ABSTRACT
In 2008, FIDIC introduced its Gold Book, which was intended for use in contracts for design, build and operate projects. Its text was based on the 1999 Yellow Book. The Gold Book modified the risk and insurance clauses of the 1999 Yellow Book and, by implication, those of the 1999 Red and Silver forms of contract, to take care of the criticisms made in that connection.
As this contract deals with two distinct periods of time – the design/build period and the operation period – different insurance conditions are provided. However, for the design/build period, which is similar to that under the Yellow Book, the various changes made in the risk and insurance clauses are analysed and the reasons behind the changes made and the concepts used are set out.
One of the important changes made in the Gold Book was the replacement of the term ‘force majeure’ with ‘exceptional risks’ for the reasons set out in this chapter.
