The selected payment provisions were advance payment, interim valuation, retention and final payment. This exploratory overview examined residual risks associated with payment provisions in Federation Internationale Des Ingenieurs-Consiels (FIDIC) and Joint Contracts Tribunal (JCT) conditions of contract in Nigerian construction industry. Like in all human engagements, risk is inevitable in construction contracts. The obligee and obligor of all cost-related commitments in construction contracts are governed by the conditions of contract. New features are clause 13.2 on value engineering and clause 20 on the impartial dispute adjudication board. Second, the clauses which contain events that justify claims are spread out over the whole contract and not contained in comprehensive lists of events. First, only the 1999 Red Book contains strict time bars. There are two striking differences from the contract JCT SBC 2005 regarding claims of the contractor. Whether he has to act for the employer or whether he has to make a fair determination depends on the matter in question. A typical feature of the 1999 Red Book is the role of the engineer. The contract features general and particular conditions, the latter of which have to be drafted by the parties before the contract is entered into. The 1999 Red Book is for use when the contractor has been given the design by the employer. The paper is addressed to construction professionals who already have an understanding of English construction contracts but have not yet looked into Fidic contracts. The paper describes the main features of the 1999 edition of Fidic's Red Book, possibly the most commonly used standard-form construction contract in international projects.
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