Chapter 6 Contracts
This chapter discusses the role of contracts both in general and in a real estate industry context. It illustrates why and under which conditions different stakeholders collaborate to overcome the limitations of individual firms. It also introduces the various conflict potentials and inefficiencies of such a relationship, namely hidden characteristics and hidden actions. It is an overview chapter, but we will return in detail to many of the topics in later chapters.
6.1 Introduction
Zooming out from individual companies to an ecosystem perspective, the real estate and construction industry is characterised by a very fragmented nature. Due to the complexities of acquiring, developing and operating properties, the tasks ...
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