We had this interesting lecture on FIDIC contracts. For those of you that don't know, this is the French Acronym for Federation Internationale De Ingenieurs - Conseils, which came up with the Bible of International Construction Contract - the FIDIC conditions.
How did these contract conditions become so popular? Well, it has to do with the tender process of all 3rd world countries who take development aid from the World Bank and other similar organisations. Apparently, in order to qualify for such construction grants, the recipient country has to agree to use the FIDIC tender conditions, which are recognised as a fair mechanism in the competitive tender process. Hahaha by no small coincidence, the global commercial arbitration industry (excluding ICSID and other investment arbitrations) is ruled by about 70 percent construction arbitration, and guess who are the resident FIDIC experts? the European arbitrators of course!
It is a grand conspiracy I tell you..
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