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The ICC Model Turnkey Contract for Major Projects was published in October 2007 with the aim of providing a balanced yet flexible contract for parties to turnkey construction projects to promote the proper functioning of the international construction industry, particularly in its role in international development. Recognising the need for price and scope certainty, swift and effective dispute
resolution, and complete and informed allocation of risks, the model at the same time incorporates flexibility through articles allowing changes to the contract scope, price and time for completion.
To achieve a fair balance between the parties, the model wherever possible provides for both
parties to have equal and mirrored obligations, includes detailed obligations of good faith, in line with other successful ICC model contracts.
On the one-year anniversary of the publication of the ICC Model Turnkey Contract global construction industry stakeholders will exchange views on the model in relation to topics including delays in completion and obligations of the parties, variations, payment provisions and intellectual property.
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