Official Launch of AIAC 2019 Standard Form Building Contracts
Join us for the Official Launch of AIAC 2019 Standard Form of Building Contracts.
The Key Features of the 2019 AIAC Standard Form Main Contracts are as follows:
Key Features of the 2019 AIAC Standard Form Building Contract (2019 AIAC SFC)
1. Unified Building Contract - Users no longer have to distinguish between adopting With and Without Quantities as the 2019 AIAC SFC are structured as a single contract.
2. Introduction of Contract Administrator – Incorporates checks and balances mechanism and empowers the responsibility vested on the Contract Administrator. The Contract Administrator is a qualified person appointed by the Employer to administer the Contract. In the event that no such person is appointed by the Employer, the Architect shall, by default, assumes the role of the Contract Administrator.
3. Greater transparency – Greater transparency with regard to the duties and obligations of all parties concerned, e.g. the Employer, Contractor, Nominated Sub-Contractor, Contract Administrator and Consultant, which aims to enhance trust and better working relationship between all parties.
4. Enhanced Clarity – Fills the gaps and creates a user-friendly platform to provide procedures that deals with practical contract issues during the execution of the Works through easy accessibility of the 2019 AIAC SFC. This will avoid deadlocks and ultimately promote smooth progress of the Works.
5. Latest Legislative Synchronization – 2019 AIAC SFC have taken into account the provisions of AIAC Arbitration Rules and the Arbitration Act and their effect on dispute resolution as well as power of the arbitrators. Further, the 2019 AIAC SFCallows for the adaptability of the latest tax regime.
6. Reinforces the Interest of the Parties - 2019 AIAC SFChave included provisions to cater and tend to the interest of the parties on grounds such as broadens the spectrum of the Non-Employer’s events, grants the Sub-Contractor and the Supplier the right to request for Final Payment and emphasizes the consequence of contract termination.
7. Party Autonomy – 2019 AIAC SFCupholds the agreement of the parties and allows the parties to decide and create clear contractual arrangements to promote efficiency based on consideration in a case-by-case basis.
Key Features retained from the 2018 AIAC Standard Form of Building Contract (2018 AIAC SFC)
8. Free of charge – AIAC SFC is uploaded on its website. Interested users may download it for free for use, and have the liberty to customize the contracts according to their specific needs.
9. CIPAA Compliant– AIAC’s SFC have taken into account the provisions of CIPAA 2012, and their effect on contract management as well as duties and obligations of the parties in relation thereto.
10. Greater focus on continuity of projects – Enhanced provisions to prevent deadlocks and reduce conflict during, and after completion of the Works. Provides options where rights are infringed, offering greater protection for all.
11. Reinforces the Principles of Integrity – AIAC’s SFC have included provisions against bribery and corrupt practices, and reinforces the principles of integrity in the implementation of construction projects.
For registration, click the link below or send in your details to email@example.com. Admission is Free!