published_or_final_version / Real Estate and Construction / Master / Master of Science in Construction Project Management

published_or_final_version / Real Estate and Construction / Master / Master of Science in Construction Project Management

published_or_final_version / Business Administration / Master / Master of Business Administration

Liao Sheung Kwan. / Thesis (M.Ph.)--Chinese University of Hong Kong.

Thesis (M.A.)--University of Hong Kong, 1968. / Typewritten.

This thesis follows a neo-institutional economics approach to analyse the economic nature of contractual arrangements in the Hong Kong construction industry. It explains that subcontracting can reduce transaction costs: (1) using piece-rate contracts to replace time-wage contracts to save the high costs of monitoring; and (2) using subcontractors as intermediaries to perform tasks at a lower transaction cost due to their comparative advantages in gathering price information, specific knowledge and resources. The above assertions are evaluated in terms of three refutable hypotheses using statistics published by the Census and Statistics Department of the Hong Kong SAR Government. Hypothesis I: To be employed with short term contracts is not preferred by the construction workers than to be employed with long term contracts; Hypothesis II: A subcontractor is not more commonly used in construction works of higher values than in those of lower values; Hypothesis III: A subcontractor is not more commonly used in construction works by ordinary trades than in those by special trades. In Table 1 summarizes the test results for each hypothesis and states their wider theoretical implications. The three hypotheses are all refuted. The message is that subcontracting is neither an inefficient contractual arrangement nor a means of exploitation by the upstream contractors. It is rather the result of the free choice of the contracting parties, as a matter of constrained maximization in a private property rights system, seeking to reduce transaction costs. Table 1. Summary of Tests Results for Hypotheses I, II and III Hypotheses Regarding Subcontracting in the Hong Kong Construction Industry Test Results Theoretical Implications Hypothesis I To be employed with short term contracts is not preferred by the construction workers than to be employed with long term contracts. Hypothesis refuted. The construction workers prefer being employed with piece-rate contracts or casual daily wage contracts. Hypothesis II A subcontractor is not more commonly used in construction works of higher values than in those of lower values. Hypothesis refuted. A subcontractor is more commonly used in construction works of higher values and by ordinary trades. Subcontracting is not a matter of random choice but for reducing transaction costs. Subcontracting decision would depend on the characteristics of the construction works. Hypothesis III A subcontractor is not more commonly used in construction works by ordinary trades than in those by special trades. Hypothesis refuted. A subcontractor is more commonly used in construction works of higher values and by ordinary trades. Subcontracting is not a matter of random choice but for reducing transaction costs. Subcontracting decision would depend on the characteristics of the construction works. / published_or_final_version / Real Estate and Construction / Doctoral / Doctor of Philosophy

Thesis (M.A.)--University of Hong Kong, 1968. / Also available in print.

by Tsui Cho Man. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1995. / Includes bibliographical references (leaves 64-65). / APPROVAL --- p.ii / ABSTRACT --- p.iii / ACKNOWLEDGEMENTS --- p.iv / TABLE OF CONTENTS --- p.v / Chapter 1. --- INTRODUCTION --- p.1 / Objective --- p.1 / Methodology --- p.2 / Chapter 2. --- BACKGROUND OF THE TWO LEGAL SYSTEMS AND SOURCES OF LAW --- p.3 / Development of the PRC Legal System --- p.3 / Sources of Law in PRC --- p.5 / The Hong Kong Legal System --- p.6 / Sources of Law in Hong Kong --- p.7 / Chapter 3 . --- CONTRACT LAW --- p.9 / Introduction to English Contract Law --- p.9 / Contract Law in PRC --- p.10 / Sources of Contract Law in PRC --- p.11 / Foreign Economic Contracts --- p.12 / The basic principles of foreign economic contracts --- p.14 / The basic elements of foreign economic contracts --- p.15 / Differences between domestic and foreign economic contract law --- p.16 / Comparison of English and PRC Contract Law --- p.18 / Offer and Acceptance --- p.18 / Invitation to treat --- p.18 / Revocation of offer --- p.19 / Acceptance by post --- p.19 / Capacity --- p.20 / Terms of Contract --- p.22 / Formalities and the parol evidence rule --- p.23 / Consideration --- p.24 / Sufficiency of consideration --- p.25 / Adequacy of consideration --- p.25 / Existing public duty --- p.26 / Existing contractual duty --- p.26 / Existing contractual duty owed to third party --- p.26 / Duress and Undue Influence --- p.27 / Illegal and Void Contracts --- p.29 / Discharge of Contract --- p.31 / Discharge of foreign economic contracts --- p.31 / Discharge of domestic economic contracts --- p.32 / Frustration and force majeure --- p.33 / Discharge by agreement --- p.35 / Remedies --- p.36 / Remedies of foreign economic contract --- p.36 / Remedies of domestic economic contract --- p.37 / Liquidated damages and penalty --- p.39 / Damages --- p.39 / Mitigation of loss --- p.41 / Contributory negligence --- p.41 / Chapter 4. --- PROPERTY LAW --- p.42 / Classification of Properties --- p.43 / Law of Property Act 1925 --- p.45 / Hong Kong Property Law --- p.46 / Ownership and Possession of Property --- p.47 / Acquisition of Ownership --- p.49 / Ownership of Land --- p.51 / Ownership of Building --- p.54 / Protection of Property Interest --- p.54 / Transfer of Ownership --- p.56 / Co´ؤownership --- p.58 / Chapter 5. --- CONCLUSIONS --- p.61 / BIBLIOGRAPHY --- p.64

published_or_final_version / Real Estate and Construction / Master / Master of Science in Construction Project Management

published_or_final_version / Real Estate and Construction / Master / Master of Science in Construction Project Management