THE ROLE OF A LETTER OF ACCEPTANCE IN ACCORDANCE WITH FIDIC
A Letter of Acceptance plays an essential role in many aspects of managing FIDIC contracts.
First and foremost, as a constitutive part of the Contract document, the Letter of Acceptance is a reflection of the results of the tender, recording the agreement between the Employer (the person requesting the service) and the Contractor (Service provider).
Hence, the Letter of Acceptance is usually given priority and has higher legal value than other documents of the Contract.
Secondly, according to the regulations of the FIDIC suite of construction contracts, such as the 1999 FIDIC, the Employer and the Contractor shall carry out the subsequent works in the Contract such as submission of Performance Bond, submission of Construction Progress, and submission of Insurance when the Letter of Acceptance is issued.
Thirdly, based on the contents of the Letter of Acceptance, the Employer and the Contractor will finalize the remaining documents and documents of the Contract for consistency and integrity before officially signing the Contract Agreement.
However, due to different contexts, the application of the provisions of the FIDIC suite of construction contracts can vary.
Practical application
In many cases, the Employer does not consider the Letter of Acceptance to be an important document. Therefore, in addition to the main content of informing the Contractor about the tender results, the Employer usually does not have any other regulations.
On the contrary, the Employer in many cases tends to prepare and detail the provisions of the Letter of Acceptance, thereby leading to the repeat of many provisions of the FIDIC suite of Contracts.
The nature and legal value of the Letter of Acceptance is also a controversial issue stemming from the very name and content it represents.
The question that both Parties mutually show their interest in is whether the Letter of Acceptance is a contract and has legal value to bind the responsibilities of the Parties, and if so, on what basis?
Notification of a 4th Meeting
Therefore, to help the Parties properly and effectively apply the provisions of the FIDIC suite of Contracts on the Letter of Acceptance, CNC will hold a 4th Meeting with the name of the Letter of Acceptance under the 1999 FIDIC suite of Contracts on February 2nd October 2021 at 19.00 on the Zoom platform.
Thông tin đăng nhập:
ID: 679 903 2705
Password: 18092021
The Meeting will be Livestream on CNC’s YouTube Channel and our official Facebook.
Facebook: https://fb.watch/8om8TyUMiB/
Youtube: https://youtu.be/6Oi73Mb8Pvk
Liên hệ
CNC is willing to receive comments from FIDIC’s users in Vietnam on issues of the Letter of Acceptance.
Mọi thông tin và ý kiến đóng góp xin được gửi về:
Công ty Luật TNHH CNC Việt Nam
The Sun Avenue Residences
28 Mai Chí Thọ, P. An Phú, Tp. Thủ Đức,
Hồ Chí Minh, Việt Nam
+84 028 6276 9900 | +84 0916 545 618
contact@cnccounsel.com | cnccounsel.com
