November 28, 2018
The AIAC Launches its 2019 Edition of the Standard Form of Building Contract and Sub-Contract (AIAC 2019 SFC)
KUALA LUMPUR, 28th NOVEMBER 2018 - The Asian International Arbitration Centre (the “AIAC”) is delighted to introduce its 2019 Edition of the Standard Form of Building Contract and Sub-Contract (the “AIAC 2019 SFC”).
The AIAC 2019 SFC is a comprehensive unified contract that does away with the distinction between With and Without Quantities. Users can now customise the contract to meet their specific needs. Further, the AIAC 2019 SFC provides an option for the Parties to select a Contract Administrator (“CA”). If no CA is appointed, then the Architect will be the CA. The dispute resolution sections of the AIAC 2019 SFC incorporates the AIAC Arbitration Rules 2018 and the 2005 Arbitration Act (as amended 2018) and provides for adaptability to the latest tax regime.
The AIAC 2019 SFC will be up and running for customisation on the AIAC Standard Form Contracts (“SFC”) web portal (http://sfc.aiac.world/). Through the AIAC SFC web portal, users will have the ability to customise, save, store and share completed contracts. Registered users may also save incomplete contracts for later completion. The website is being improved to include a tutorial video to provide the users with a step-by-step walkthrough of customising the contract.
Since the inception of the Standard Form Contracts, there have been 19,000 visitors to the AIAC SFC web portal. Also, a total of 46,000 AIAC SFC forms have been downloaded with 250 contracts customised. Further, there has been 3,500 roadshow delegates with over 15,000 copies disseminated and 6 in-house company trainings.
The AIAC is the first arbitral institution in the world to launch a suite of this kind that is suitable for all building construction projects in both Malaysia and abroad as it can be easily adjusted to the needs of a particular user. The AIAC SFC reflect the best international standards and were prepared by the Expert Advisory Committee comprised of distinguished professionals.
AIAC 2019 SFC is a testament of our commitment towards ensuring continuous improvements to the construction industry. That commitment began with the AIAC SFC inaugural launch on 15th August 2017 and was followed by the launch of the AIAC Standard Form of Design and Build Contracts on 3rd July 2018. The AIAC SFC launches serve as an acknowledgement that the AIAC will continue to evolve and adapt in response to the needs of the construction industry to best serve its stakeholders.
For any inquiries related to the AIAC SFC, please do not hesitate to reach us at email@example.com