Question

By reference to the IEI 3rd Edition Contract, give examples of risks allocated to the Contractor?

Answer 1

In the IEI 3rd Edition Contract, risks allocated to the Contractor include financial, quality, and performance risks.

Step-by-step explanation:

In the IEI 3rd Edition Contract, risks allocated to the Contractor include:

1. Financial Risk: If the Contractor fails to complete the project within the agreed-upon timeframe, they may be liable for liquidated damages or penalties.
2. Quality Risk: The Contractor is responsible for ensuring that the work meets the specified standards and quality requirements.
3. Performance Risk: If the Contractor is unable to perform their obligations under the contract, such as providing the necessary equipment or personnel, they may be in breach of contract.