In a previous post, we considered the 10 biggest construction risks facing contractors. However many of these risks can be avoided. In this post, I suggest ways that contractors can mitigate and avoid these risks.
Reducing construction project risks
Construction projects are inherently risky. The weather won’t be perfect, changes will occur, everything won’t be exactly as you expected it to be, suppliers and subcontractors will let you down. Obviously contractors can’t have a risk free project. Risks vary from project to project, both in the type and the quantum of the risk. Some projects can be inordinately risky, especially when the client and the contract document place undue risks on the contractor. Some projects are best avoided. Even the biggest and best contractors have been undone by one bad project.
But, by understanding the risks on projects you can take action to limit and protect against the risk. In my next post I discuss simple actions that contractors can take to reduce and even eliminate many of these risks.
What do you think are the big risks that contractors face?
Have some of these risks caused your project pain
This article was first published on the ClockShark website.
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The opinions expressed in the attached articles are those of the writer. It should be noted that projects are varied and different laws and restrictions apply which depend on the location of the contractor and the project. It's important that the reader uses the supplied information taking cognisance of their particular circumstances. The writer assumes no responsibility or liability for any loss of any kind arising from the reader using the information or advice contained herein.
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