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外文翻译英文

第一篇：外文翻译英文ValuingtheWarrantyCeilingClauseonNewMexicoHighway44UsingaBinomialLatticeModelAbstract:In1998theNewMexicoStateHighwayandTransportationDepartment(NMSHTD)agreedtopay$60millionfora20-yearpavementwarrantyontheirRoute44project(NM44,nowUS550).Thewarrantyincludesaceilingclausethatcapstotalexpendituresat$110million.Asthefirstlong-termhighwaywarrantyintheUnitedStates,thetransactionsetacontroversialprecedentthatpartiesinterestedininnovativehighwaycontracting,includingotherstatedepartmentoftransportations(DOTs),theUSDOT,sureties,andcontractors,viewasatestcaseforevaluatingpricingandcost-effectiveness.AninterimauditreportpublishedbytheStateof'NewMexico[Abbey(2004).Rep.totheLegislativeFinanceCommittee,StateHighwayandTransportationDepartment.SantaFe.N.M.]providesinvaluablefiscalprojectionsandchallengesthecosteffectivenessofthe$60millionexpenditure.Thispaperpresentsanindependentanalysisoftheeffectivenessofthewarrantyclauses.BaseduponNMSHTDdata,theanalysiscontendsthat$60millionwasafaircostofthe20-yearpavementwarrantyatthetimeofacceptanceiftheexpenditureceilingisnotconsidered.Furthermore.thispaperarguesthattheceilingonexpenditurecanbevaluable.Usingtherealoptionsapproach,thepaperevaluatesthewarrantyceilingclauseonNM44andsomepolicysuggestionsarediscussed.Introduction：StateDepartmentsofTransportation(DOT)turnedincreasinglyproactivewhenawardinglargehighwaypavementcontractsasaresultoftheUnitedStatesFederalHighwayAdministration's(FHwA)SpecialExperimentalProjects(SEPs).SEPNo.14,implementedin1990,openedthedoorforinnovativecontractingmethodsincludinglanerental,cost-plus-timebidding,design.buildtechniques,andwarrantyclauses.Thewarrantyclausesholdcontractorsliableforreparationforperformancefailureswithinawarrantyperiodthattypicallyextendsfrom5to7years.ThoughNewMexicowasnotamongtheoriginaleightstatesthatinitiatedtheuseofwarrantiesunderSEPNo.14.theyhavesinceevaluatedtheoptionofwarrantycontractingandsuccess-fullyappliedittotheNewMexicoStateRoute44Project(nowU.S.550),whichtraverses