Common use of Risk Identification and Mitigation Factors Clause in Contracts

Risk Identification and Mitigation Factors. The Engineer shall prepare for and attend a cost estimate review (CER) workshop with the State and the FHWA to develop and review information for inclusion in the FP such as cost estimation procedures and tools, identifying funding sources and revenues, and project implementation schedules. In preparation for the CER, the Engineer shall conduct a risk analysis assessment, provide cost spreadsheets and models for input into the FHWA’s probability modeling software, review and provide comments on the CER summary report, and update cost information in the initial FP to reflect confidence limits established during the CER.