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AAAEA 2006 Dinner Seminar |
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Date: |
Thursday, October 26,
2006 |
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Time: |
5:30 p.m. Social
6:00 p.m. Dinner
7:00 p.m. Presentation
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Location: |
University of Illinois
at Chicago (UIC)
ERF “Engineering Research Facilities”
842 West Taylor Room # 1047,
Chicago, IL
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Cost: |
$15 / $5 Students –
RSVP before October 24, 2006
$20.00 – at door or RSVP after October 24, 2006
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Presentations:
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"Risk Allocation
in Construction Projects "
By Bashar Fayez Haddad, Faculty MCT Department,
College of Technology, Indiana State University
Exculpatory clauses are often used in construction contracts to shift
potential risks of construction from one party to another. Traditionally,
it is the owner who seeks to shift a particular construction risk
to the other parties (designer or contractor). Exculpatory clauses
are often found in the instructions to bidders and in the terms and
conditions which form the agreement between the owner and contractor.
Hartman (1998) suggests that Canadian contractors use a risk premium
between 9% and 19% as part of their contingency plan to alleviate
the risks associated with accepting exculpatory clauses. The presentation
will highlight the results of a research study conducted on U.S. contractors
to identify and quantify the risk premiums they use to mitigate the
risk associated with accepting five exculpatory clauses. These clauses
allocate risk for: design errors, differing site conditions, construction
errors, risks of payments, no damage for delays. The study also examined
the correlation among the contractor's years of experience, company
size and percent of self completed work and the contractor's risk
premium for each identified risk.
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To Register: |
Call: (708) 236-0900
Email: moussa.issa@hbmengineering.com
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