Headlines 08/04/2021 09:07 SA

New regulations on principles of revision of construction contracts take effect as of April 1, 2021

Ngọc Ánh

The Government has recently issued the Decree No. 50/2021/ND-CP amending the Decree No. 37/2015/ND-CP regarding construction contracts. Compared to the existing one, the Decree No. 37/2015 sets out several new regulations, including:

- Clear regulations state that construction contracts may be revised even during the extended terms.  

- As for unit price contracts, contractual unit prices will be adjusted if:

+ The State changes policies, directly affecting the performance of the contract, unless the contracting parties agree otherwise;

+ The revised project affects the contract, unless the contracting parties agree otherwise;

+ Any force majeure event prescribed by laws occurs.

- Lump-sum contracts will be adjusted if:

+ The State changes policies, directly affecting the performance of the contract, unless the contracting parties agree otherwise;

+ The revised project affects the contract, unless the contracting parties agree otherwise.

See more details in clause 12, Article 1 of the Decree No. 50/2021/ND-CP (in force as of April 1, 2021).

>> CLICK HERE TO READ THE ARTICLE IN VIETNAMESE

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