In this paper, the author gives a brief introduction to the evolution of FIDIC conditions of contract, particularly the background of the 1999 new editions. A detailed discussion is made of the applying prospects refe...In this paper, the author gives a brief introduction to the evolution of FIDIC conditions of contract, particularly the background of the 1999 new editions. A detailed discussion is made of the applying prospects referring to the new editions of FIDIC Conditions of Contract in China in 6 aspects: revisions of the existing model contract forms; finding solutions to the payment delay problem; advocating the Design/Build and EPC turnkey project delivery system; clarifying the roles of supervising engineers and opening up the new regions of their work. This paper also prepares a short form model contract for small projects in China, improving the settlement of construction disputes.展开更多
Late payment,and indeed no payment,is a rampant and chronic problem that has plagued the global construction industry for too long.Recent development in blockchain technology,particularly its smart contract,seems to p...Late payment,and indeed no payment,is a rampant and chronic problem that has plagued the global construction industry for too long.Recent development in blockchain technology,particularly its smart contract,seems to provide a new opportunity to improve this old problem.However,this opportunity is largely unexploited.This study aims to develop a blockchain-based smart contract(BBSC)system for smart payment in the construction industry by focusing on the fundamental cycle of payment freezing(sometimes also synonymously called payment guarantees)and disbursement application.Firstly,a BBSC framework,containing three processes of(a)initiation and configuration,(b)payment freezing,and(c)disbursement application,is developed.Next,based on the framework,the system architecture of the BBSC system,containing three layers of(1)Infrastructure as a Service(IaaS),(2)Blockchain as a Service(BaaS),and(3)Software as a Service(SaaS)is proposed and elaborated.Finally,based on the system architecture,a BBSC prototype system is developed using a real-life modular construction project as a case study.It was found that the prototype system can improve the certainty and efficiency of the progress payment,thereby enabling smart payment in construction transactions.Without advocating radical changes(e.g.,the contractual relationships or the intermediate role of banks in modem construction projects),the prototype can be developed into a real-life BBSC system that can work compatibly with current advancements in the field.Future works are recommended to fine-tune the findings and translate and implement them in real-life applications.展开更多
文摘In this paper, the author gives a brief introduction to the evolution of FIDIC conditions of contract, particularly the background of the 1999 new editions. A detailed discussion is made of the applying prospects referring to the new editions of FIDIC Conditions of Contract in China in 6 aspects: revisions of the existing model contract forms; finding solutions to the payment delay problem; advocating the Design/Build and EPC turnkey project delivery system; clarifying the roles of supervising engineers and opening up the new regions of their work. This paper also prepares a short form model contract for small projects in China, improving the settlement of construction disputes.
基金This work was financially supported by the Hong Kong Innovation and Technology Commission(ITC)with the Innovation and Technology Fund(ITF)(Grant No.ITP/029/20LP).
文摘Late payment,and indeed no payment,is a rampant and chronic problem that has plagued the global construction industry for too long.Recent development in blockchain technology,particularly its smart contract,seems to provide a new opportunity to improve this old problem.However,this opportunity is largely unexploited.This study aims to develop a blockchain-based smart contract(BBSC)system for smart payment in the construction industry by focusing on the fundamental cycle of payment freezing(sometimes also synonymously called payment guarantees)and disbursement application.Firstly,a BBSC framework,containing three processes of(a)initiation and configuration,(b)payment freezing,and(c)disbursement application,is developed.Next,based on the framework,the system architecture of the BBSC system,containing three layers of(1)Infrastructure as a Service(IaaS),(2)Blockchain as a Service(BaaS),and(3)Software as a Service(SaaS)is proposed and elaborated.Finally,based on the system architecture,a BBSC prototype system is developed using a real-life modular construction project as a case study.It was found that the prototype system can improve the certainty and efficiency of the progress payment,thereby enabling smart payment in construction transactions.Without advocating radical changes(e.g.,the contractual relationships or the intermediate role of banks in modem construction projects),the prototype can be developed into a real-life BBSC system that can work compatibly with current advancements in the field.Future works are recommended to fine-tune the findings and translate and implement them in real-life applications.
