Interpretation and Application of Payment Conditions in International EPC Contracts
In light of the prevalent engineer procure construct(EPC)contracting model in contemporary international construction projects,the crucial payment conditions outlined in publications by the International Federation of Consulting Engineers are ex-amined,specifically Yellow Book and Silver Book.By deciphering these terms,their impact on bidding strategies is explored.It is considered that a relatively definite lump-sum contracting method and pre-determined payment plans for measurement and dis-bursement should be adopted.The settlement and payment of contract prices should specify currencies and exchange rates,while an amortisation for the advance payment and a replacement for the retention bond are preferred.Both settlement approval and mak-ing payment should be considered in the payment period,with punitive measures against deliberate payment delays.
international construction project biddingEPC modecontract payment termspayment methodcurrencyexchange rate
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