The use of FIDIC Construction Contracts when managing major projects and resolving disputes has driven the need for changes which are aimed at improving contracting practices across the globe.
It is fair to say that the changes introduced in the new suite of contracts are significant. The revisions are intended to reflect current best practice and bring greater clarity to the contracts leading to fewer disputes and more successful projects. The Second Editions of the FIDIC Red Book (Construction Contract), Yellow Book (Plant and Design-Build Contract) and Silver Book (Engineering, Procurement & Construction/Turnkey Contract) constitute updates of the former editions from 1999 and provide more prescriptive provisions with greater transparency and step-by-step requirements.
In an effort to have clarity on the way these developments effect both the local and foreign market, at this month’s ThinkTank event, QP listened to Dr Antoine Cremona and Dr Anselmo Mifsud Bonnici from Ganado Advocates who gave a presentation on the vast topic with the aim of better understanding the importance of these Standards.