In this deep analysis of the construction market, CMS surveyed senior members of the industry and conducted interviews with leading figures that have key responsibilities for construction contracts, projects and the resolution of disputes. The survey drew in responses from across the world, especially Europe, Middle East, Africa, Asia and Latin America.
Study highlights
Key findings
Primary Data Points
The Difficult Outlook
Identifying Risk and Resolving Issues Early
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Here we compare our data, collated in late 2022, against tracked data in 2021 and 2020 to highlight how the opinion of industry experts is changing.
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Nearly all respondents to the survey indicated that project stakeholders could be better at mitigating risk along with avoiding and resolving disputes.
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Brexit, COVID-19, the war in Ukraine and the resulting energy crisis, have created an especially difficult environment and have led to unprecedented
delays and rising material and labour costs.
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Given the difficult economic backdrop, it is natural that construction industry players are more attuned to risk and the possibility of conflict and disputes in construction projects. Our survey demonstrates a growing use of internal legal, contract management or external counsel at the outset of construction projects to identify and mitigate risk.
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Despite efforts to minimis risk and avoid escalating tensions, full-scale disputes do frequently occur in construction projects.
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The construction sector has a reputation for being tense and fractious, given the tight financial margins that many parties operate under, coupled with the many events that cannot be anticipated.
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Interviews
Senior Counsel,
Fluor Corporation
Fritha Wheeler- Ozanne
Read
Read
Senior Legal Counsel,
Besix Group
Refki El-Mujtahid
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Multinational Construction Corporation
Senior Legal Team Member
Conclusion
Resolving Disputes
Interview
Senior Legal Team Member
Improving Processes
In what must be one of the most challenging periods in the history of the construction industry, it is notable that attitudes to risk and dispute resolution are changing. In good times, it is understandable that businesses can absorb more risk, but where balance sheets are precarious, it especially pays to be prudent and cautious.
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