This seminar will discuss cost and time blowouts (and major disputes) on large construction projects and the mistakes that continue to be repeated and why lessons are not learned, including:
• Statistics on the prevalence and impact of time and cost blowouts on large construction projects
• Common (recurring) major causes and reasons for cost and time blowouts and major disputes from the cradle (project conception) to the grave (final resolution). For example:
· Poor project / scope definition at FID, contract execution and mobilisation.
· Poor project delivery (contract) choice e.g. turnkey EPC v EPCM, partnering etc.
· Allocation of risk according to might and market forces c.f. Abrahamson principles.
· Poor project records and a culture of not following the contract by contractors and owners alike e.g. notices and time bars + waiver/estoppel.
· Adversarial, inflexible, untimely dispute resolution processes cf Dispute Avoidance Boards etc.