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   Following is the congratulatory speech (English only) delivered by the Financial Secretary, Mr Henry Tang, at the Standard Form of Building Contracts 2005 Launching Ceremony today (April 11):

   Distinguished guests, ladies and gentlemen,

   It is my great pleasure to join you today at this launching ceremony of the "Standard Form of Building Contracts 2005".

   I must congratulate the Hong Kong Institute of Architects (HKIA), the Hong Kong Institute of Construction Manager (HKICM) and the Hong Kong Institute of Surveyors (HKIS) for completing this important task for the industry. With the launch of the new Standard Form, all industry practitioners can now better cope with the latest practice and the newest requirements of the industry.

   The new Standard Form is a culmination of ten years of drafting work, incorporating valuable past experience, new legal principles and up-to-date construction practice.  The Form is concise, clearly written, fair in risk allocation, and more importantly, contains an effective means to resolve disputes.  I must thank all those involved in the drafting of the new Standard Form for their meticulous work.  

   I am certain that this new version of Standard Form of Building Contracts will greatly benefit the whole construction industry.  With the support from all of you, we can build a better Hong Kong together with better buildings and more interesting buildings.  

   Thank you very much.

Ends/Monday, April 11, 2005

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