The Silver Book

History and Evolution

The Silver Book was introduced in 1999 to meet the needs of the project finance market, where lenders demand a high degree of certainty on cost and time. It is a "turnkey" contract, meaning the Contractor bears the vast majority of the risks.

Key Features

• Maximum Risk Transfer: The Contractor takes on almost all risks related to design, construction, and project completion for a fixed price.
• Turnkey Delivery: The Contractor hands over a fully operational facility to the Employer.
• Limited Employer Role: The role of the Engineer is removed, and the Employer's direct involvement is minimized.

When to Use It

Best suited for major privately-financed projects like power plants or industrial facilities where the Employer is less of a technical expert and prioritizes cost and time certainty above all else.