Legal risk management Assignment Sample
Added on 2021-05-27
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Running head: LEGAL RISK MANAGEMENTLEGAL RISK MANAGEMENTName of the StudentName of the UniversityAuthor Note
1LEGAL RISK MANAGEMENTExecutive summaryThe purpose of this assignment is to assess the risks involved in the VPD construction project.All inherent risks are identified and recommendations are made to minimize and eliminate themto the extent possible. The report then goes on to discuss two Alternative Dispute Resolutionmethods that can be undertaken to resolve any dispute arising out of the contract. Finally thereport recommends ways to ensure that such a contract is undertaken without any inherent risksin the matter (or to minimize them to an extent that can be deemed adequate).
2LEGAL RISK MANAGEMENTRisk 1: Assessable RisksWhen a construction project is undertaken it has various inherent risks that need to beconsidered and circumvented in order to successfully complete the project. The most viable riskthat can be assessed when undertaking such a construction project is continuity (Hwang, Zhaoand Gay 2013). A construction project maybe interrupted due to various other projects beingundertaken in the same area. This would thus halt the project in effect disrupting the continuityof the construction and resultantly delaying the project. A construction project is tendered to becompleted within a specific time frame (Guo et al. 2014). A delay from such a timeline would ineffect raise the costs of the construction and be detrimental to both parties undertaking such aproject.Exercisable ControlThe most important control measure for such a project would be the appointment ofvigilant supervision during the time of the project. The administration of the construction site isin the hands of the supervisors appointed to oversee the construction. The supervisors must beable to have complete access and control over all processes undertaken in the site (Votano andSunindijo 2014). Due to the same reason an adequate number of supervisors need to be recruitedto be able to cover all parts of the site. Thus, adequately qualified and vigilant supervisors needto be recruited to ensure continued progress of the project. Thus, if the project does in fact havecompetent supervision there would not be any abrupt pauses in the process. Risk of on-site damages and accidentsIn a construction project of this magnitude there is always the risk of safety measures notbeing observed with utmost strictness due to the schedule and the urgency of completion. Non-
3LEGAL RISK MANAGEMENTobservance of these safety protocols could be detrimental to the project and would ideally causea radical shift in the schedule due to delays. In the event that a worker is injured it would beimperative that litigations would follow and the same would be an encumbrance on the project asa whole (Porwal and Hewage 2013). In the event of an accident that leads to multiple workerinjuries the same would lead to a massive halt in the flow of work for such a constructionproject. Accidents can even be fatal in case of construction projects and if such an accidentoccurs the companies undertaking the project would have to compensate the family or legalrepresentatives of the same (Cheng 2014). This would be a reduction in the funds for the projectand thus the projects ultimate budget would be affected.Control measureThe aim in such a project is to successfully eliminate the risk of such a dangerousaccident from occurring. Any accident or damage whether to property or to a person would usherin unwarranted complications into the completion of the project and can be substantiallydetrimental for the same. This thus means that the project could come to a complete halt or endup being completed on a reduced budget due to such an event. The most effective andinexpensive way to tackle this would be the employment of safety personnel (Taylan et al.2014). When various machines are installed and put in use a safety team ideally demonstrates theuse of such machines and vehicles. The key to completely eliminating a risk of any damage fromequipment would be to have small team of safety personnel present on-site at all times during theconstruction process. They would be assigned to report to the supervisors and would be taskedwith assessing such safety hazards and tackling them during construction. Their duties shouldideally also include the training of the employees on the use and operation of machinery andother equipment on-site (Deng, Pheng and Zhao 2014). This would appear to be an expensive
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