Construction contracts and risk allocation

Risk is a major element in the construction industry and actually it is one of the main elements that can significantly affects the final cost of any project.

The risk inherent in the construction process has grown substantially over the past 50 years due to a myriad of factors. Despite this, the process of allocating risk has not changed in the same proportion.

Risk allocation always occurs in any situation where more than one party (owner, contractor, consultant, etc.) is responsible for the execution of a project.

Making sure that every risk is recognized and managed is good practice in any project. This activity is an important step in that this allocation can significantly influence the behaviour of the project participants and hence impact both project performance and final cost.

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Construction contracts and risk allocation

 

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Posted in Construction Management, Risk Management

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