Arbitration
CONTENTS
1. INTRODUCTION
1. Background 2. Objective 3. Methodology 4. Chapter wise scheme 5. Scope for further study
3. VARIATION 1. INTRODUCTION 2. NEED FOR A VARIATION CLAUSE 3. ISSUES CONCERNING VARIATION 4. POINTS OF POSSIBLE CONTENTION WHICH SHOULD BE CATERED TO IN VARIATION CLAUSES IN CONTRACTS 5. VARIATION IN THE FIDIC RED BOOK 6. VARIATION IN THE IITM(INDIAN INSTITUTE OF TROPICAL METEOROLOGY),INVITATION FOR BIDS 20
Chapter 1
INTRODUCTION
1. BACKGROUND
India’s economy has been on the upswing ever since the process of economic reforms was started in1991.The Indian construction industry is a key growth driver for the national economy, contributing on average6.3%of the GDP. The industry is highly fragmented and overtly dominated by smaller builders, although major players, especially those involved in infrastructure development, have already made their mark in the international arena, and it is they who shape the future of the industry.
The current size of construction industry in India is estimated at $70.8bn, of which the 87 key players account for nearly one third, while the rest is distributed amongst the 25,000-plus smaller players, which eventually makes the sector highly fragmented. Construction activity in the industry is highly categorized into three major groups, i.e., infrastructure, non-residential and residential
Till recently, India had been creating infrastructure mainly by employing public resources. Now over the next five years, an accelerated pace of economic growth is envisigated which can materialize only when India builds infrastructure at a faster rate. Spiraling demand for air y travel, reliable power supply, and efficient ports, roads and railways has not been matched by a proportionate increase in supply. It is widely
1. INTRODUCTION
1. Background 2. Objective 3. Methodology 4. Chapter wise scheme 5. Scope for further study
3. VARIATION 1. INTRODUCTION 2. NEED FOR A VARIATION CLAUSE 3. ISSUES CONCERNING VARIATION 4. POINTS OF POSSIBLE CONTENTION WHICH SHOULD BE CATERED TO IN VARIATION CLAUSES IN CONTRACTS 5. VARIATION IN THE FIDIC RED BOOK 6. VARIATION IN THE IITM(INDIAN INSTITUTE OF TROPICAL METEOROLOGY),INVITATION FOR BIDS 20
Chapter 1
INTRODUCTION
1. BACKGROUND
India’s economy has been on the upswing ever since the process of economic reforms was started in1991.The Indian construction industry is a key growth driver for the national economy, contributing on average6.3%of the GDP. The industry is highly fragmented and overtly dominated by smaller builders, although major players, especially those involved in infrastructure development, have already made their mark in the international arena, and it is they who shape the future of the industry.
The current size of construction industry in India is estimated at $70.8bn, of which the 87 key players account for nearly one third, while the rest is distributed amongst the 25,000-plus smaller players, which eventually makes the sector highly fragmented. Construction activity in the industry is highly categorized into three major groups, i.e., infrastructure, non-residential and residential
Till recently, India had been creating infrastructure mainly by employing public resources. Now over the next five years, an accelerated pace of economic growth is envisigated which can materialize only when India builds infrastructure at a faster rate. Spiraling demand for air y travel, reliable power supply, and efficient ports, roads and railways has not been matched by a proportionate increase in supply. It is widely