UDC 338.23
DOI: 10.51409/v.a.2024.03.01.005
Authors
Artem P. Lazarev,
Federal State Autonomous Educational Institution of Higher Education “Moscow State
Institute of International Relations (University) of the Ministry of Foreign Affairs of the
Russian Federation”, Moscow, Russia
Abstract
The research’s purpose is to assess the possibilities of using relational management for of PPP Projects. The main argument in favor of relational management in PPP is the significant duration of the project, which does not allow the initial agreement to assess the consequences of changing economic conditions. The research methods are based on the theory of incomplete contracts, taking into account the duration of PPP-projects. The results of the study showed that a relational contract defines not only the negotiation procedures, but also has a link to the object – the subject of negotiations. An important point of relational management is the establishment of criteria for the beginning of special circumstances in the initial agreement. Conclusions: Relational management is applicable to PPP projects, especially in the pursuit of zero post-contract value, but empirical evidence shows that specific participants prefer initial agreements limiting renegotiation.
Keywords
PPP project, relational management, incomplete contracts, renegotiation, institution-neutral contract.
