Podcast
Questions and Answers
What is the main source of profit for a business according to the text?
What is the main source of profit for a business according to the text?
- Adoption of simple procedures
- Understanding of contracts
- Efficient execution of works
- Income from projects (correct)
According to the text, what is the difference between profit and expenditure?
According to the text, what is the difference between profit and expenditure?
- Profit = Expenditure - Income
- Profit = Income - Expenditure (correct)
- Profit = Income + Expenditure
- Profit = Income / Expenditure
What is emphasized as crucial for improving the prospects of profitability in the workshop?
What is emphasized as crucial for improving the prospects of profitability in the workshop?
- Ignoring the contract terms
- Adoption of complex procedures
- Focusing solely on project execution
- Basic understanding of the contract (correct)
According to the text, what applies to everyone in the project team?
According to the text, what applies to everyone in the project team?
What is the basis for tender risk analysis in the tendering process?
What is the basis for tender risk analysis in the tendering process?
Who is involved in the management of contracts, according to the text?
Who is involved in the management of contracts, according to the text?
What is the preferred format for encouraging dialogue and interaction among participants in contract management workshops?
What is the preferred format for encouraging dialogue and interaction among participants in contract management workshops?
What is the starting point for the process of managing a contract?
What is the starting point for the process of managing a contract?
What is the purpose of a contracts management manual in contracting organizations?
What is the purpose of a contracts management manual in contracting organizations?
Why is managing change within a contract crucial?
Why is managing change within a contract crucial?
What is important for maximizing commercial returns in contract management?
What is important for maximizing commercial returns in contract management?
What is involved in the tendering process?
What is involved in the tendering process?
What should be done before an employer issues tender documents?
What should be done before an employer issues tender documents?
What should be kept in a master file for future reference in the tendering process?
What should be kept in a master file for future reference in the tendering process?
What is the challenge associated with contracts management manuals in contracting organizations?
What is the challenge associated with contracts management manuals in contracting organizations?
What is the primary purpose of the material presented in the text?
What is the primary purpose of the material presented in the text?
What should be included in the file for a construction project?
What should be included in the file for a construction project?
What should be maintained in a schedule summarizing all changes resulting from negotiations?
What should be maintained in a schedule summarizing all changes resulting from negotiations?
What are the similar procedures applicable for, with the contractor acting as the employer and the sub-contractor as the contractor?
What are the similar procedures applicable for, with the contractor acting as the employer and the sub-contractor as the contractor?
What must a contract be, requiring the parties to do something, with willingness on their part, and include terms governing the work, responsibilities, timing, payment, and standards of work?
What must a contract be, requiring the parties to do something, with willingness on their part, and include terms governing the work, responsibilities, timing, payment, and standards of work?
Where will the express conditions be written in a contract?
Where will the express conditions be written in a contract?
What cannot override an express term in a contract and is subject to the law of the land and warranty terms?
What cannot override an express term in a contract and is subject to the law of the land and warranty terms?
What are the FIDIC forms of contract meant for use on?
What are the FIDIC forms of contract meant for use on?
What is not suitable for all projects, such as a ship conversion?
What is not suitable for all projects, such as a ship conversion?
What obligations and responsibilities arise from the method of payment in contracts?
What obligations and responsibilities arise from the method of payment in contracts?
What are the contracts between the contractor and sub-contractors referred to as?
What are the contracts between the contractor and sub-contractors referred to as?
What must the list of all contract documents with full references be part of?
What must the list of all contract documents with full references be part of?
What should be issued and signed by both parties, preferably in the form of a schedule of agreed changes?
What should be issued and signed by both parties, preferably in the form of a schedule of agreed changes?
What does breach of contract entitle the wronged party to?
What does breach of contract entitle the wronged party to?
How are damages for late completion expressed within the contract?
How are damages for late completion expressed within the contract?
What does extension of time entitle the contractor to?
What does extension of time entitle the contractor to?
What is the purpose of letters of intent (LOI)?
What is the purpose of letters of intent (LOI)?
What may happen if the entire works are undertaken on a letter of intent?
What may happen if the entire works are undertaken on a letter of intent?
What do contracts recognize about breaches?
What do contracts recognize about breaches?
What is the intention of the compensation for breach of contract?
What is the intention of the compensation for breach of contract?
What does the contract set the baseline for in each project?
What does the contract set the baseline for in each project?
What does the contract define payment terms, risk allocation, and provisions for?
What does the contract define payment terms, risk allocation, and provisions for?
What does the contract provide for in terms of completion period?
What does the contract provide for in terms of completion period?
What is the outcome if no formal contract is in place?
What is the outcome if no formal contract is in place?
What does the last communication on un-agreed points before work starts may be taken as?
What does the last communication on un-agreed points before work starts may be taken as?
When was the ICE Conditions of Contract first issued?
When was the ICE Conditions of Contract first issued?
Which organization published the Red Book in 1957?
Which organization published the Red Book in 1957?
When was the Fourth Edition of the Red Book published?
When was the Fourth Edition of the Red Book published?
What did FIDIC publish in 1996?
What did FIDIC publish in 1996?
Which set of Standard Forms did FIDIC publish in 1999?
Which set of Standard Forms did FIDIC publish in 1999?
What is expected to replace previous editions of FIDIC forms?
What is expected to replace previous editions of FIDIC forms?
Which form is familiar and kept in general use together with the earlier and later editions?
Which form is familiar and kept in general use together with the earlier and later editions?
What did FIDIC publish in 1999?
What did FIDIC publish in 1999?
What did FIDIC publish in 1995?
What did FIDIC publish in 1995?
What was the ICE form the basis of?
What was the ICE form the basis of?
What should the LOI cover?
What should the LOI cover?
Which form was closely modelled on the ACE Form?
Which form was closely modelled on the ACE Form?
Study Notes
Overview of FIDIC Forms of Contract
- LOI should cover four elements: work description, time period, payment, terms and conditions
- The ICE Conditions of Contract was first issued in 1945 and has reached the 7th edition in 1999
- The ICE form inspired and became the basis of similar standard forms adopted in many parts of the world
- FIDIC (Federation Internationale des Ingenieurs Conseils) published the Red Book in 1957, closely modelled on the ACE Form
- The Red Book was updated with second and third editions in 1969 and 1977 respectively
- The Fourth Edition of the Red Book was published in 1978, with further amendments in 1988 and 1992
- FIDIC published a Supplement in 1996 dealing with Dispute Resolution, Lump Sum Payments, and Delayed Certification by the Engineer
- Concurrent with the evolving Red Book, FIDIC also published the Yellow Book (1987) and the Orange Book (1995)
- In 1999, FIDIC published a completely new set of Standard Forms: Red, Yellow, Silver, and Green
- The 1999 forms reflect a radical change in contracting and are expected to replace previous editions
- Familiarity with the Fourth Edition of the Red Book has kept it in general use together with the earlier and later editions
- In 1999, FIDIC published four forms of contract: Red Book - Conditions of Contract for Construction
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Description
Explore the history and evolution of FIDIC forms of contract, including the Red Book, Yellow Book, and Orange Book. Learn about the key editions, supplements, and major changes introduced in the 1999 forms.
