![]() A few examples for such land mark projects with shorter duration captured the attention are Burj Khalifa tower, Dubai Metro, Palm Island and Dubai Mall. Also in a raising market, the cost of the construction was proportional to the duration of the project as the contractors were including the risk for escalation in their bids. One of the main reasons for adopting fast track projects was to reduce the financial burdens (loans and repayment period) and to minimize the risk for escalation due to the construction boom in the region. ![]() UAE as a country has high potential and growth compared to the neighboring Gulf countries in the recent years (2003 – 2008), which led to many fast track infrastructure and building projects, most of those are innovative, having ambitious aspirations to become international land marks, having the common feature of shorter durations. If the risk is high, the cost increases proportionally. by drafting partial contracts to safe guard the employers risks and financial positions will have a tendency to impact the construction cost. The one sided contracts, in other words i.e. ![]() ![]() Many such bespoke versions did not achieve the intended purpose as it became one sided due to the alterations. Whilst the intention to introduce a standard form of contract was to achieve a balance in terms of risk sharing between the parties, conversely at a later stage clients startedamending the standard form of contracts to safe guard their interests. Get your custom essay onĮvery project is associated with risk and is inevitable and the impact is spread across the project. ![]()
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