General structures of FIDIC contractsĮven Though the FIDIC Contracts are exhaustive and suitable for all types of construction projects, a typical contract has some common features. The roles and responsibilities of the main parties are well defined and the allocation and management of risks have been well laid out. A key aspect of these contracts is that they take into account, in a balanced manner, the interests of both parties involved. FIDIC is best recognized for its variety of contracts that includes the: Dredgers Contract Short Form of Contract, Construction Contract Plant & Design-Build Contract D&BO Contract and EPC/Turnkey Contract. This is a result of broad consultation and endorsements by a spectrum of organizations involved in the construction trade such as Multilateral Development Banks, The Associated General Contractors of USA, The Western Pacific Contractors Association, The International Federation of Asian and the Inter-American Federation of the Construction Trade etc.įIDIC contracts are the leading contracts in global construction. It has been Five Decades that FIDIC has striven to produce subsequent editions of these contracts, much more recognised and acceptable across the construction trade. The first contract was accepted jointly with the International Federation of Building and Public works in 1957 and was published, titled “ The Form of contract for works of Civil Engineering construction”, and it became known for its Red cover, and thus, The Red Book was drafted. FIDIC also issues various corporate practice papers such as guidelines and training manuals, policy papers, etc. They also issue standard modes of contracts for works and contracts to the clients, sub-consultants, joint ventures (JVs), consultants, and representatives. The first and foremost function that the Global Federation took upon itself is framing and describing Conditions of Contract for the construction trade universal. What is A FIDIC Contract?Ī FIDIC Contract is a standard contract that has been designed for a diversity of construction and mechanism projects, because in essence, constructing any project around the globe will always have the same main principles. The framing of a contract necessitates the mutual acceptance of two or more individuals, one of them normally making an agreement and another acknowledging it. The most important element in this statement is that it is enforced by law, that, it is legally binding. A legal document between mutually agreeing on parties to undertake something or to refrain from doing something.
The term Contract essentially means a Legal Agreement. The aim of FIDIC is to globally represent the consulting engineering field by promoting the interests of companies/engineers and supplying technology-based services for the built and natural environment. The FIDIC headquarters are located in Geneva, Switzerland. Later around 1959, several other countries such as Australia, South Africa, Canada, and the USA joined FIDIC and the Federation became truly International. But FIDIC was formed on 22nd July 1913, by three Francophone Countries, namely, Belgium, France and Switzerland and hence its French name. The Organization, FIDIC or Fédération Internationale des Ingénieurs Conseils (in French), or what is better known as the International Federation of Consulting Engineers came into being when a number of independent expert consultants met at a World Fair Exhibitions in the year 1913 to deliberate on the possibility of forming a Global Federation.Ī number of European countries and Australia, Canada, Russia, the UK and the USA were a part of this World Fair. The Spectrum of FIDIC Contracts /FIDIC FamilyįIDIC Contract is a globally acclaimed traditional form of contract, it aims at risk, obligations and duties. FIDIC and NEC Contracts – A Comparative Note
0 kommentar(er)
