What is IChemE contracts?

The IChemE Forms of Contract are drafted as performance-based contracts for the design and construction of a process plant and other output-based projects. Specifically addressing the liabilities and testing regimes appropriate for a performance plant, they are used extensively across a range of process industries.

What is the IChemE Red Book?

The Red Book is a lump sum contract suitable for use in a wide range of industries, particularly those where a high technical input is required in design and construction and where a proven system or service is required for the completed project.

What is a target cost contract?

A target cost contract is a type of cost reimbursable contract under which the contractor is paid the ‘actual cost’ (usually defined in the particular contract) it incurs in carrying out the works, but subject to a target cost which is agreed by the parties at the beginning of the project.

What are the forms of contract?

A contract may be in the form of:

• an oral agreement, or those that are partly oral and partly written, which are oral contract in legal effect.
• a single written agreement signed by both parties, wherein all its terms are in writing, regardless if it is hand-written or electronically encoded/printed.

What is a Fidic contract?

FIDIC is the International Federation of Consulting Engineers, known by its French acronym. It was formed in 1913, with the objective of promoting the interests of consulting engineering firms globally. It is best known for its range of standard conditions of contract for the construction, plant and design industries.

What is Fidic contract?

International Federation of Consulting Engineers (commonly known as FIDIC, acronym for its French name Fédération Internationale Des Ingénieurs-Conseils) is an International Standards Organization for consulting engineering and construction best known for FIDIC family of contract templates.

What is the Fidic Yellow Book?

FIDIC Yellow Book is a guide for anyone involved in preparing, administering, or contributing to the FIDIC suite of contracts, 2017 edition.

Do target cost contracts deliver value for money?

The literature review has revealed that TCCs are favourable to provide value for money when used on high risk, complex and large projects where change is likely to occur. The flexibility that TCCs provide will enable change to be administered more efficiently than if a fixed price contract is selected.

What is the meaning of lump sum contract?

stipulated sum contract
A lump sum contract (or stipulated sum contract) is the traditional means of procuring construction, and still the most common form of construction contract. Under a lump sum contract, a single ‘lump sum’ price for all the works is agreed before the works begin.

What are the methods of contract?

Different Types of Contracts: Everything You Need to Know

• Lump Sum or Fixed Price Contract Type.
• Cost Plus Contracts.
• Time and Material Contracts When Scope is Not Clear.
• Unit Pricing Contracts.
• Bilateral Contract.
• Unilateral Contract.
• Implied Contracts.
• Express Contracts.