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Architecture engineering, Construction engineering, Law
Construction projects are risky ventures. Risks are inevitable and cannot be entirely eliminated but they can be transferred through appropriate wording in the clauses of a contract. Construction contracts allocate particular risks between the parties in order to identify who bears the cost if a particular risk comes to pass.
This study examines how contractual risks are allocated to the contracting parties under the Royal Institute of Architects in Ireland Form, 2012 version, where quantities form part of the contract, commonly known as ‘the Yellow Form’, and the Public Works Contract PW CF1 Form v 1.10, 2014 where the design is provided by the employer.
The principal commercial risks borne by clients and contractors in the delivery of construction projects relate to safety, quality, cost and time. This study presents an overview of these broad risk categories and compares and contrasts how the two contracts deal with various matters which may give rise to uncertainty in delivering key project objectives. It does not seek to provide a detailed examination of every potential risk inherent in the two contracts.
The study is addressed to Irish students undertaking undergraduate and conversion masters courses in quantity surveying and construction management disciplines.
Cunningham, T. (2015). Risk Allocation under the Principal ‘Traditional’ Irish Forms of Building Contract. doi:10.21427/vbqd-mm31