Mastering Risk Management in Construction Contracts

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What is the definition of risk in a project delivery context?

An uncertain event that may have an effect on the project's objectives

What are some common risks prevalent in construction projects?

Faulty materials, faulty workmanship, and inadequate plans

What is a construction contract?

A contract between a contractor and an employer

What is the purpose of risk allocation in a construction contract?

<p>To pre-allocate responsibilities between the parties in respect of certain risks</p> Signup and view all the answers

What is the employer's role in preparing the contract document bid package?

<p>To allocate risks fairly and equitably between the parties</p> Signup and view all the answers

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