If you work in the construction industry, you`re likely familiar with the FIDIC forms of contract. The FIDIC (International Federation of Consulting Engineers) contracts are widely used in the industry, and the third edition of these contracts is now available for free download.
For those not familiar with the FIDIC contracts, they provide a standard form of agreement between the employer and the contractor for construction projects. The contracts are designed to be fair to both parties, and they cover a wide range of issues, from payment to dispute resolution.
The third edition of the contracts was released in 2017, and it includes some significant updates from the previous edition. These updates include a new chapter on “dispute avoidance and resolution,” which provides guidance on how to avoid and resolve disputes during the construction process.
Other updates include new provisions for dealing with unforeseeable circumstances, such as changes in laws or regulations, as well as new provisions for dealing with delays and extensions of time.
One of the most significant changes in the third edition is the inclusion of a “golden principle” for the interpretation of the contract. This principle states that the contract should be interpreted in a way that is consistent with its underlying principles of fairness, neutrality, and good faith.
So, why should you download the third edition of the FIDIC contracts? First and foremost, it`s a free resource that can provide valuable guidance for your construction projects. The contracts are widely used and respected in the industry, so they can help ensure that your projects are conducted in a fair and efficient manner.
Additionally, the new chapter on dispute resolution can be especially helpful for those working in the industry. Disputes can be a significant source of delay and cost overruns on construction projects, so having guidance on how to avoid and resolve disputes can be invaluable.
In conclusion, the third edition of the FIDIC contracts is an essential resource for those working in the construction industry. With updates that reflect changes in the industry and a focus on fairness and good faith, these contracts can help ensure the success of your construction projects. And best of all, they`re available for free download.