Primary Author: Mr. James E. Arrow FRICS DRMP
Audience Focus: Intermediate
Application Type: Application
Venue: 2014 AACE International Annual Meeting, New Orleans, LA, USA
Abstract: This recommended practice (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 AACE International RP defines the contract risk allocation principles as applied in engineering, procurement and construction (EPC). Such principles address for example:
Much of the discussion focuses on construction; however, the principles apply to contracts for any element of an EPC project.
Audience Focus: Intermediate
Application Type: Application
Venue: 2014 AACE International Annual Meeting, New Orleans, LA, USA
Abstract: This recommended practice (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 AACE International RP 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.