Responsiblity in negotiation
By By Vasanth Kumar
It is understandable that no construction project is risk-free as risk is inherent in the contracting business. Project risks could arise from factors such as natural, political, social, economic, legal, and general behaviours. Whilst risks can be managed, minimised, shared, transferred, or accepted, they cannot just be simply ignored.
The common ways of handling risks in construction contracts are by means of due diligence, insurance, quantifying damages, indemnity, and enforcing liability caps of parties. [Read more…]