Fidic Contract Summary

Posted by: admin | Posted on: augustus 10th, 2023 | 0 Comments

FIDIC Contract Summary: Understanding the Basics

The FIDIC (International Federation of Consulting Engineers) contract is a widely used standard contract for construction projects. Developed by the FIDIC as a way to establish a fair and balanced contractual relationship between the parties involved in a construction project, the FIDIC contract has become a benchmark for construction contracting worldwide.

If you`re planning to undertake a construction project or are already involved in one, it`s essential to have a good understanding of the FIDIC contract. Here`s a summary of the FIDIC contract and its basic elements:

Parties involved

The FIDIC contract involves three parties: the Employer, the Contractor, and the Engineer. The Employer is responsible for initiating and funding the project. The Contractor is responsible for executing the work, and the Engineer is responsible for overseeing and certifying the work.

General Conditions

The General Conditions of the FIDIC contract set out the overall framework of the contract. They include provisions on the rights and responsibilities of each party, payment terms, variations to the work, and dispute resolution procedures.

Particular Conditions

The Particular Conditions are specific to each project and define the scope of work, the contract price, and the contract time. They also include any special conditions that may apply to the project.

Specifications

The Specifications detail the requirements for the quality and performance of the works, including materials, workmanship, and required standards.

Drawings

The Drawings provide graphical representations of the works to be executed and provide details on the design and layout of the project.

Tendering and Contract Award

The FIDIC contract provides an established framework for tendering and contract award. The process includes a prequalification stage, an invitation to tender, and an evaluation of tenders. The contract is awarded to the successful tenderer, and the parties sign the contract.

Contract Administration

The contract administration involves the management of the contract by the parties involved. It includes the establishment of progress reports, payment certificates, and variation orders. The Engineer is responsible for the overall supervision and management of the contract.

Dispute Resolution

The FIDIC contract provides a structured approach to dispute resolution to minimize the risk of disputes arising during the contract. If a dispute does arise, the parties are required to follow a specific dispute resolution process, which may include negotiation, mediation, and arbitration.

In conclusion, the FIDIC contract is a comprehensive contract that provides a fair and balanced framework for construction projects. Understanding its basic elements is crucial for contractors and employers involved in construction projects. As a professional, I recommend that you familiarize yourself with the FIDIC contract and its elements to ensure successful project management and minimize the risk of disputes.