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7 RISK, INSURANCE AND SECURITIES

FIDIC Contracts Law and Practice

7

RISK, INSURANCE AND SECURITIES

INTRODUCTION

7.1 By their nature, construction projects expose the parties involved to significant risks. A major feature of any international construction or engineering contract is to allocate those risks between the parties. The FIDIC forms are no different. Some risks, for example the risk of damage to the Works and claims by third parties for personal injury, property damage and infringement of intellectual property, are allocated through specific provisions. Other risks are allocated through the operation of other mechanisms found in the contract. Even once allocated, the parties will usually require certain restrictions and other measures to be taken to limit and manage their exposure. These include provisions in the contract to limit liability, to require insurance to be effected and to ensure that the other party provides appropriate security for its obligations. This chapter deals with how the FIDIC forms address these matters.

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