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Little thing called “Contract”
The rationale and best practices of using contract to improve both construction project performance and relationship satisfaction between parties
The use of contract in construction projects is a common way to improve the project performance and increase the relationship satisfaction. However, the misuse of contract can not only increase transaction cost significantly, but also create dramatic damage to the existing relationship between the contracting parties.
We believe that it is beneficial to fully understand the rationale and necessity of using contract, to explore the role and function of contract, especially in managing risk in construction project, and to review the changing trend of contract used in construction projects, especially the international standard form like FIDIC contract.
The webinar on the contract in construction project provides a theoretical background of using contract in managing construction project, shares practical applications in the sector. Thus, it is to promote the best practices of using contract in the construction industry.
Benefits of participating in the webinar
- Understanding of both the definition and function of contract
- A comprehensive theoretical background of the necessity of using contract in business transactions
- A creative perspective of using contract to manage different categories of risk in construction projects
- A functional view of contract and its distributions by using FIDIC Standard Form Contracts as an example
- A review of the changing trend in contract used in construction projects, especially the international standard form like FIDIC contract over years
Topics covered in this webinar
- Little thing called “Contract”. The definition of contract
- Why contract is needed in the transactions. Theoretical background of using contract in business transactions
- A creative functional view of contract. Three functions played by contract and examples of how it will be used in construction project
- How different categories of risk are managed by contract. A combination of functional view of contract and risk management in construction project
- Distribution of contract clauses. An analysis of FIDIC Standard Contract Form under the functional view
- Changing trend of FIDIC over years. A longitudinal analysis of FIDIC Standard Contract Form over year under functional view
- Research to be continued: Collected 507 Contract documents using FIDIC Standard Contract Form in construction projects over 88 different countries
Practical relevance of the webinar topic
The theoretical knowledge and practical examples in this webinar apply to 4 of the 7 construction stages.
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Initiative
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Initiation
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Design
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Procurement
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Construction
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Use
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End of life
Webinar host
Yuting Chen
PhD, MSc, PGCert, Senior Lecturer, FIDIC certified trainer
- Senior Lecturer and Programme Director of MSc Construction Project Management
- Interdisciplinary backgrounds in Construction Project Management (PhD), Finance (CFA), and International Business Law (PGCert)
- Funded research project for Automated Detection of Contractual Risk Clauses in Construction Projects by using Natural Language Processing
- Author of 15 academic publications on construction project management, especially related to contract
- Providing consulting services for Chinese stated-owned contractor companies
Learning experience on the platform
Content designed to make it easy to put theory into practice
Gain knowledge
Information, statistics, experience, research, these are all fundamental elements for a broad and objective understanding of the effective management of the construction process, the problems inherent in the sector and possible solutions.
Share your experience
Knowledge is built through interaction with others, which is the basis of our experience. Our experts provide valuable content on industry processes, but by sharing experiences, opinions and discussions with qualified construction experts from around the world, you not only gain a broader understanding, but also valuable contacts to develop your business.
Apply the knowledge gained
It is not enough to identify the problems or to propose theoretical solutions. To be valuable, the knowledge and experience gained must be put to good use in designing quality projects, making efficient use of available resources and contributing to positive change in the industry.
