In the construction industry, a thorough understanding of contracts is a core competency that enables managers to proactively control projects and safeguard the company’s interests. Recently, Viteccons organized a specialized training program on FIDIC Contracts for the Board of Directors and key management personnel to enhance project execution effectiveness.

For every project, risks do not arise solely from technical issues or schedule delays, but often stem from contractual commitments. Therefore, contract comprehension is no longer the sole responsibility of the Legal Department; it has become an essential requirement for Project Directors and Project Managers to effectively manage project schedules and financial performance throughout the project lifecycle.

During the training session, Viteccons’ management team conducted an in-depth analysis of the FIDIC Contract structure, focusing on two key areas:

• Schedule Management: Risk identification, entitlement to extensions of time, and dispute resolution mechanisms.
• Financial Management: Payment procedures, advance payments, price adjustments, and strategies to protect project cash flow.

The training program not only strengthened legal knowledge but also equipped managers with a systematic perspective on stakeholder coordination, resource management, and issue resolution on site. After all, effective project management begins with a clear understanding of the commitments established from the very first stages of a project.

Mr. Vo Ngoc Phong – Standing Chief Executive Officer of Viteccons.

Mr. Le Minh Chuan – Head of Legal Department, Viteccons.