ERDEM-NEWSLETTER-2018-metin

49 COMMERCIAL LAW the right to request meetings, make field visits, and even claim col- lateral when necessary, in order to prevent disputes. We are of the opinion that a costly arrangement has been intro- duced for both sides, considering that the DAAB, which has been equipped with many new authorities and will be in office from the be- ginning of the contract, will be composed of a delegation of 3 people. Financial Structure Another regulation, which may be of a compelling nature, espe- cially in terms of the Employer, is the Article related to the financial structure. Contract Data is introduced by FIDIC 2017 updates. Tender documents, technical requirements, field reports, as well as financial structuring documents, are included in this document group. This means that the entire financial structure must be set up before the contract sign- ing date. However, in the FIDIC 1999 regulation, the evidence concern- ing the financial structure was presented at the request of the Contractor. This may be a procedural obstacle to the Worker, especially in projects financed as project financing, as many credit institutions are looking for a signed project contract to release the loan amount. Another arrangement that is in favor of the Employer stipulated by the FIDIC 2017 is that the performance guarantee can be held until the end of the warranty period, and until the Contractor leaves the field, unlike the regulation of the FIDIC 1999, which stipulated that the per- formance guarantee could be held until the completion of the work. Conclusion The Red Book, the Yellow Book, and the Silver Book, as pub- lished under the FIDIC 2017 updates, seem to be aimed at meeting the needs of the industry, and establishing a more balanced framework of contracts between the parties. Time will show to what extend these model contracts, which are fairly new, will be adopted and selected by sector players. However, we are convinced that the contracts updated after 18 years shall be accepted in the sector considering that they have been made more suitable to the present conditions, and reflect the users’ experience of the passing of time.