VietnameseCircular No. 08/2010/TT-BXD dated July 29, 2010 of the Ministry of Construction guiding methods of adjusting construction contract prices
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Circular No. 08/2010/TT-BXD dated July 29, 2010 of the Ministry of Construction guiding methods of adjusting construction contract prices
| Issuing body: | Ministry of Construction | Effective date: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Official number: | 08/2010/TT-BXD | Signer: | Tran Van Son |
| Type: | Circular | Expiry date: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Issuing date: | 29/07/2010 | Effect status: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Fields: | Construction |
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THE MINISTRY OF CONSTRUCTION ------- No. 08/2010/TT-BXD | SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom – Happiness --------- Hanoi, July 29, 2010 |
CIRCULAR
GUIDING METHODS OF ADJUSTING CONSTRUCTION CONTRACT PRICES
THE MINISTRY OF CONSTRUCTION
Pursuant to the Government's Decree No. 17/ 2008/ND-CP of February 4, 2008, defining the functions, tasks, powers and organizational structure of the Ministry of Construction;
Pursuant to the Government's Decree No. 48/ 2010/ND-CP of May 7, 2000, on construction contracts;
The Ministry of Construction guides methods of adjusting construction contract prices as follows:
Chapter I
GENERAL PROVISIONS
Article 1. Scope of regulation and subjects of application
1. This Circular guides methods of adjusting prices of construction contracts under work construction investment projects with 30% or more state capital.
2. This Circular applies to organizations and individuals involved in the adjustment of prices of construction contracts under work construction investment projects with 30% or more state capital. Organizations and individuals involved in the adjustment of prices of construction contracts under work construction investment projects with less than 30% state capital are encouraged to apply this Circular.
3. Construction contracts under projects funded with official development assistance (ODA) comply with relevant treaties to which the Socialist Republic of Vietnam is a contracting party and which contain provisions different from those of this Decree.
Article 2. Principles of adjustment of construction contract prices
Principles of adjustment of construction contract prices comply with Article 34 of the Government's Decree No. 48/2010/ND-CP of May 7. 2010. on construction contracts, specifically as follows:
1. Adjustment of construction contract prices may be made during the period of contract performance, including also extended periods as agreed upon in contracts.
2. In case the adjustment of construction contract prices (post-adjustment prices) will not result in an excess of the approved total investment capital, investors may decide on the adjustment. In case it will result in an excess of the approved total investment capital, the adjustment shall he reported to investment deciders for permission.
3. Adjustment of contract prices is applicable to fixed unit-price contracts, adjustable unit-price contracts and time-based contracts.
4. For lump-sum contracts and percentage contracts, contract price adjustment may only be made for additional job volumes outside the signed contracts.
5. Adjustment of contract prices must be agreed upon by parties and cases eligible for contract price adjustment, and the order, scope and method of and grounds for contract price adjustment must be specifically indicated in contracts, The method of contract price adjustment must be
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