Risk Profile in Turnkey Projects
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== Turnkey Projects == | == Turnkey Projects == | ||
=== Definition === | === Definition === | ||
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=== Structure=== | === Structure=== | ||
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=== Benefits === | === Benefits === | ||
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== Risk Profile== | == Risk Profile== | ||
| − | == | + | === Definition === |
| + | === Structure === | ||
| + | ==== Acceptable Risk ==== | ||
| + | ==== Level of Risk ==== | ||
| + | ==== Required Risk ==== | ||
| + | === Benefits === | ||
| + | === Limitations === | ||
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| + | == The use of Risk Profile in Turnkey Projects == | ||
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== Limitation == | == Limitation == | ||
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== Annotated Bibliography== | == Annotated Bibliography== | ||
Revision as of 15:53, 16 September 2015
There has been a transition in the construction industry as a result of innovations in the partnering relationships between the client and the project coalition actors. Today there is a number of different ways to form project coalitions in the industry. The different project structures come with different risks for actors involved in the project. The trend today is use of the integrated project coalition, also called turnkey, characterised by a single contract for both execution and design of the project. This type of contract provides low risk and mission uncertainty for the client. (5.4.5) But this provides more uncertainties for actors such as contractors, designers and consultants.
This type of project management approach requires a thorough risk profile for the project coalition actors. It will always be numerous risks in construction contracts. But without a comprehensive risk profile it could leave the contractor, designer or the consultant dangerously exposed to unexpected responsibilities and risks. This wiki-article will establish the leading contractual risk factors for the consultants in turnkey contracts in the construction industry.
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