Guidelines for Adjusting Construction Contract Prices

11:57, 11/07/2024

On March 10, 2016, the Ministry of Construction issued Circular 07/2016/TT-BXD providing guidance on the adjustment of construction contract prices.

This Circular provides guidance on cases where contract prices can be adjusted for contracts with adjustable unit prices. Specifically, the following cases are covered:

- The actual completed quantity that has been accepted increases or decreases by more than 20% of the corresponding work quantity stated in the contract.

- Supplementing reasonable work quantities that have no unit prices in the contract.

- Adjusting the unit prices in whole or in part for work items that the employer and contractor agreed to adjust after a certain period from the effective date of the contract.

- Force majeure cases as specified in Clause 2, Article 51 of Decree 37/2015/ND-CP and other force majeure cases such as encountering casto caves, mud pockets, relics, archaeological findings during construction that were unforeseen by the parties when signing the contract and are accepted by the investment decision maker.

Circular 07/2016/TT-BXD is effective from May 1, 2016, and replaces Circular 08/2010/TT-BXD.

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