ABSTRACT
This chapter focuses on the Red, Green and Burgundy Books. The provisions relating to insurance and risk within these three contracts are the same. All three forms of contract contain a short formal agreement, referred to as the 'agreement' in the rest of the document, between the purchaser and the contractor. The agreement first lists all the documents that constitute the 'contract', namely: the Agreement; the Special Conditions; the General Conditions of Contract; the Specification; and the Schedules to be compiled individually for each Contract. The Institution of Chemical Engineers (IChemE) publishes two suites of contracts which, like the FIDIC contracts, are referred to by the colour of the cover with which the contract is bound. In 2013, IChemE overhauled all of its contracts, save for Yellow Book: this change is to be welcomed as it has resulted in a more cohesive contract, particularly as regards the allocation of risk and insurance.
