Contract Risk
The clause that shifts risk from one party to another
What is an indemnification clause?
The governing body for workplace safety in the US
What is OSHA?
This policy covers liability arising from third-party bodily injury or property damage.
What is general liability insurance?
This schedule document is used to track project progress and delay risk.
What is the project schedule or Gnatt Chart?
Cost overruns usually result in this financial risk.
What is margin erosion?
A type of contract where the price is fixed regardless of actual costs
What is a lump sum contract?
This must be completed before starting excavation or trench work.
What is a site-specific safety plan or trench safety plan?
This policy type protects against construction related property losses.
What is builder's risk?
This plan helps ensure everyone knows what to do during an emergency.
This pot of money is reserved for unknown project risks.
What is contingency?
This document outlines the legal responsibilities of downstream parties before work begins
What is a subcontract agreement?
Falls, electrocution, struck-by and caught-in-between are called this.
What are the Fatal Four?
This is the first step after a workplace injury.
What is reporting the incident?
Subcontractor default is a risk best managed through this.
What is cash flow risk?
The risk of misinterpreting vague or ambiguous language in this document is high.
What is the scope of work?
A common citation for lack of fall protection occurs at this height.
What is 6 feet?
A claim reserve is this.
What is the estimated cost of settling a claim?
Poor material delivery timing affects this part of the project.
Contractors can offset financial exposure with this type of bond given to an owner.
What is a payment and performance bond?
This is the party responsible for reviewing and negotiating owner contract risk.
What is legal counsel?
A near miss reporting culture helps companies do this.
What is identify and mitigate risk proactively?
OCIP and CCIP are examples of this risk control tool.
One risk of design-build delivery is this.
What is blurred liability between design and construction?
The name of Moss' captive insurance company.
What is Providence?