Preface: Risk management
Characteristics of FIDIC Contracts on risk management: One of the important features of FIDIC contracts is the balance of risk between the parties to the contract. It is fair and reasonable to assign risks in FIDIC contracts to the parties. The duties and rights of the parties to the contract are also balanced and not unilateral. There is a balance between legal delicacy and feasibility, in accordance with the principles of customary and civil law.
Another feature of these contracts is their general acceptance. Because these contracts are widely used around the world for industrial projects, the World Bank, multilateral development banks, or other financial institutions require the use of such contracts for lending. FIDIC contracts are well-known in influential arbitration centers and courts and facilitate litigation. Another influential feature is that the transparency of the texts makes it easy to use the legal and technical vocabulary that is repeated in all FIDIC model contracts.
Effectiveness and transparency are other influential features of FIDIC contracts. The transparency of the texts facilitates the use of a range of legal and technical terms and terms that are repeated in all model contracts. Of course, the texts of these conventions are written in the same literature. FIDIC does not allow the substitution of words.
The ability to replace clauses is also a feature of FIDIC contracts. The clauses of a contract can be easily replaced by similar clauses. Of course, doing this requires special knowledge and skills, because the terms of the replaced clause must be consistent with the terms of the other clauses in the draft.
What is project risk management?
Project risk management includes the processes of guiding risk management planning, identifying, analyzing, responding to planning, and monitoring and controlling the project. The goals of project risk management are to increase the probability and effect of positive events, and to reduce the probability and effect of negative events in the project.
Project risk management includes the following topics:
- Risk management planning : The process of defining how to manage project risk management activities.
- Risk Identification : The process of identifying risks that may affect the project and documenting their characteristics.
- Performing qualitative risk analysis : The process of prioritizing risks for further analysis or action by evaluating and combining the probability of occurrence of the effect.
- Perform quantitative risk analysis : The process of numerical analysis of the effect of identified risks on the overall objectives of the project.
- Risk Response Planning : The process of developing options and actions to enhance opportunities and reduce risks to project objectives.
- Risk monitoring and control : The process of implementing risk response programs, tracking identified risks, monitoring residual risks, identifying new risks, and evaluating the effectiveness of the risk process throughout the project.
FDIC conference Managing Risk files
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The Kavian Scientific Research Association (KSRA) is a non-profit research organization to provide research / educational services in December 2013. The members of the community had formed a virtual group on the Viber social network. The core of the Kavian Scientific Association was formed with these members as founders. These individuals, led by Professor Siavosh Kaviani, decided to launch a scientific / research association with an emphasis on education.
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