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Construction Disputes and Risk Allocation Quiz

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Construction Disputes and Risk Allocation Quiz

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Questions and Answers

What is the main reason for the recent emphasis on risk allocation and liability sharing in construction projects?

To address the losses suffered by owners and engineers (correct)

To ensure a risk-free environment for contractors

To shift all risks from contractors to owners

To remove the concept of arbitration from construction disputes

Why were contractors in earlier years expected to bear the responsibility for many construction risks?

Because owners did not want any responsibility

Because of the use of exculpatory clauses by owners (correct)

Because contractors did not want fair reimbursement

Due to lack of awareness about risks

What is a significant mindset shift seen in modern contractors according to the text?

Being content with taking all risks without seeking reimbursement

Accepting unfair contract conditions without resistance

Not engaging in litigation or arbitration for any losses

Being more proactive in recovering losses due to unfair contract conditions (correct)

What is the primary expectation of contractors regarding risk in the construction business?

Fair reimbursement for taking risks Signup and view all the answers

Why have contractors become more assertive in recent times according to the text?

To recover losses due to unfair contract conditions Signup and view all the answers

What is the principal guideline in determining whether a risk should be transferred to another party?

Whether the party assuming the risk has the competence to assess and expertise to control it Signup and view all the answers

What is a key aspect of risk management according to the text?

Minimizing, covering, and sharing risks Signup and view all the answers

What must project parties do before work begins to understand risk responsibility?

Discuss and decide on realistic risk levels, assumption, and allocation Signup and view all the answers

What does the text suggest about managing risks in construction?

Risks must be minimized, covered, and shared among participants Signup and view all the answers

How does the text define risk for the purpose of emphasizing risk management?

The variation in possible outcomes in a given situation Signup and view all the answers