Abstract :
No construction project is risk-free. Risk can be managed minimised, shared transferred or accepted. It cannot be ignored. Risk is also generated by uncertainty. If the uncertainty is not resolved or if the allocation of risk is not equitable, the industry can only operate in a manner which is inefficient which, in turn, means higher costs for its customers or clients. This paper sets out to explain that, for specialist engineering contractors, the problem is uncertainty about the way in which risk is to be allocated rather than the allocation of risk itself
