THE RISK OF OCCURANCE OF AN UNFORSEEN EVENT WHILE PERFORMING A CONTRACT FOR EXECUTION OF WORKS
THE RISK OF OCCURANCE OF AN UNFORSEEN EVENT WHILE PERFORMING A CONTRACT FOR EXECUTION OF WORKS

Summary/Abstract: No matter if we are discussing the case of a material, an intellectual work or of a provision of services, the contract for the execution of works is of the utmost importance in the economic dynamics, having a large object that includes basically any kind of service procurement or execution of works, which are not expressly regulated as being a different special type of contract. Considering the practical importance of this type of contract, we wanted to focus on an aspect which is essential, but sensitive at the same time- the subject of risks in the contracts for the execution of works. In order to incur the practical issues, we will draw our attention especially on those risks which may lead to the obstruction of works. After presenting the categories of identified risks, we will point out the party responsible for each of these risks and also the different types of liability that may be applicable. Lastly, in order to identify the most suitable solutions for practitioners, we will discuss those situations in which one of the parties of the contract for the execution of works intends to suspend or to terminate the contract and also the posibility of the parties to revise the price of the contract.

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