Risk Factors Identification from Contractors Perspective

Abstract

Numerous studies on the distribution of building dangers have been conducted during the last few decades. Even though the current study gives significant insights into the matter, construction industry members are nonetheless concerned about the risks of contracting. A study product was developed to help contracting parties identify, quantify, and assign each construction risk to address this issue. To supplement the model worksheets, flowcharts were created to determine which party should carry which risk, legal research was conducted, and risk allocation guidelines were produced to generate acceptable contract language to address the identified risks. This article focuses on the most significant risks to the project's timeliness, quality, and budget.

Keywords

• Risk categories, risk identification, contracting, legal risks