Effect of Construction Risks and Uncertainties on Time and Cost Strategies of Building Contracts in Nigeria

Abstract

The need to understand the concept of construction risks and uncertainties, their constituents and their impact on contract time and cost objectives of building contracts in Nigeria necessitated this research. The method of study was by critical exposition of existing related literature and a review of relevant empirical research findings. The findings of the study showed that construction risks impact negatively on project objectives particularly the time and cost benchmarks. Construction risks give rise to contractual claims arising from time and cost overruns, thus, defeating contract strategy. The study concluded that construction risks in projects arise from various sources including physical, environmental, design, logistics, financial, legal, political, construction, and operational. The study recommended that construction stakeholders must achieve desirable project performance through proactive control mechanisms aimed at averting risks and uncertainties in projects