Reference no: EM133402794
Let's say you work for a Construction Company who is bidding on a greenfield project (being built from the ground up) for a 2-story, 40,000 sf office building. It is winter in New England.
You have been asked to prepare an estimate for the bid, and part of preparing any estimate accounting for the several different types of risks that may be encountered.
Common risk categories are:
Construction-related risks
Physical risks (subsurface conditions)
Contractual and legal risks
Performance risks
Economic risks
Political and public risks
Let's assume the project is the traditional delivery method, design-bid build. Owner has hired a design firm who is sending out 100% CD's (construction docs) for your company and two others to prepare competitive bids, including your estimate. Assume the owner has done subsurface exploration and provided bidding contractors with the report.
REQUIREMENT: How would you consider, treat, react to, account for and estimate for the following potential risks? NOTE: If the owner or design team owns that risk, please state that, explain and you would not need to consider, right? But if it's a contractor risk, you will need to include in your estimate. I am not looking for specific dollar amounts, or even percentages. What I am looking for is those risks you, as the contractor, would consider and your thought process as to how you would guard against them, mitigate them if they did arise, what contingencies or buffers....
Subsurface conditions / geo-tech
Weather
Acts of God, including the pandemic
Subcontractor failure
Accidents at the site
Defective Work
Design Errors and Omissions
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