Construction projects are subjected to several risks due to different activities involved. The activities are performed by several parties under different circumstances. Among the various stakeholders the Contractor has been identified to be the party that carries the highest number of risks. They are mostly exposed to contractual risks which occur as a function of contract provisions and clauses. This research work identified and assessed the risks which Contractors are exposed to within some Standard Forms of Contract in Nigeria. It further determined the likelihood of occurrence of the identified risks, impact on the risks on Contractors and the level of risks. Data were collected through questionnaires distributed to some Contractors around Abuja and analysed using qualitative risk analysis technique. The research identified 35 potential risk factors with 54% of the risks emanating from the Clients, 31% from the Architect, 6% from the Quantity Surveyor, 6% from the Project Managers and 3% from the government agents. It also found out that failures to write instructions regarding variations and documents which are not issued on time are the major potential risk factors with high likelihood of occurrence while the other risk factors have moderate likelihood of occurrence. Thirteen (13) potential risk factors were found to have high impact on Contractors and fifteen (15) are high degree of risk. It concluded that Contractors must understand the nature of risks, their source and the extent of exposure so as to pay attention to dealing with such risks in present and future projects. The study therefore recommended that Contractor should pay attention to risks with high likelihood of occurrence so as to reduce their impact, should protect themselves against risks by contingency, warn parties of potential delays and its implications, negotiate construction schedule with client and allow for buffer time, the contractor should ensure working with carefully prepared and coordinated drawings, establish clear line of communications for receiving and responding to instructions and collaborative effort from all the participants of the project.
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