6 - FIDIC Flashcards
Different types of contracts
- Price based contracts
- Cost based contracts
Characteristics of FIDIC
- global voice for the consulting engineering industry
- promote business interests of suppliers of technology-based intellectual services for the natural environemnt
Principles of FIDIC
- Quality services
- High standards
- Best practices
- Selection by ability
- Sustainability
- Capacity building
Course for internationally tendered projects accordind to FIDIC
- clear, undertsandable
- fair, equal
- third parties
- complete, adaptable
- acknowledged
Conditions of contract - the red book: Construction
Intended for building and civil engineering works designed by (or on behalf of) the employer. The contract may require the contractor to supply plant and / or execute some design
Conditions of contract - the yellow book: Plant and Design-Build
Intended for plant and for building and engineering works designed by (or on behalf of) the contractor. However, the employer may have executed design.
Conditions of contract - the silver book: EPC Turnkey Projects
Intended for EPC - Engineer, Procure, Construct - Contract, where the responsibility for the design lies solely with the contractor in accordance with the employer’s requirements.
Conditions of contract - the green book: Short form of Contract
Intended for engineering and building work of relatively small capital. Suitable for fairly simple or repetitive work or work of short duration without the need for specialist sub-contracts.
Conditions of contract - the blue book: Form of Contract
Intended for dredging and reclamation work and ancillary construction with a variety of administrative arrangements, applicable to any size and complexity
FIDIC contract components
- Contract agreement
- Letter of acceptance
- Letter of tender
- Particular conditions
- General conditions of contract
- Employer’s requirements
- Tables (schedules)
- Contractor’s proposal
- Dispute adjudcation board (DAB) agreement
- Warranties and guarantees
Parts of the sample contract / framework
- General contract conditions
- Instructions for the agreement of special contract conditions
- Forms for the submission of tenders, the contract document and the agreement on dispute settlement
Types of risks in FIDIC
- Risks of physical loss or damage
- Risk of financial or time loss
Definition contract
A legally binding agreement, i.e. it has the force of law, so to speak, and must be strictly observed.
