World 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 World Bank 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 World Bank 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. The contracts mainly include the 2017 Second edition FIDIC contracts, which cover a wide range of international construction and infrastructure work, and the World Bank’s move represents a major endorsement for the contracts from a major international funding organisation. FIDIC also expects to announce a similar agreement with the other multilateral development banks.
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