It's one thing to evaluate how your actions and decisions expose your organization to general risk, but to assess risk in specific contracts requires a more specialized approach to risk management. Assessing the risk involved with not placing warning signs on a slippery wet floor is different from assessing the risk of not complying with a contractual obligation.
Complex projects often contain contracts with multinational workgroups, contracts that cover projects where a variety of independent governmental authorities may operate. Pegasus-Global performs risk management reviews of a project contract document set intended to highlight those risks that will be faced by the project team during the project's execution. The contract risk review is not a legal review—those can only be truly done by attorneys. Rather, it is prepared by seasoned professionals and is based upon the combined experience of the review team, encompassing among other specialties engineering, construction, procurement, project control mechanisms and claims and disputes management. The contract risk review is presented in a written report and is completely based upon the contract document set provided by the client.
Pegasus-Global has often stated that we have "been there, done that." In the simplest terms, we have been around long enough to have developed a "nose" for risk, a method of quantifying that risk and establishing methods to restrain and control contractual risk. Legal reviews are essential, but may not capture the "project risk vulnerabilities" that can only be identified by those who have "been there, done that" on other megaprojects, having seen what worked and what did not work as well. Real-world and time-tested, Pegasus-Global is the answer to your contractual risk assessment issues.