Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Completion definition

What does Completion mean? In legal practice, Completion is the point at which a transaction is finally effected, sometimes called 'closing' in cross‑border deals: consideration is paid and title, assets or rights are transferred after all conditions precedent are satisfied or waived and the required completion documents are delivered. Not generally defined by legislation, it is a contractual expression used across conveyancing, corporate/M&A and finance, informed by common law. Key features include a completion date/time; completion mechanics (agenda or checklist); execution and delivery of transfers and ancillary documents; release of funds (often against undertakings); and, where relevant, escrow or virtual completion. Completion usually fixes when...

IChemE Red Book 5th Edition: Legal analysis of key clauses, risk, insurance, testing and disputes, with 2020–2025 amendments and AI guidance, for UK process plant lump‑sum contracts

Published by a LexisNexis Construction expert

Practice notes

The Institute of Chemical Engineers (IChemE) first issued the Model Form of Conditions of Contract for Process Plants for Lump Sum Contracts in the UK in 1968. Subsequent editions followed in 1981, 1995 and 2001. This Practice Note examines the 2013 fifth edition for lump sum arrangements. It revises the 2001 text to reflect current legislation and brings in other targeted alterations.

IChemE’s comprehensive clauses on tests on completion and on commissioning mean it is particularly apt for process plant schemes. It is commonly adopted on projects falling outside the statutory definition of ‘construction operations’ under the HGCRA, such as nuclear processing, power generation, water treatment, and the processing of petrochemicals, steel, food and drink. Nonetheless, IChemE’s payment regime fully meets the HGCRA.

The contract set comprises general and special conditions, a specification (the plant’s technical description) and 21 schedules. The special conditions and schedules, including precise payment provisions, are tailored for each individual contract.

Cooperation

The fifth edition imposes an obligation on the parties to co-operate and to act fairly, transparently and in good faith towards one another, with a reciprocal duty to disclose relevant information to each other (clause 2)...

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Peter Jansen

Sharpe Pritchard

Peter is a highly experienced construction lawyer and has advised clients on projects and dispute resolution both in the UK and internationally.His advisory work has included assisting governments and government entities, local authorities, lenders, consortia and concession companies, developers, engineers and contractors.Peter has extensive knowledge of the principal sectors engaged with the construction industry and a close understanding of the forms of contracts (and related legal materials) it uses, their structure and how they function in allocating risk.His approach is commercial and collaborative, identifying and agreeing objectives for achieving the best and most cost effective solutions for the client. In both contentious and transactional work, this is most often obtained by taking firm, well supported but pragmatic positions.Peter has lectured in construction law at the University of Hong Kong, is a speaker at numerous conferences and seminars and is a trainer for MBL....

Web page updated on 21/05/2026

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