Inter-American Development Bank signs five-year agreement to use FIDIC standard contracts

International engineering federation FIDIC (the International Federation of Consulting Engineers) has secured a major agreement with the Inter-American Development Bank (IDB) that will see the international funding organisation adopt the use of six FIDIC standard contracts for the next five years.

Under the terms of the agreement, FIDIC has granted the IDB, the leading source for development financing in Latin America and the Caribbean, a non-exclusive licence to refer to the six major FIDIC contracts for projects they finance and the documents will be used as part of the bank’s standard bidding documents.

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