FIDIC Financial & Payment Procedures Explained: From Contract Pricing to Payment Certification
COURSE OVERVIEW
Proper understanding of **financial management and payment procedures under FIDIC contracts** is critical for project success. This intensive 10-day program equips participants with practical knowledge to **manage contract pricing, valuations, interim payments, variations, final accounts, and dispute-related financial claims** under FIDIC Red, Yellow, Silver, and Gold Books.
The course integrates **cost control, cash flow management, payment certification, and contractual compliance** with real-world case studies and practical exercises to reduce disputes and ensure timely payments.
COURSE OBJECTIVES
By the end of this programme, participants will be able to:
1. Understand FIDIC financial clauses, payment obligations, and pricing mechanisms
2. Calculate contract values, interim payments, retention, and final accounts
3. Manage variations, adjustments, and escalation under contract clauses
4. Ensure compliance with FIDIC and local regulations
5. Prevent disputes related to delayed or disputed payments
6. Prepare payment certificates and documentation according to FIDIC standards
7. Monitor cash flow, forecast budgets, and control project finances
8. Apply financial risk management in large-scale projects
9. Integrate FIDIC financial procedures with project management practices
10-DAY COURSE OUTLINE
DAY 1 — Introduction to FIDIC Financial Framework
* FIDIC Red, Yellow, Silver & Gold Books overview
* Roles of Employer, Engineer, and Contractor in financial matters
* Contract price fundamentals
* Payment obligations and timelines
DAY 2 — Contract Pricing Mechanisms
* Lump sum, re-measurable, cost-plus contracts
* Price breakdown and bill of quantities (BoQ)
* Escalation and adjustment formulas
* Contract price modifications
DAY 3 — Interim Payments & Valuations
* Clause 14: Payment procedures
* Preparing interim payment applications
* Engineer’s role in certification
* Retention, deductions, and advance payments
DAY 4 — Variation Orders & Financial Implications
* Clause 13: Variations and adjustments
* Valuation of variations
* Price negotiation and agreement
* Impact on project cash flow and schedule
DAY 5 — Payment Certification & Documentation
* Payment certificate preparation
* Required supporting documents
* Time limits and disputes
* Best practices for accurate certification
DAY 6 — Final Accounts & Closeout
* Preparing final accounts under FIDIC
* Settlement of claims, retention, and guarantees
* Reconciliation of contract financials
* Lessons from real-world projects
DAY 7 — Financial Risk Management
* Identifying risks related to payments, variations, and escalation
* Risk mitigation techniques
* Cash flow forecasting and contingency planning
* Managing financial disputes
DAY 8 — Cost Control & Reporting Tools
* Budget tracking and monitoring
* Earned Value Management (EVM)
* Reporting formats and dashboards
* Financial KPIs for large projects
DAY 9 — Dispute Management & Financial Claims
* Clause 20 claims for additional payment
* Documentation for substantiating claims
* Dispute Avoidance/Adjudication Board (DAAB) financial decisions
* Arbitration and mediation considerations
DAY 10 — Case Studies, Workshops & Certification
* Real project financial case studies
* Practical exercises: interim payment, variation valuation, final accounts
* Group exercise: preparing payment certificates
* Final assessment & certificate issuance
WHO SHOULD ATTEND
* Project Managers & Directors
* Contract Administrators
* Cost Engineers & Quantity Surveyors
* Financial Controllers & Commercial Managers
* Engineers overseeing contract payments
* Consultants and Contractors working under FIDIC
* Government and donor-funded project staff
KEY BENEFITS
Participants will:
* Master FIDIC financial clauses and payment procedures
* Reduce disputes and delays in payments
* Improve contract administration and compliance
* Manage variations, interim payments, and final accounts effectively
* Forecast budgets, control costs, and monitor cash flow
* Gain confidence in high-value, complex infrastructure projects
* Access real-world templates and case studies
CERTIFICATION
Certification Title:
**Certified Specialist in FIDIC Financial & Payment Procedures**
*Issued by KE Leaders Training Centre, London*
Includes:
✔ International Certificate
✔ Digital Badge
✔ CPD Hours
✔ Payment Templates & Financial Checklists
✔ Case Study Workbook
Contact Info:
Enquiry at : admin@keleaders.com
Whatsapp: 0044 790 125 9494
For more details visit our website : www.keleaders.com
