Description:
Over the last few decades, public agencies have increasingly implemented large-scale
transportation projects. Such projects are typically complex, have a variety of risks, and involve
multiple stakeholders that often have conflicting interests and incentives. Oftentimes, alternative
contracting methods such as design-build or design-build-finance-operate-maintain are used to
deliver these projects. In these arrangements, the allocation and management of risks becomes
paramount since the inappropriate allocation of risks can lead to project management
inefficiency, high transaction costs, high frequency of disputes, and can reduce private sector
participation. Recent trends in the market suggest that public agencies are transferring too
much risk in these projects, which has caused major industry players to exit the market or they
have become far more selective about the sectors or projects that they will pursue. This webinar
will examine risks in major transportation projects further by presenting findings from a recent
investigation that identified how risks are typically allocated, which risks are particularly
problematic, and how risk allocation and management can be improved. The findings make it
clear that the allocation and management of risks such as those related to third-parties are a
significant challenge. Yet, strategies such as better counterparty communication and employing
risk pools provide opportunities to remedy current problems in the market.
DATE: May 25, 2023
TIME: 12:00 – 1:00 PM (eastern time)
PRESENTER: Michael J. Garvin, PhD, PE, NAC, Professor of Civil Engineering, Virginia Tech
2 responses to “Modernizing Infrastructure Webinar Series – April 2023”
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