Research On Mechanism And Empirical Evidence Of Incompleteness Of Project Contract

Current contract management has become the core of construction project management,as well as incompleteness of project contract has become the norm, which is the main cause ofthe incompleteness of a contract dispute, so the construction contract to compensate for theincompleteness of project is to improve efficiency in the implementation of contracts andproject contracts to avoid disputes and ensure the successful completion of the inevitablechoice of the construction project. Therefore, a large number of scholars study on how todesign a reasonable and effective compensation mechanism of incompleteness of projectcontract and become a hot topic of current research, but the research on formation mechanismof incompleteness of project contract is the key to the incomplete works contracts moretargeted analysis can provide precise evidence and guidance for the establishment of acompensation mechanism incomplete contracts, compensation mechanism on the basis of thedesign can be achieved effectively targeted objective.This paper built the model of incompleteness of project contract formation mechanismand presented related research hypotheses in the basic of analysis the cause of incompletenessof project contract and the development of incompleteness of project contract measurementscale. In Beijing, Tianjin, Hebei, Shandong and other places to carry out a survey, a total of160valid questionnaires were recovered. On this basis, the reliability and validity of variousmeasurement scales were tested, and the use of structural equation model for each hypothesiswas tested. The results showed that:①Bounded rationality has a direct positive impact onincompleteness of project contract, and the impact of bounded rationality of incompletenessof project contract three dimensions vary, bounded rationality has a direct positive effect onconstitute a defective contract terms, bounded rationality for the terms of the contractdescription is ambiguous and incomplete description of the contract terms have a directpositive impact, but the impact is relatively small role;②Incomplete information has a directpositive impact on incompleteness of project contract, and the impact of incomplete informationof incompleteness of project contract three dimensions vary, incomplete information has a directpositive effect on the terms of the contract are ambiguous description, incomplete information onthe terms of the contract constituted with missing and incomplete description of the contractterms has a direct positive impact, but the impact is relatively small role;③Transaction cost hasa direct positive impact on incompleteness of project contract, and the impact of incompleteinformation of incompleteness of project contract three dimensions vary, transaction cost has adirect positive effect on an incomplete description of the terms of the contract, transactioncost constitute a defective contract terms and contract terms are ambiguous description has adirect positive impact, but the impact is relatively small role.In this paper bounded rationality, incomplete information, transaction cost as a pre-factors incompleteness of project contract, studied the effects of these three factors on theincompleteness of project contract, revealing the formation mechanism of the incompletenessof project contract. In addition, limited rationality, incomplete information and transactioncost associated with incompleteness of project contract were demonstrated, can provideguidance for the establishment of a compensation mechanism incomplete works contracts, inorder to improve the performance of contract execution, to ensure the construction ofsmoothly.