ABSTRACT
Construction is a tricky balance of risk against rewards. If you’re frightened of risk, then you should find another way of earning a living. However, that does not mean that risk is something to be ignored. A sensible approach is as follows:
1. Identify the risks and responsibilities at tender stage. 2. If the risks are unacceptable, consider withdrawing. 3. Qualify or reduce risk by negotiation. 4. Price for the risks. 5. Manage the risks.
