Modification to the FIDIC Silver Book in a Buyer's Market Context: A Case Study of the HaiPhong Power Plant II Project

摘要

With more and more emerging contractors from developing economies struggling to enter the global market eagerly pursuing new jobs, both incumbent and new entrants have to confront a fierce market competition and suffer from a declining bargaining power when dealing with the owner. FIDIC contract conditions, although originally formulated to provide a relatively fair baseline in construction transaction setting are then often modified in favor of the owner in practice. This study identified and classified modifications in the turnkey contract of the HaiPhong Power Plant II project located in HaiPhong, Vietnam and assessed these modification categories in terms of frequency and risk allocation. The case study provided evidence and lessons-learned in association with contract modification and redesign regarding the widely applied FIDIC Silver Book conditions for academics, practitioners and professional associations involved in international construction business.