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 Burgundy Book 2nd Edition: target cost process plant contracts; key provisions on cost control, pain/gain sharing, testing, insurance, termination, liability caps, payment and disputes, with 2025 AI guidance

Published by a LexisNexis Construction expert

Practice notes

This practice note addresses the 2nd Edition of the Burgundy Book, released in 2013, with particular emphasis on its role as a target cost form. In line with all IChemE agreements, the Burgundy Book contains thorough requirements for testing at Completion and for Commissioning, making it especially well suited to process engineering sectors such as nuclear, water, petrochemicals, and food. The suite adopts an almost entirely uniform structure across clauses, presentation and schedules. Departure from the standard drafting occurs only where needed to set out the mechanism delivering the risk/reward regime—in this instance, remuneration on a target cost footing. See also Practice Notes: IChemE Conditions 5th Edition—‘Red Book’ and IChemE Conditions ‘Green Book’ 4th Edition.

Nature of Target Cost Contracts

Target cost denotes that the contractor receives payment of the ‘actual cost’ it incurs (as defined), akin to a reimbursable arrangement but constrained by an agreed target cost. Where the actual cost surpasses the target, any additional sum payable to the contractor is reduced—often to nil. If the final cost sits below the target cost, the saving achieved is then shared between the contractor and the purchaser...

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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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