Plain-language explanations of key terms — for engineers and project managers, not lawyers.
The version of the FIDIC Red Book adapted by the Multilateral Development Banks (World Bank, ADB, EBRD, etc.) for use on bank-financed projects. It contains modifications to the standard FIDIC Red Book conditions to reflect the requirements of development bank procurement policies, including changes to the dispute resolution provisions and the role of the Engineer. The MDB edition is widely used on infrastructure projects in developing countries.
A specific, defined point in the project schedule (often tied to the completion of a significant phase of work) that triggers a payment, a performance test, or some other contractual obligation. Milestones may carry their own liquidated damages provisions if not met. Milestone payment schedules are common in EPC and design-build contracts, replacing interim measurement.