Strategic Urban Projects in Amsterdam and New York: Incomplete Contracts and Good Faith in Different Legal Systems
Contracts between local government and private investment agencies play an important role in strategic urban projects. Real estate cycles provide only a narrow window of opportunity within which to draft such contracts. A legal system should therefore not impede the possibility of reaching an agreem...
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| Veröffentlicht in: | Urban studies (Edinburgh, Scotland) Scotland), 2009-04, Vol.46 (4), p.947-965 |
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| container_end_page | 965 |
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| container_issue | 4 |
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| container_title | Urban studies (Edinburgh, Scotland) |
| container_volume | 46 |
| creator | van der Veen, Menno Altes, Willem K. Korthals |
| description | Contracts between local government and private investment agencies play an important role in strategic urban projects. Real estate cycles provide only a narrow window of opportunity within which to draft such contracts. A legal system should therefore not impede the possibility of reaching an agreement quickly; instead, it should facilitate efficient ways of reaching an agreement. Lengthy contracting may contribute to the persistence of real estate market cycles. This paper explores the question of whether the civil law principle of good faith facilitates the drafting of incomplete contracts, which may be efficient in situations of high uncertainty and complexity, as was the case with two strategic inner-city projects: the South Axis in Amsterdam and Battery Park City in New York City. The paper further establishes that good faith does play a considerable role in the differences in contracting practice. |
| doi_str_mv | 10.1177/0042098009102136 |
| format | Article |
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| fulltext | fulltext |
| identifier | ISSN: 0042-0980 |
| ispartof | Urban studies (Edinburgh, Scotland), 2009-04, Vol.46 (4), p.947-965 |
| issn | 0042-0980 1360-063X |
| language | eng |
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| source | PAIS Index; Sociological Abstracts; JSTOR Archive Collection A-Z Listing; SAGE Complete A-Z List |
| subjects | Amsterdam Netherlands Banking industry Civil law Common law Complete contracts Contract law Contract negotiations Contract provisions Contraction Contracts Drafting Good faith Good faith bargaining Government agencies Government contracts Incomplete contracts Inner city Investments Law Laws Legal services Legal system Legal systems Local government Markets New York City New York Projects Real estate Strategic planning Sustainable development Uncertainty United States Urban areas Urban development Urban renewal |
| title | Strategic Urban Projects in Amsterdam and New York: Incomplete Contracts and Good Faith in Different Legal Systems |
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