Guiding Principles for Smart Procurement Spending

Sir Oliver Hart, Nobel Prize winner in Economics in 2016, will give a keynote presentation at the IDB headquarters on September 25 at 9:15 a.m. EDT on ""How to Deal with the Unknown: Guiding Principles for Smart Procurement Spending,""
In his presentation, Professor Hart will make some recommendations to improve the quality of public contracts based on social norms that promote integrity, honesty, and fair relationships between the parties.
The economic theory of contracts is one of the most conceptually developed areas of economics. However, it is also one of the theories with the least practical application in public finance management. Professor Hart's intervention aims to close this gap between theory and practice by making concrete suggestions on how to improve the agreements reached in public contracts.
We invite you to attend the live presentation via our LinkedIn channel and to share this invitation with your counterparts interested in improving the efficiency and effectiveness of public spending in Latin America and the Caribbean.
The presentation will be in English, and we will broadcast the Spanish interpretation via LinkedIn. The original presentation in English will be streamed through the IDB's TH-cam channel: / @the_idb
To learn more about our work on public spending management, we invite you to read our blogs: blogs.iadb.org...
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At the Inter-American Development Bank we work to improve lives in Latin America and the Caribbean. www.iadb.org

[@RMGPorts]

It's not clear the difference between the insertion of these principles and the use of the "fuerza mayor' concept when an unforeseen event happens.
The "fuerza mayor" is referred to an event that is extraordinary, irresistible and unforeseeable.