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Data Avlability Statement:
All relevant data, methodologies utilized, and source codes are included within the manuscript's mn text or annexed as supplementary materials.
Acknowledgments:
We ext our gratitude to Chantal Mehill from Greensfelder Law Firm for providing invaluable insights that enhanced this research. The views expressed in this publication do not necessarily reflect those of Greensfelder Law Firm.
References:
Abdul-Malak and Hamie 2019 proposed a framework for interpreting construction contracts by engineering professionals, highlighting the importance of contractual language. Similarly, Abdul-Malak and Khalife 2020 discussed strategies to manage third-party sustnability risks under contract law.
Abdul Nabi et al. 2021, in their study at the Canadian Society of Civil Engineering Annual Conference, compared perspectives on modular construction between industry experts and academic literature. Abu Helw and Ezeldin 2022 introduced a framework for enhancing public procurement laws' applicability to international administrative construction contracts.
Our work contributes to this field by offering a comprehensive review and comparison of price escalation provisions in various U.S., international, and UK-based design-bid-build contract formats through an interdepent research . We have also analyzed legal cases to understand contractual obligations related to price escalations and proposed a set of considerations for contractors and constructors.
Key Findings:
Our analysis revealed that price escalation clauses exhibit significant variability across different contracts. Many contracts include a fixed contract price with exceptions for legislative changes, while others allow for supplementary clauses or amments post-contract formation. In exceptional circumstances involving unforeseen severe economic conditions, judicial relief from contractual obligations has been granted.
Recommations and Implications:
To mitigate the impact of price escalations on construction projects, our research suggests several key recommations:
Regular Contract Review: Regularly review contract terms with legal experts to identify and address clauses related to price escalation.
Risk Assessment: Conduct comprehensive risk assessments that incorporate potential economic fluctuations, allowing for more informed decision-making during project planning stages.
Agreement on Adjustment Mechanisms: Clearly define adjustment mechanisms in contracts to facilitate fr and timely compensation when prices escalate due to external factors.
:
Understanding the complexities of price escalation provisions across national and international contract frameworks is crucial for contractors and constructors alike. Our study provides insights into best practices, enabling stakeholders to navigate these provisions effectively and mitigate financial risks associated with price fluctuations.
For comprehensive access to our methodologies, data sources, and detled findings, please refer to the full text of in the American Society of Civil Engineers' journal.
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Analyzing Price Escalation Construction Contracts National International Contract Comparison Study Understanding U.S. International UK Contracts Price Escalation Legal Case Insights Discussion Design Bid Build Format Methodology Analysis Contractual Obligations in Economic Fluctuations