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  The Anatomy of Construction Contracts

  Successful construction project depends on how well project participants manage project risks. Risks are managed through sound business and construction practices and through careful preparation and review of the project contract documents. There are the main management concepts that should be considered at the project contract formation stage: (a) Allocate risk to the party best situated to control the risk; (b) Allocate risk through indemnity provi-sions; (c) Use insurance to support indemnity pro-visions; (d) Require additional insured status and evidence of insurance; (e) Include waivers of subrogation; (f) Review documents with appropriate consultants; and (g) Avoid Dispute Resolution as the mid-night clause.

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