FIDIC and ITA’s Emerald Book adopted by the World Bank
30 July 2021The World Bank is adopting the new “Emerald Book 2019” contract for the underground works operations it finances.
World Bank and "Emerald Book"
The World Bank can now use the “Emerald Book 2019” contract for all underground works contracts. These contracts are financed by this international financing organization. The world bank’s website will publish the relevant tenders by December 31, 2024.
The bank already has a license to refer to six major FIDIC contracts from the 2nd edition 2017. These contracts cover a wide range of international construction and infrastructure works.
The “Emerald Book” is based on risk sharing principles. It was developed in partnership between FIDIC (International Federation of Engineering and Consulting) and ITA (International Tunnelling and Underground Works Association). It takes into account many years of experience.
Expected results
Welcoming the adoption of the document by the World Bank, Dr. Nelson Ogunskin, FIDIC’s Managing Director, said the “Emerald Book” addresses several critical areas of contracting. He hopes the document will lead to smoother contracting in this growing sector.
Professor Jenny Yan, President of the ITA, is pleased with the decision. It will promote “the use of more proven contracting mechanisms to address the risks associated with underground construction in a more equitable and efficient manner.”
FIDIC, on the other hand, hopes that the World Bank’s implementation will reduce cost overruns and delays in major infrastructure projects. In particular, hydropower and dams are notorious for these negative effects. These projects involve a lot of underground work.
FIDIC standard contracts
Founded in 1913 by the Belgian, French and Swiss engineering federations, FIDIC now has 88 national federations on five continents. The FIDIC standard contracts are model agreements. They are a reference in the fields of design and construction of large international projects. These contracts define the rights and obligations between the client, the project managers (engineers) and the company.
To consult the Emerald Book
