From the course: Construction Management: Managing Risk

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Avoiding third-party claims

Avoiding third-party claims

From the course: Construction Management: Managing Risk

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Avoiding third-party claims

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- I've talked several times about assessing the level of risk and putting forth equivalent resources to deal with that risk. Based on that, you need to know, that the risk posed by third party claims against a construction company are enormous. You must mitigate these risks by taking all possible steps to reduce the likelihood that they will occur. Because if they do occur, your potential exposure is extremely high. Let me explain. Put quite simply, if you do something to cause damage to the property of some third party, someone not connected to the project, just a passerby or some member of the public, or if they get injured as a result of some situation caused by your project, it is very likely that they're going to take legal action against your company. Unfortunately, legal action is not necessarily unfamiliar to those of us who have been in the construction industry for awhile. For example, we see contract disputes that end up in the legal system quite frequently. But this type…

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