Do your construction project contracts reflect your appetite for risk?

Principals, contractors, consultants and subcontractors are entering into contracts for construction projects every day.

Getting a construction contract wrong can be very expensive.

The questions that need to be asked prior to entering into such contracts are:

1. "What form of contract should be used?";
2. "Do the proposed terms of the contract reflect my appetite for risk?";
3. "Will shifting risk affect the price?";
4. "Is the proposed contract appropriate for this project?".

Research

In 2013/14 the University of Melbourne launched a research project that sought to assess the preferred forms of construction contracts and the frequency and type of amendments made to standard form construction contracts by industry participants.