【正文】 rojects(SEPs).SEP , implemented in 1990, opened the door for innovative contracting methods including lane rental, costplustime bidding, techniques, and warranty warranty clauses hold contractors liable for reparationfor performance failures within a warranty period that typically extends from 5 to 7 New Mexico was not among the original eight states that initiated the use of warranties under SEP have since evaluated the option of warranty contracting and successfully applied it to the New Mexico State Route 44 Project(),which traverses 118 mi(190 km)from 125 at San Ysidro northwest to Bloomfield, near the Four Corners considering the prospect of infiltrating the northwest corner ofNew Mexico, New Mexico State Highway and TransportationDepartment(NMSHTD)[renamed New Mexico Deparunent ofTransportation(NMDOT)in 2003], determined that the future maintenance and rehabilitation costs of the upgraded 118 mi of roadway would total about $16,000/lanemi/year over a service life of 20 years(May et )totaling just over $15I , they determined that the roadbed and surface upgrades would take almost 27 years to plete using normal contracting an effort to keep the highway in good condition for the long term, NMSHTD purchased a 20year warranty agreement from MesaPDC who in turn guaranteed the pavement performance during the warranty 39。第一篇：外文翻譯 英文Valuing the Warranty Ceiling Clause onNew Mexico Highway 44Using a Binomial Lattice ModelAbstract:In 1998 the New Mexico State Highway and Transportation Department(NMSHTD)agreed to pay $60 million for a 20year pavement warranty on their Route 44 project(NM 44, now US 550).The warranty includes a ceiling clause that caps total expenditures at $110 the first longterm highway warranty in the United States, the transaction set a controversial precedent that parties interested in innovative highway contracting, including other state department of transportations(DOTs), the USDOT, sureties, and contractors, view as a test case for evaluating pricing and interim audit report published by the State of39。 New Mexico [Abbey(2004). the Legislative Finance Committee, State Highway and Transportation .]provides invaluable fiscal projections and challenges the cost effectiveness of the $60 million paper presents an independent analysis of the effectiveness of the warranty upon NMSHTD data, the analysis contends that $60 million was a fair cost of the 20year pavement warranty at the time of acceptance if the expenditure ceiling is not paper argues that the ceiling on expenditure can be the real options approach, the paper evaluates the warranty ceiling clause on NM 44 and some policy suggestions are ：State Departments of Transportation(DOT)turned increasingly proactive when awarding large highway pavement contracts as a result of the United States Federal Highway Administration39。 NM 44 warranty broke new ground in both length and the first longterm highway warranty in the United States and.,at $62 million, the most conception, its economics and applicability to other projects has been a subject of , the two ceiling clauses in the warranty agreement that limit cumulative traffic volume and maintenance expenditures have been neither examined nor this paper we address the cost effectiveness of the warranty clauses in the NM 44 Provisions for NM 44Two primary participants, NMSHTD and Mesa Project Development Contractor(PDC), a division of Wichita, Koch Performance Roads, Inc., cooperated on the NM 44 NMSHTD laid out design criteria, performance requirements, and oversight procedures, and estimated a lifecycle cost to establish the overall present value of the expected maintenance during the 20year warranty team building and open munications, NMSHTD was able to monitor performance without responsibility for performance, while Mesa PDC was able to gain insight into the development and award process along with the limitations and constraints that had to be carry a longterm warranty agreement, a professional services contract was items included delineation of responsibilities and appropriate protocol for repairs, costing, and final price on the warranty was prised of $60 million for a 2pavement warranty and, $2