Common use of Risk Register Clause in Contracts

Risk Register. (a) Risks that have been identified and priced pursuant to a risk analysis and included in the risk register, will be included in Target Cost. When a proposed method of dealing with the risk has been identified, the projected Chargeable Costs for the solution will replace the risk register for that risk in the Target Cost. If the projected Chargeable Cost for an item is less than what has been carried in the risk register, those remaining funds will be moved from the risk registry into the Cost Model and will be part of any surplus of funds available for shared savings. Once Construction begins, if a new risk is identified, it will be included in the risk register, however the Target Cost will not be adjusted.