Accepted risk in construction refers to the risks that are expected to be encountered during the construction process and are accepted by the parties involved in the construction project. This includes potential risks such as cost overruns, delays, design defects, or labor disputes. It also includes risks associated with the use of new materials, techniques, or technologies. Accepted risk is closely related to the concept of “risk management” in the construction industry, which involves steps to identify, assess, and manage risks in order to minimize their potential impacts.
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