Egypt is expected to pass a new law aimed at the standardisation of the country’s construction contracts under the FIDIC Contracts within 2018, said head of the country’s construction federation (EFCBC) on Wednesday.
The application of FIDIC Contracts will help reconcile the needs of local employers and foreign companies implementing major construction projects in Egypt and whether and to which extent joint efforts are needed for better performance.
A joint governmental committee will soon complete the drafting of the balanced contract, to guarantee both local and foreign contractors’ rights, Hassan Abdel Aziz further said.
EFCBC is coordinating with the parliament and government on amending some clauses related to the bidding and auctions, to ensure the financial rights of both contractor and sub-contractors, Abdel Aziz.
Originally established as an organization by three founding countries Belgium, France, and Switzerland- today FIDIC, which is an abbreviation for the French acronym “Federation Internationale Des Ingeniuss Conseils” meaning the International Federation of Consulting Engineers represents an international standard for the construction and consulting industry.
FIDIC is well known for drafting standard form of Conditions of Contract for the worldwide construction industry, particularly in the context of higher value international construction projects, and endorsed by many multilateral development banks (“MDBs”).