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67R-11: Contract Risk Allocation - As Applied in Engineering, Procurement, and Construction

67R-11: Contract Risk Allocation - As Applied in Engineering, Procurement, and Construction
AACE International, January 14, 2014

Price: $0 (Member) / $100 (Non-Member)

This recommended practice (RP) of AACE International defines the contract risk allocation principles as applied in engineering, procurement and construction (EPC). Such principles address for example; contract basics, legal risk allocation principles, general risk allocation principles, typical contract forms, common contract risks, and quantitative contract risk assessment. Much of the discussion focuses on construction; however, the principles apply to contracts for any element of an EPC project.

This RP is intended to provide guidelines for making equitable contract risk allocations that reduce the potential for disputes and enhance the likelihood for project success.
This RP summarizes and clarifies contract risk allocation practices in the context of the TCM Framework and risk management processes. It has been developed as a reference or overview document and may not be relied upon as legal or specific risk action advice. In addition, it is recommended to seek the advice and input of experts in contracting, claims, and dispute resolution as appropriate.

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