The Public-Private Partnership (P3 or PPP) model has been proposed as an alternative delivery system to address funding shortage problems associated with large-scale projects. Appropriately allocating and managing risks among project participants is critically important for a P3 project's success. This thesis focuses on one of the tools to manage revenue risk, the revenue guarantee, where a guarantor compensates a concessionaire with a predetermined amount of revenue in the event of a revenue shortfall. It is a form of real option—specifically a put option if a premium is paid for the downside protection or a collar option if potential upside revenue is traded for the protection. Previous research has explored the purpose and valuation of revenue guarantee options. This study focuses on the feasibility of utilizing a guarantee in US P3 highway projects through preparatory study and field investigation. In the preparatory phase, the work examines existing revenue risk management methods and how revenue guarantee options supplement them while also proposing an implementation framework. Additionally, it discusses a new option type,a collar option, including its concept, benefits, applicability, and valuation. In the field investigation phase, the preparatory work is synthesized into interview protocols that are used to seek market perspectives on revenue risks and revenue guarantee feasibility. Twenty people representing government officials, concessionaires, financial advisors and lending institutions were interviewed. The interview results indicated that a revenue guarantee shows promise as a viable tool, and the government should be willing to provide one. The decision to utilize a revenue guarantee depends on funding method selection, a public agency's institutional capacity, and the effectiveness of alternative risk mitigation approaches. Suggestions for implementation, such as applicable projects and a guarantee triggering criterion, are also provided. / Ph. D.

This thesis deals with bank guarantees, an instrument widely used especially in the field of international trade. The aim of this thesis is to characterize bank guarantees and their application in commercial relations. In relation with the growing use of bank guarantees in international business, the customary treatment of this challenging banking instrument will be analyzed and compared in different regions of the world -- i.e. Turkey, Syria, Iran, countries in the Organization for the Cooperation Council of Arab Gulf Countries and the Organization for the Harmonization of Business Law in Africa, - with the international standards of the International Chamber of Commerce. This thesis may be helpful for understanding demand guarantees and, due to the lack of comprehensive information, it could assist companies that trade in the above areas and are required to issue a guarantee to their customers.

In recent years, Small and Medium Enterprise Credit Guarantee Fund(SMEG) has been actively promoting organization restructuring, boosted its business unceasingly, and impelled each innovation guarantee service actively, in order to display the best benefit. This paper combines C. J. Kuo.¡]2003¡^market-based risk neutral model with actuarial valuation principles, using above observable rate discrepancy¡]i.e. one for that guaranteed by SMEG, and the other for non-guaranteed portion¡^to evaluate the credit risk SMEG assumed from guaranteed schemes, then derives the optimal guaranty fees model. The major research finding shows fixed as follows conclusion: 1.The real prepayment in subrogation is close to the total guaranty fees estimated by proposed model. 2.Applying this model can help that the credit risk degree SMEG takes reacts to the guarantee premium, and that SMEG control risk balance revenue and expenditure. This indicates that the model can reflect market information, and thus is easily applicable and referable by SMEG to establish the structure of guaranty fees as well as to reach an integrated risk management.

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Les compilateurs modernes constituent des programmes complexes, réalisant de nombreuses optimisations afin d'améliorer la performance du code généré. Du fait de cette complexité, des bugs y sont régulièrement détecté, conduisant à l'introduction de nouveau comportement dans le programme compilé. En réaction, il est aujourd'hui possible de prouver correct, dans des assistants de preuve tels que Coq, des compilateurs optimisants pour des langages tels que le C ou ML. Transporter un tel résultat pour des langages haut-niveau tels que Java est néanmoins encore hors de portée de l'état de l'art. Ceux-ci possèdent en effet deux caractéristiques essentielles: la concurrence et un environnement d'exécution particulièrement complexe.Nous proposons dans cette thèse de réduire la distance vers la conception d'un tel compilateur vérifié en nous concentrant plus spécifiquement sur la preuve de correction d'un glaneur de cellules concurrent performant. Ce composant de l'environnement d'exécution prend soin de collecter de manière automatique la mémoire, en lieu et place du programmeur. Afin de ne pas générer un ralentissement trop élevé à l'exécution, le glaneur de cellules doit être extrêmement performant. Plus spécifiquement, l'algorithme considéré est dit «au vol»: grâce à l'usage de concurrence très fine, il ne cause jamais d'attente active au sein d'un fil utilisateur. La preuve de correction établit par conséquent que malgré l'intrication complexe des fils utilisateurs et du collecteur, ce dernier ne collecte jamais une cellule encore accessible par les premiers. Nous présentons dans un premier temps l'algorithme considéré et sa formalisation en Coq dans une représentation intermédiaire conçue pour l'occasion. Nous introduisons le système de preuve que nous avons employé, une variante issue de la logique «Rely-Guarantee», et prouvons l'algorithme correct. Raisonner simultanément sur l'algorithme de collection et sur l'implantation des structures de données concurrentes manipulées générerait une complexité additionnelle indésirable. Nous considérons donc durant la preuve des opérations abstraites: elles ont lieu instantanément. Pour légitimer cette simplification, nous introduisons une méthode inspirée par les travaux de Vafeiadis et permettant la preuve de raffinement de structures de données concurrentes dites «linéarisables». Nous formalisons l'approche en Coq et la dotons de solides fondations sémantiques. Cette méthode est finalement instanciée sur la principale structure de données utilisée par le glaneur de cellules. / Modern compilers are complex programs, performing several heuristic-based optimisations. As such, and despite extensive testing, they may contain bugs leading to the introduction of new behaviours in the compiled program.To address this issue, we are nowadays able to prove correct, in proof assistants such as Coq, optimising compilers for languages such as C or ML. To date, a similar result for high-level languages such as Java nonetheless remain out of reach. Such languages indeed possess two essential characteristics: concurrency and a particularly complex runtime.This thesis aims at reducing the gap toward the implementation of such a verified compiler. To do so, we focus more specifically on a state-of-the-art concurrent garbage collector. This component of the runtime takes care of automatically reclaiming memory during the execution to remove this burden from the developer side. In order to keep the induced overhead as low as possible, the garbage collector needs to be extremely efficient. More specifically, the algorithm considered is said to be ``on the fly'': by relying on fine-grained concurrency, the user-threads are never caused to actively wait. The key property we establish is the functional correctness of this garbage collector, i.e. that a cell that a user thread may still access is never reclaimed.We present in a first phase the algorithm considered and its formalisation in Coq by implementing it in a dedicated intermediate representation. We introduce the proof system we used to conduct the proof, a variant based on the well-established Rely-Guarantee logic, and prove the algorithm correct.Reasoning simultaneously over both the garbage collection algorithm itself and the implementation of the concurrent data-structures it uses would entail an undesired additional complexity. The proof is therefore conducted with respect to abstract operations: they take place instantaneously. To justify this simplification, we introduce in a second phase a methodology inspired by the work of Vafeiadis and dedicated to the proof of observational refinement for so-called ``linearisable'' concurrent data-structures. We provide the approach with solid semantic foundations, formalised in Coq. This methodology is instantiated to soundly implement the main data-structure used in our garbage collector.

Exploateringsavtal används för att fördela ansvaret för finansiering och utbyggnad av en detaljplan som upprättats på mark som inte ägs av kommunen. Avtalet upprättas mellan en kommun och en exploatör eller privat byggherre. Exploateringsavtal har tillämpats länge men blev inte angivet i lagtext förrän den 1 januari 2015. Något som fortfarande inte är angivet i lagtext är hur kommuner ska använda sig av ekonomiska säkerheter i exploateringsavtal. Avtalen reglerar finansiering och åtaganden för miljonbelopp och finansiering ska ofta ske efterhand som byggnationen färdigställs. Om en exploatör inte kan fullfölja sina åtaganden i exploateringsavtalet på grund av exempelvis konkurs, kan kommunen bli tvungen att färdigställa och finansiera exploatörens kvarstående åtagande. Har kommunen i avtalet angivit att en säkerhet måste ställas som ska täcka de belopp som motsvarar exploatörens åtaganden, kan kommunen lösa in säkerheten och på det viset säkra finansieringen om en exploatör skulle bli oförmögen att betala. Syftet med studien är att undersöka om Sveriges kommuner använder sig av säkerheter i exploateringsavtal för att säkerställa dess genomförande. Vidare är syftet med studien att kartlägga vilka säkerheter som anges i exploateringsavtal. I de fall en bankgaranti använts som säkerhet i exploateringsavtalen kommer även en fördjupning att genomföras av bankgarantin och dess bakomliggande exploateringsavtal. Exploateringsavtal och bankgarantier från Sveriges kommuner samlades in via mejl. 120kommuner valde att delta i studien vilket resulterade i en analys av 197 exploateringsavtaloch 35 bankgarantier. Resultatet av studien visar bland annat att 58 % av de 197 exploateringsavtalen innehöllsäkerhet, 37 % av avtalen saknar säkerhet och 5 % av avtalen inte har något behov av säkerhet. De vanligaste säkerheterna som kommunerna anger i exploateringsavtalen att exploatören måste ställa är valfri godtagbar säkerhet, bankgaranti, moderbolagsborgen och pantbrev i fast egendom. Resultatet visar även att 69 % av de 35 bankgarantier som studeratsär accessoriska till det bakomliggande exploateringsavtalet och 31 % av bankgarantierna är självständiga i förhållande till det bakomliggande exploateringsavtalet. Accessorisk innebär att bankgarantin är kopplad till det bakomliggande exploateringsavtalet. Självständig innebär att bankgarantin inte är kopplad till det bakomliggande exploateringsavtalet. Slutsatsen av studien är att medvetenheten och tydligheten kring säkerheter i exploateringsavtal bör förbättras och att en lagreglering av säkerheter är att föredra. / Land development agreements are used to divide responsibility for the financing and development of a detailed development plan which is arranged on land not owned by the municipality. The agreement is established between a municipality and a developer or private individual. Land development agreements were not specified in the act until a legislative change in January 1, 2015. A subject that was not specified in the act is how municipalities should use financial collateral in the land development agreement. Land development agreements involves the financing and constriction commitments for millions of crowns and the financing often take place afterwards construction is completed. If it turns out that the developer can´t perform their obligations in the land development agreement due to bankruptcy, the municipality may be required to complete and fund the developer's remaining commitments. If the municipality had stated in the agreement that the developer must perform a collateral to cover the amount corresponding to the developer's commitments, the municipality can redeem the collateral and thus secure the financing if a developer would become insolvent. The idea of the study is to examine if the Swedish municipalities are using collaterals in land development agreements. The ambition is also to identify what type of collaterals described in the land development agreements. Finally a deeper analysis will be made of the agreements for which a guarantee issued by a bank has been used as collateral. Land development agreements and guarantees from the Swedish municipalities were gathered via email. 120 municipalities did participate in the study, which resulted in ananalysis of 197 land development agreements and 35 guarantees. The result of the study shows that 58% of the 197 land development agreements contain collateral, 37% of the agreements did not contain collateral and 5% of the agreements had no need of collateral. The most commonly required collaterals by the municipality in land development agreements are any optional collateral that the municipality can accept, guarantees issued by a bank or insurance company, bail by parent company and mortgages on real estate property. The results also show that 69% of the 35 guarantees studied are ancillary to the underlying development agreement and 31% of the guarantees are independent in relation to the underlying development agreement. Ancillary means that the guarantees issued by bank is linked to the underlying land development agreement. Independent guarantee means that the guarantee is not linked to the underlying land development agreement.The final conclusion of the study is that awareness and clarity of collateral in land development agreements should be improved and that a statutory regulation of collaterals in land development agreements is preferable.

Suretyship and financial guarantee - abstract As a topic of my Thesis I chose two civil and earlier also business law institutes Suretyship and Financial guarantee. I have analyzed the actual meaning of the debt security and its legal instruments in first part of my paper. There was a significant change in the Czech legal order since the new civil code came into power. Before the change, the institute of Suretyship was referred to in the "old" civil code Law no. 40/1960 Coll. for civil right purposes and in business code Law no. 513/1991 Coll. for business law purposes. After the recodification of private law, all legal obligations are now jointly in the "new" civil code Law no. 89/2012 Coll. The second part of my paper was dedicated to an analysis of this change and its impact. I went thru the effective legal treatment of the debt security, explained the effective debt security legal system in the civil code (analyzed the general provisions joint for all security institutes) in the next chapter. Furthemore, I dealt with the first of the security institutes being the topic - suretyship. First, I explained the meaning historical evolution since the Roman law, thru middle age, Austria-Hungary and the last century till today. Afterwards I dealt with the basics of suretyship, focused on the main differences...

AABSTRACTBSTRACT The aim of this thesis is to provide a comprehensive view on the issue of promissory notes as a guarantee in legal relations. It is supposed to serve both the debtor in building up his defense and the creditor in the evaluation of the risks he may face during the application of his promissory note. Apart from reference books and legislation, the main source used is the analysis of the case law and its contribution to the topic. This thesis is divided into four chapters. General issues are the theme of the first chapter with the focus on the signature and necessary entries on the note. Then the core of the hedge bill is questioned, concerning especially the nature of the securing contract, which is the reason of the guarantee function of the note and consequences associated with the transfer of the note. The second chapter is focused on the bilateral rights and obligations connected with the note and its secured claim, the risk of abuse of negotiable instruments and also the admissibility of causal objections in the case of the endorsement. Following that, suggestions of the possible defense against the abuse are proposed. The third chapter is devoted to procedural issues and the specifics of the procedure in this matter. The payment order is then discussed as well as the nature of the...

La circulation du cautionnement recouvre deux réalités que sont son transfert à titre particulier, en tant qu’accessoire d’un contrat garanti dont le bénéfice est transféré, et sa transmission, dans le cadre de la transmission universelle d’un patrimoine. Pareille circulation entre créanciers successifs de la garantie issue du cautionnement n’est pas entravée par sa nature juridique, analysée en tant qu’obligation de praestere, pas plus qu’elle ne l’est en considération des mécanismes permettant cette circulation, que sont respectivement la cession de créance et la transmission universelle de patrimoine. En effet, l’un comme l’autre vont opérer une substitution dans la personne du créancier bénéficiaire, préservant ainsi intact le lien d’obligation originaire, et permettre dès lors un maintien des pleins effets du cautionnement pour l’avenir, en l’absence de modification de l’objet de l’engagement de la caution. Néanmoins, la position de la jurisprudence française est pour l’heure toute autre, où en considération de la nature intuitu personae dont le cautionnement est traditionnellement emprunt, le juge va invariablement refuser le maintien de l’obligation de couverture de la caution, pour ne retenir que la survie de son obligation de règlement suite à la circulation de ce dernier. En matière de circulation à titre universel, la difficulté s’inscrit également sur le terrain du droit des sociétés. L’exception jurisprudentielle au principe de la transmission universelle de patrimoine s’oppose à la volonté du législateur français ayant souhaité faire de ce mécanisme une procédure simplifiée de transmission de l’ensemble a priori unique et indivisible qu’est le patrimoine. Le législateur européen tout comme celui de certains pays voisins accueillent toutefois favorablement une telle circulation.En considération de ces obstacles, certaines alternatives au cautionnement ont été envisagées, alors que sur le plan de la prospective, plusieurs adaptations permettraient d’achever une circulation effective de ce dernier. / Two different realities with respect to a guarantee which are basically its isolated transfer, as an accessory to a contract which benefit is assigned, and its transmission, within the frame of a wider transaction resulting in an entire patrimony being transmitted, are overlapped by the concept of circulation. Such a circulation of the warranty arising out of a contract of guarantee among successive creditors is not restricted neither by the legal nature of the latter, that can be construed as an obligation of “praestere”, nor by the mechanisms authorising such a circulation, which are respectively the French “cession de creance” and “transmission universelle de patrimoine”. Both mechanisms shall operate a substitution with respect to the beneficiating creditor, so as to preserve the specifics of the original link created between guarantor and creditor, in order to maintain the full effects of the guarantee for the future, in the absence of any alteration of the guarantor’s commitment purpose. However, French case law currently departs from this interpretation and, in consideration of the nature “intuitu personae” which traditionally affects the guarantee, systematically refuses to maintain the commitment of the guarantor to guarantee the creditor for the future, only allowing the survival of an obligation of payment further to the circulation of the actual guarantee. With respect to the transmission of the guarantee, certain issues also relate to companies law. The exception created by French case law to the universal transfer of patrimony mechanism challenges the position of the French legislator whose objective was to entail the transmission of a patrimony, considered a priori as a unique and indivisible whole, trough a simplified procedure. The European legislator, in the same fashion as certain neighbouring countries’, welcomed such a circulation. In consideration of these obstacles, certain alternatives to the guarantee have been contemplated, while from a prospective perspective, several adaptations might allow an effective circulation of the latter.

Alternative food networks (AFNs) have become a common response to the socioecological injustices generated by the industrialized food system. Using a political ecology framework, this paper evaluates the emergence of an AFN in Chiapas, Mexico. While the Mexican context presents a particular set of challenges, the case study also reveals the strength the alternative food movement derives from a diverse network of actors committed to building a “community economy” that reasserts the multifunctional values of organic agriculture and local commodity chains. Nonetheless, just as the AFN functions as an important livelihood strategy for otherwise disenfranchised producers it simultaneously encounters similar limitations as those observed in other market-driven approaches to sustainable food governance.