| Title |
Study on the Application of Retention Money in the FIDIC Conditions of Contract 1999 Edition |
| Authors |
현학봉(Hyun, Hak Bong) ; 박형근(Park, Hyung Keun) |
| DOI |
https://doi.org/10.12652/Ksce.2018.38.3.0497 |
| Keywords |
유보금;계약조건;이행보증;하자;계약해지 Retention money;FIDIC;Conditions of contract;Performance security;Defects;Termination |
| Abstract |
Most of the conditions of contract applied in international construction contracts, including various conditions of contract published by FIDIC, include the provision for Retention Money which inevitably result in negative impact on cash-flow or financial burden to the contractors. In this study, fundamental reasons behind the application of Retention Money provisions are analysed and contractual mechanisms included in the FIDIC conditions of contract are searched, which include provisions for Performance Security and Defects as well as Termination, so that proper judgement can be derived on the application of Retention Money. In conclusion, considering the various contract provisions, performance security, termination of the contract by the Employer etc. included in the FIDIC conditions of contract, it is not necessary to include the provision for Retention Money. |