Mastering Risk Management in Construction Contracts
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Questions and Answers

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

  • A certain event that will have an effect on the project's objectives
  • A certain event that may have an effect on the project's objectives
  • An event that will have an effect on the project's objectives
  • An uncertain event that may have an effect on the project's objectives (correct)

    • What are some common risks prevalent in construction projects?

  • Political instability, strikes, and operational problems
  • Weather, personnel problems, and financial gains
  • Legal issues, design problems, and communication breakdowns
  • Faulty materials, faulty workmanship, and inadequate plans (correct)

    • What is a construction contract?

  • A contract between an employer and a supplier
  • A contract between a contractor and a subcontractor
  • A contract between a contractor and an employer (correct)
  • A contract between a contractor and an employee

    • 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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