Projects have many different types of risks. In fact, all projects have some risk for contractors. But, understanding the risks could help you avoid, or reduce the amount of risk. Clients may have different risks to the contractor, and each stakeholder in the project faces different risks. Sometimes these risks are the same for a number of stakeholders – so for instance, if the project is slipping against the construction schedule this could negatively impact both the client and the contractor.
Unfortunately, many contractors fail to understand the project risks, or they choose to leap into a project despite the risks. Who would want to start building a bridge across a flood-prone river at the start of the rainy season, or work for a client that’s known to fight lengthy legal battles with their contractors? Indeed, contractors are often a very optimistic lot, always expecting the project to turn out well, even when it’s fraught with risks and probably destined to failure from the start. Then when the proverbial hits the fan, they console themselves by blaming everyone except themselves.
In this article, we will look at the biggest risks that contractors face and how to minimise or avoid them.
The 10 risks contractors should avoid or minimise:
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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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