Contractual Arrangements under BOT Project Delivery Approach: A Behavioral Framework

This paper studies the contractual arrangement of BOT transactions from a behavioral perspective. Three factors are identified to affect the design of BOT concession contract- the participants, characteristics and context of BOT projects. Based on the fundamental SOR theory, a behavioral framework is established and it takes the BOT contract as the stimulus and the BOT transaction efficiency as the outcome. Under such a framework, key issues in designing the BOT concession contract are discussed and hypotheses are proposed to be tested as the further research topics.