Identification of incomplete contract provision in PFI Contract in ASEAN countries: a case study on Malaysia

Mansor, Syaimasyaza and Abdul Rashid, Khairuddin (2015) Identification of incomplete contract provision in PFI Contract in ASEAN countries: a case study on Malaysia. In: The 2nd international conference on asean community 2015, Malaysia, 2 - 3 March 2015, Kuala Lumpur . (Unpublished)

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Abstract

Recently, ASEAN countries had called for a more enhanced infrastructure investment to cater the rising economic and social growth in the region. Private Finance Initiative (PFI) has been adopted by many to serve the purpose. However, there is lack of standard procedure for PFI implementation among the ASEAN countries. Every country adopted their own procedure. Due to that reason, the ASEAN Leaders had taken the initiative to establish a set of ASEAN Principles for Public-Private Partnership (PPP) Frameworks to improve the efficiency of PPP frameworks in ASEAN region. Among the issue that could be address in the PPP Framework initiative is regarding the provision of PFI concession contract. Literature had identified that there are provisions that are considered incomplete in PFI contract and many PFI contracts are incomplete to some degree. Given that the ASEAN countries are embarking on more PFI contract in the future, the phenomenon of incomplete contract does not give a good impression for the improvement of PPP contract in ASEAN. This paper therefore identify the presence, the characteristic and the implication of incomplete contract based on the study being done on Malaysian PFI concession contract. Input from this paper is considered to be significant towards the ASEAN Principles for PPP Framework initiative in the aspect related to standardization of PFI concession contract. Keywords: contract; incomplete contract; Private Finance Initiative (PFI); concession contract; transaction cost; bounded rationality

Item Type:	Conference or Workshop Item (Full Paper)
Additional Information:	5137/48715
Uncontrolled Keywords:	contract; incomplete contract; Private Finance Initiative (PFI);concession contract;transaction cost; bounded rationality
Subjects:	H Social Sciences > H Social Sciences (General) > H96 Public policy (General), Policy sciences H Social Sciences > HJ Public Finance > HJ7451 Expenditures. Government spending K Law > K Law (General) T Technology > T Technology (General) > T10.5 Communication of technical information T Technology > TA Engineering (General). Civil engineering (General) > TA190 Management of engineering works T Technology > TH Building construction > TH1000 Systems of building construction
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Kulliyyah of Architecture and Environmental Design > Department of Quantity Surveying
Depositing User:	Professor Khairuddin Abdul Rashid
Date Deposited:	27 Jan 2016 15:06
Last Modified:	09 Feb 2016 21:05
URI:	http://irep.iium.edu.my/id/eprint/48715

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