Construction Risks: Identifying, Managing and Mitigating
[Pages:34]Construction Risks: Identifying, Managing and Mitigating
Jon Alvarez, AIA Frances M. Gast David Pieterse, Esq.
"Top 10" Legal Issues in Construction Contracting
The Construction Contract
"Three Legged Stool" 1. Scope 2. Price 3. Time
Construction Issues (Contract Issues)
? Timing and Bargaining Leverage ? Unforeseen Conditions ? Who Bears the Risk?
? Force Majeure Events ? Contractor's Warranty
? Contractor's Review of Plans, Specifications and the Project Site
? Termination for Convenience
Construction Issues (Contract Issues)
? Treatment of Damages
? Liquidated Damages ? "Mutual" Waiver of Consequential Damages ? Delay Damages
? Termination for Convenience
? Dispute Resolution
? Long Lead Items and your Contractor's Request for Indemnification
? Ownership of the Project Plans and Specifications (Architect)
Construction Risk: Identifying, Managing and Mitigating
April 6, 2009
KPMG LLP
Introductions
In KPMG's 2008 Global Major Project Owners Survey, we focused the views of leading construction owners around the world.
? 2009 KPMG LLP, a U.S. limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. Printed in the U.S.A.
KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative.
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Top Risks Facing the Industry
Owner Perspective 1. Availability of Qualified
Contractors 2. Shortage of Internal Resources 3. Managing Risk 4. Rising Cost of Construction 5. Environmental Matters 6. Availability of Qualified Vendors 7. Delivery on Time and Budget 8. Regulatory Matters 9. Technology 10. Transferring Risk 11. Entering New Markets
Contractor Perspective 1. Shortage of Qualified Resources 2. Managing Risk 3. Transferring Risk 4. Securing Forward Workload 5. Entering New Markets 6. Gaining Competitive Edge 7. Succession Planning 8. Bonding Capacity 9. Reducing Overhead 10. Industrial Relations
Source: KPMG's 2005 Global Construction Survey
Source: KPMG's 2007 Global Construction Survey
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