Global firm offers insight into Asia-Pacific construction boom
A global law firm has released a guide to help businesses navigate regulatory and commercial issues in Asia-Pacific construction markets.
Baker McKenzie recently released the Asia Pacific Construction Country Guide 2018. The guide is intended to inform businesses about the “myriad” changes and different regulatory regimes in the Asia-Pacific construction sector, according to a statement from the firm.
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The guide covers 12 jurisdictions, including Australia, China, Hong Kong, Japan, the Philippines and Singapore.
Anthony Whelan, Asia-Pacific head of construction at Baker McKenzie, said in the foreword of the guide that the “Asian Century” has been defined by the rise of mega-cities, bringing a construction boom to emerging economies.
Construction in emerging markets, including some of Asia’s fast-growing markets, will become a $6.7 trillion business by 2020, accounting for 55 per cent of global construction output, according to the Global Construction 2020 report by Global Construction Perspectives and Oxford Economics.
Mr Whelan said this increase in construction will inevitably lead to complex disputes.
“When you factor in China's ‘One Belt One Road’ initiative, one cannot underestimate the wave of construction to come,” he said in a statement.
“In this climate, issues regarding the interpretation and enforceability of contracts in the region become increasingly complex, given Asia’s diverse legal traditions – civil law, common law and mixed – and differing approaches to commercial issues.
“The guide will be your first step in navigating the myriad of legal and commercial interpretation of contracts under civil and common law and potential pitfalls to look out for when contracting in Asia, for example liquidated damages clauses, dual language contracts, termination rights and dispute resolution requirements.”
The guide can be downloaded for free through Baker McKenzie’s website.