The FIDIC (Fédération Internationale des Ingénieurs-Conseils) suite of contracts is widely recognized as the leading set of international standard forms of contract for construction and engineering projects. In 2017, FIDIC released an updated suite of contracts that includes several key changes and additions. In this article, we`ll take a closer look at the FIDIC suite of contracts 2017 PDF, its contents, and what it means for the construction industry.
What is FIDIC?
FIDIC is a global organization that represents the consulting engineering industry. Founded in 1913, it has over 100 years of experience in developing standards, guidelines, and best practices for the engineering industry. FIDIC is recognized as the world leader in contract standardization, and its contracts are used by a wide range of stakeholders in the construction industry, including contractors, consultants, and clients.
What Are FIDIC Standard Forms of Contract?
The FIDIC standard forms of contract are a series of widely recognized and internationally accepted contracts that provide a framework for construction and engineering projects. The contracts cover a range of project delivery methods, such as design-build, construction, and management. The FIDIC suite of contracts is divided into four main categories:
1. The Red Book: The Red Book is the most popular contract in use and is designed for construction projects where the contractor designs and constructs the works.
2. The Yellow Book: The Yellow Book is used for construction projects where the contractor designs and constructs the works based on the employer`s requirements.
3. The Silver Book: The Silver Book is designed for turnkey projects where the contractor designs, constructs, and commissions the works.
4. The Green Book: The Green Book is used for short-duration construction and engineering projects.
What`s New in the 2017 Edition of FIDIC?
The FIDIC suite of contracts has been revised and updated on several occasions since its initial publication in 1957. The 2017 edition is the latest version and includes several important changes and additions to the previous editions. Some of the key changes include:
1. Enhanced Risk Management: The 2017 edition includes updated risk allocation procedures and increased attention to risk management.
2. More Comprehensive Claims Procedures: The contract includes more detailed procedures for claims and dispute resolution.
3. Increased Flexibility: The new contracts provide more options for contractors and employers to tailor the contract to their specific needs.
4. More Balanced Contract Provisions: The contract includes provisions aimed at achieving a more balanced allocation of risks between the contractor and employer.
Why Is the FIDIC Suite of Contracts Important?
The FIDIC suite of contracts is important because it provides a clear and standardized framework for construction and engineering projects. With the use of these contracts, parties can avoid disputes and misunderstandings that can arise due to different interpretations of contract terms and conditions. Additionally, the contracts provide a level of protection for both parties by clearly defining the responsibilities and obligations of each.
The FIDIC suite of contracts 2017 PDF is an important resource for anyone involved in construction and engineering projects. The updated contracts provide greater flexibility, enhanced risk management, and more comprehensive claims procedures, making them more relevant and useful in today`s construction industry. By using these contracts, parties can avoid disputes and protect their interests, resulting in successful project delivery.