Construction contracts are vital tools for defining the roles, responsibilities, and risk allocation among stakeholders in a project. Across the globe, different types of contracts have become popular based on regional practices and project requirements. For example, FIDIC contracts are the standard in the Middle East, Africa, and Asia for large-scale infrastructure projects due to…
Background The construction industry is a dynamic field characterized by high-value projects, complex contractual relationships, and significant financial risks. To ensure smooth execution and safeguard the interests of stakeholders, financial security instruments such as bank guarantees and surety bonds play a crucial role. These tools provide assurance to project owners and other beneficiaries that contractors…
Background Understanding the distinction between an agreement and a contract is essential for anyone engaging in personal, professional, or business interactions. These terms are often used interchangeably in casual conversations, but they have distinct legal meanings and implications. Not all agreements are contracts, but every contract is an agreement. The key factor that distinguishes the…
