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Relationship Between Risk and Law (Project and Contract Risk)

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1) How will you ensure clarity when allocating risk in a procurement contract?
2) What are the risks associated with procurement contracts that the legal treatment cannot mitigate?

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The Solution provides a short answer on the topic of risk in a contract.

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1) How to ensure clarity when allocating risk in a procurement contract?

The strategy to ensure clarity should entail focusing on identifying the major risk variables that will influence the procurement contract process including the project delivery method, use of collaboration with partnering arrangements for third party contractors, and the form of payment. These areas should all receive clarification in which the company defines with clarity its formal risk allocation strategy wherein the objective is to attempt to most accurately forecast future risks and the tools and ...

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Stephen Washington, MS
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  • BS, Sam Houston State University, 1903 University Avenue, Huntsville, Tx 77340
  • MS, Prairie View A&M University
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