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RISValuing the Warranty Ceiling Clause on New Mexico Highway 44 Using a Binomial Lattice Model
Publisher: American Society of Civil Engineers
Abstract: In 1998 the New Mexico State Highway and Transportation Department (NMSHTD) agreed to pay $60 million for a 20-year pavement warranty on their Route 44 project (NM 44, now US 550). The warranty includes a ceiling clause ...