Is the allocation of risk factored to your bidding and pricing of your construction contracts?
The purpose of any contract is in significant part the allocation of risk between the contracting parties. This includes not only the allocation of contractual liabilities, but also liabilities based upon common law tort principles (which are civil wrongs, other than breach of contract, for which the law provides a remedy, such as negligence). In a construction setting, the prime contract allocates risk between the owner and the general contractor, and the subcontract allocates these risks between the general contractor and its subcontractors. Various provisions contained in construction contracts can also pass-through or drop-down rights, duties, obligations and claims between the owner and the subcontractor. This white paper will address various contractual issues and provisions that allocate risk between the parties to a construction project.
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