Exchange between 1997 and 2002.

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Santos, Luis Paulo Guimarães dos. "Comparing the Use of Forward-Looking and Contemporary Performance Measurement to Formulate Incentive Contracts in the Presence of the Horizon Problem: An Experimental Analysis." Revista Contabilidade & Finanças 26, no. 68 (2015): 195–207. http://dx.doi.org/10.1590/1808-057x201501060.

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<p>This study compares the use of forward-looking and contemporary performance measurement in incentive contracts in the presence of the horizon problem. To do this, we used a single-factor experiment between pre- and post-treatment subjects, with a control group. The study had the participation of 76 undergraduate students, divided into 3 groups, and it registered that, when compared to the control group and the treatment group linked to contemporary performance measurement, the participants under the contract that rewarded having a forward-looking measurement as a basis acted more congruently with the long-term goal set for the experimental task. Consistent with predictions of the agency theory, the main finding of this research suggests that economic profit helps mitigating the problem of manage rial myopia, indicating that incorporate it to contracts motivates agents to act more consistently with the company's long-term goals, even in the presence of the horizon problem. Besides, the study registered new evidence of the inadequacy of formulating incentive contracts having distorted performance measurements as a basis, such as book profit.</p>

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Abas, Abdul Aziz, Faridah Ismail, and Zulhabri Ismail. "Reliable Description of Preliminaries Item Using Civil Engineering Preliminaries Protocol (CEPP) In Conventional Contracts." MATEC Web of Conferences 266 (2019): 03006. http://dx.doi.org/10.1051/matecconf/201926603006.

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Civil engineering work deals with nature and thus, is exposed to enormous discrepancies due to nature’s complexity compared to building works which are more certain. In the Malaysian construction industry, it is generally accepted that civil engineers administer civil engineering contracts and prepare tender documents. The Civil Engineering Preliminaries Protocol (CEPP) for conventional contracts is an ongoing research that deliberates on the cost-related items included in the Preliminaries. Preliminaries are subjective in nature and largely challenging to price. This paper considered previous research findings by conducting a literature review and accordingly, highlighted the problem statements raised on the contractual risks present due to the fallacy of item description. The identification of underlying problems and gaps within the area of study justifies the aim of the research to establishing a common protocol that is conversant to both engineers and contractors. The objective of the protocol is to eliminate disputes due to vagueness, ambiguities, and duplication of preliminary items in order to improve price accuracy. In practice, different approaches are taken by engineers and contractors in dealing with preliminary items. Engineers provide bills of preliminaries and contractors price them accordingly without establishing any mutual understanding and responsibility for risks. Conventional contracts prohibit contractors to provide their own preliminaries. Contractors instead have to obtain clarification on any ambiguities in the contract within the speculated time given during the tender period. As a way forward, the CEPP provides better clarity, accuracy, and transparency to engineers and contractors as well as the other construction players in general. Reliable descriptions of preliminary items ensure better price accuracy for the betterment of the construction industry.

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Hennessy, David A., and Donald Lien. "Ledger provision in hog marketing contracts." Agricultural Finance Review 66, no. 1 (2006): 77–89. http://dx.doi.org/10.1108/00214660680001181.

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Price‐dependent loan agreements at low interest rates have sometimes been included in North American hog sector long‐term marketing contracts. We show that a general form of this stipulation can be viewed as a hybrid between a forward rate agreement and a bundle of commodity spot options. In some cases, the provision amounts to a commodity swap. These observations provide an approach to valuing the provision. Historical data are used to estimate expected payouts to the producer under the contract feature.

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38

Heuman, Josh. "Negotiating contract: The commerce and artifice of dealing for creative work." International Journal of Cultural Studies 20, no. 3 (2015): 287–303. http://dx.doi.org/10.1177/1367877915617002.

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Following growing bodies of scholarship concerned with the social and cultural lives of economic forms, this article tries to recover some of the complexity of contracts in creative work. While contracts might seem to reflect narrowly economic determinations, as mere instruments of commerce, sociological models emphasize their contingency and artifice. Moving toward and forward from such models, this article synthesizes a more socio cultural model, approaching contract as a scene of contestation, communication and constitution. It develops these themes in a series of engagements with predominant legal, economic and sociological models of contract; across these engagements, it draws upon and draws together cases of recording artists and film stars, while also drawing broader comparisons with other creative workers.

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39

Kane, Alex, and Alan J. Marcus. "The Delivery Option on Forward Contracts: A Note." Journal of Financial and Quantitative Analysis 23, no. 3 (1988): 337. http://dx.doi.org/10.2307/2331072.

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Barnhill, Theodore M. "The Delivery Option on Forward Contracts: A Comment." Journal of Financial and Quantitative Analysis 23, no. 3 (1988): 343. http://dx.doi.org/10.2307/2331073.

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41

Dufey, Gunter, and Hossein B. Kazemi. "THE DEMAND AND SUPPLY OF FORWARD EXCHANGE CONTRACTS." Financial Review 22, no. 3 (1987): 38. http://dx.doi.org/10.1111/j.1540-6288.1987.tb01172.x.

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42

Korajczyk, Robert A. "The Pricing of Forward Contracts for Foreign Exchange." Journal of Political Economy 93, no. 2 (1985): 346–68. http://dx.doi.org/10.1086/261303.

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43

Melkonyan, Tigran, and Harvey Lapan. "Tariffs, Quotas, and Forward Contracts under Asymmetric Information*." Review of International Economics 13, no. 2 (2005): 311–29. http://dx.doi.org/10.1111/j.1467-9396.2005.00506.x.

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GRINBLATT, MARK, and NARASIMHAN JEGADEESH. "Relative Pricing of Eurodollar Futures and Forward Contracts." Journal of Finance 51, no. 4 (1996): 1499–522. http://dx.doi.org/10.1111/j.1540-6261.1996.tb04077.x.

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Anderson, Edward J., Xinin Hu, and Donald Winchester. "Forward contracts in electricity markets: The Australian experience." Energy Policy 35, no. 5 (2007): 3089–103. http://dx.doi.org/10.1016/j.enpol.2006.11.010.

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46

Adilov, Nodir. "Strategic use of forward contracts and capacity constraints." International Journal of Industrial Organization 30, no. 2 (2012): 164–73. http://dx.doi.org/10.1016/j.ijindorg.2011.08.001.

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47

Fleten, Stein-Erik, Liv Aune Hagen, Maria Tandberg Nygård, Ragnhild Smith-Sivertsen, and Johan M. Sollie. "The overnight risk premium in electricity forward contracts." Energy Economics 49 (May 2015): 293–300. http://dx.doi.org/10.1016/j.eneco.2014.12.022.

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48

Tavafoghi, Hamidreza, and Demosthenis Teneketzis. "Multidimensional Forward Contracts Under Uncertainty for Electricity Markets." IEEE Transactions on Control of Network Systems 4, no. 3 (2017): 511–22. http://dx.doi.org/10.1109/tcns.2016.2518924.

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Simshauser. "On the Stability of Energy-Only Markets with Government-Initiated Contracts-for-Differences." Energies 12, no. 13 (2019): 2566. http://dx.doi.org/10.3390/en12132566.

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Rising levels of variable renewable energy (VRE) in Australia’s National Electricity Market have been driven by a 20% renewable energy target by 2020. This certificated renewable portfolio standard has successfully driven new investment, allocated risk amongst buy- and sell-side market participants and met overall policy objectives. But a policy vacuum for achieving long-term CO2 emission targets post-2020 has led to sub-national and, potentially, national governments initiating contract-for-differences (CfDs) to drive further investment activity in new plant – with virtually no coordination between the jurisdictions. In a gross pool energy-only market setting, replacing on-market transactions between retailers and generators with off-market transactions between governments and generators may have unintended side-effects vis-à-vis market stability. In this article, an energy-only gross pool is modeled with rising levels of off-market government-initiated CfDs, with a specific focus on spot and forward contract market outcomes. Model results show that as VRE plant enters, coal plant exit, and on-market firm hedge contracts historically supplied by coal plant are progressively replaced by off-market CfDs. In the event, while a tractable equilibrium can be maintained in the spot market, shortages of “primary issuance” hedge contracts emerge in the forward market. Any shortage of hedge contract capacity is likely to raise forward contract price premiums above efficient levels, force price-elastic customers into accepting unwanted spot market exposures and may unintentionally foreclose non-integrated (2nd tier) energy retailers, all of which harms consumer welfare. A wide-ranging program of government CfDs may therefore not be compatible with an energy-only market design.

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Grubb, Farley. "The Market for Indentured Immigrants: Evidence on the Efficiency of Forward-Labor Contracting in Philadelphia, 1745–1773." Journal of Economic History 45, no. 4 (1985): 855–68. http://dx.doi.org/10.1017/s0022050700035130.

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Indentured servitude is modeled as a trans-Atlantic market in forward-labor contracts. The model is applied to servant-auction evidence in Philadelphia, and the determinants of contract prices are used to test the efficient-market hypothesis. While competing for servants in Europe, most of the expected price differences across servants were lost through arbitrage by recruiters.

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