A Study on Conceptual and Procedural Basis and Remedies and Breach of Contracts

Evaluating the Economic Effects and Remedial Strategies in Standard Construction Contracts

Abstract

This study examines, in the context of standard construction contracts, the existence and economical consequences of contractual solutions and their function and details in the field of foreign contemporary industry. The different solutions to incorporation and usage of foreign arrangements was covered under numerous civil and common-law legal directives. The key emphasis of the analysis is on the economic effects of the contractual method as a structure feature which, due to changes (internally and externally to the parties) should be flexible and adaptable in the circumstances following the contract termination. This research is aimed at exploring ways in which more efficient modes of contractual reconstruction, developed in various areas and soft-law codifications, can be controlled and applied. As stated in the report, this improved strategy maximizes the economic efficiency and profitability of each remedy under a clear corrective framework, enables contracting parties to separate various interests in one single shared contract and adjust their respective protection levels by utilizing the appropriate function of each corrective action.