constraints ensuring that trading partners do not breach contracts unduly. Whether a long-term contract is enforceable does not … optimal contract would remain stationary, non-stationarity might arise under asymmetric information. Enforcement constraints … at high prices at the beginning of the relationship before breaching the contract later on. Yet, such take …

consider the eff ect on incentives and risk transfer of bundling building and management stages into a single contract … overruns. We also consider how institutions, and specifi cally the risk of regulatory opportunism, aff ects contract design and …