The HKIS Standard Form of Building Contract is a widely recognized and accepted contract form in the construction industry in Hong Kong. The Hong Kong Institute of Surveyors (HKIS) developed this contract as a standard form to be used in building construction projects. It is a comprehensive contract that covers all aspects of the construction project, including design, construction, payment, and dispute resolution.

One of the key features of the HKIS Standard Form of Building Contract is its clarity and simplicity. It is written in plain language and is easy to understand, making it accessible to all parties involved in the construction project. This helps to minimize misunderstandings and disputes during the course of the project.

The contract also provides clear guidance on the roles and responsibilities of each party involved in the construction project. This includes the owner, the contractor, and the consultant. It also includes provisions for the appointment of a project manager, who is responsible for the overall management of the project.

The HKIS Standard Form of Building Contract also includes provisions for time and cost control. It sets out clear guidelines for the completion of the project within a specified timeframe and budget. This helps to ensure that the project is completed on time and within budget, minimizing the risk of cost overruns and delays.

In addition, the contract includes provisions for dispute resolution, which is particularly important in the construction industry. Disputes can arise at any stage of the project, and the contract provides clear guidance on how to resolve them. This includes provisions for mediation, arbitration, and litigation.

Finally, the HKIS Standard Form of Building Contract is also designed to be compatible with modern construction practices and technologies. It takes into account the latest developments in construction technology, materials, and techniques, ensuring that it remains relevant and useful in the rapidly evolving construction industry.

In conclusion, the HKIS Standard Form of Building Contract is an essential tool for any construction project in Hong Kong. It provides clear guidance on all aspects of the project, from design to dispute resolution, and is designed to be compatible with modern construction practices and technologies. As a result, it is widely recognized and accepted in the construction industry and is a valuable asset to anyone involved in building construction in Hong Kong.