Guidance on implementation of construction contracts
From May 01, 2016, new regulations of guidance on implementation of construction contracts will come into force.
Significant regulations of construction contracts were provided by Circular No. 09/2016/TT-BXD as follows:
- - The time limit for contract execution begins on its effective date and ends when the parties have fulfilled their contractual obligations.
- - The contractor shall make a contract execution schedule which is subject to approval by the investor.
- - The contract execution schedule must have deadlines for completion of primary works or products.
- - The investor and the contractor shall reach an agreement on cases in which adjustments to schedule are allowed.
- - The contract execution may be accelerated as long as construction quality is assured.
- - The contractor shall notify the investor of cases of potential negative impacts on or hindrance to the construction or potential rise of contractual price.
Circular No. 09/2016/TT-BXD replaces Circular No. 09/2011/TT-BXD and Decree No. 37/2015/NĐ-CP
shall apply to issues no regulated by Circular No. 09/2016/TT-BXD.
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