New ICC model subcontract alleviates red tape and aids development
ICC has launched the latest in its series of successful international model business contracts, providing a complement to the well-received ICC Model Turnkey Contract for Major Projects.
Produced by the ICC Commission on Commercial Law and Practice, the new model subcontract aims to further the proper functioning of the construction industry, particularly within the context of international development.
Many major construction projects are an important element in international development, yet international turnkey construction projects are often complex transactions generating copious and complex legal documentation.
The ICC model subcontract helps establish durable, clear and equitable arrangements fair to all parties. Like the turnkey model, it provides a unique, balanced platform while ensuring price and scope certainty, swift and effective dispute resolution and complete, informed and responsible allocation of risks.
Flexible enough to be used as a subcontract to other standard forms of contract, the subcontract is equally intended for use in public and private projects and will help relieve contractors and subcontractors of unwelcome paperwork encountered during major turnkey projects.
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