What is risk? Quite frankly it's just uncertainty. It's
non-quantifiable events or circumstances that are avoided or
minimised by effective project planning, procurement and management
throughout the contract. Risks don't simply go away if you plan
for them, but they are capable of greater control. The greater the
complexity of a project, the bigger the value of the project, the
longer the contract period, the greater the risks that have to be
planned and managed. The risk of a dispute is always ongoing.
The holy grail of risk allocation is achieving a fair and
balanced allocation of risk. The effect of inappropriate risk
allocation is failure to achieve one or more of the key project
objectives e.g., price or quality. The more balanced the allocation
of risk, the greater the prospect of project success. When working
on risk allocation, there are a number of considerations; for
example, whether the risk is within a party's control, whether
a party can transfer the
