FIXED PRICE ESTIMATES IN RUSSIAN LAW AND LUMP-SUM CONTRACTS IN SINGAPORE LAW: A COMPARATIVE LEGAL ANALYSIS IN THE CONTEXT OF PUBLIC PROCUREMENT

Abstract

The objective of this research is to conduct a comparative legal analysis of fixed price estimate concepts in Russian law and lump­-sum contracts in Singapore’s legal system as applied to public procurement of construc­tion works. The presented study is based on comprehensive application of comparative law methods, functional analysis of legal institutions, and examination of judicial and arbitration practice in Russia, Singapore, and international arbitrations. As a result of the conducted work, fundamental differences bet­ween these legal constructions have been iden­tified, affecting core issues of risk distribution, pricing, and legal regulation. The authors have demonstrated that mechanical translation of the term “lump-sum” into Russian as “fixed estimate” creates false perceptions about the legal nature of these institutions. It appears that the research results can be utilized in pre­paring international construction contracts, resolving disputes in international arbitration, and improving national legislation on public procurement.

KEYWORDS: fixed price estimate. lump-sum contract. comparative law. public procure­ment. construction contracts. international contracts.