{
  "query": "NEC4 unknown unknown risk management best practices construction",
  "claims": [
    {
      "claim": "NEC4 contracts promote a proactive and ongoing approach to monitoring and managing risks, requiring administrators to focus closely on risk management processes.",
      "verbatim_quote": "The NEC3 and NEC4 contracts encourage an ongoing, proactive approach to the Monitoring and management of risks, and anyone administering or working under these contracts needs to pay close attention to the risk management processes.",
      "source_url": "https://www.lexisnexis.co.uk/legal/guidance/nec-contracts-risk-management",
      "relevance": "high"
    },
    {
      "claim": "Unknown unknowns are risks that are not identified in the project scope or the risk management plan, often occurring because the team has not sufficiently analyzed unprecedented issues.",
      "verbatim_quote": "Unknown unknowns are unidentified risks that are not part of the project scope neither form part of the risk management plan. Unknown unknown happen not only because of situations that trigger these events haven’t been experience before but because the project team has not analyze or brainstorm enough about the possibilities and risks of unprecedented issues.",
      "source_url": "https://www.planacademy.com/manage-unknowns-construction-projects/",
      "relevance": "high"
    },
    {
      "claim": "Management reserves are specifically used to address 'other unknowns' beyond the known unknowns covered by contingency reserves.",
      "verbatim_quote": "Contingency reserves will address known unknowns while management reserves are to take care of all other unknowns.",
      "source_url": "https://www.planacademy.com/manage-unknowns-construction-projects/",
      "relevance": "high"
    },
    {
      "claim": "To address an unknown unknown, it must be analyzed across impact, occurrence, consequence, and likelihood when it is not already covered by a risk plan.",
      "verbatim_quote": "An event must be analyzed in terms of impact, occurrence, consequence and likeliness for it to be considered as an unknown unknown. When all of these areas are not covered by any risk management plan. Then we must need to address the unknown unknown.",
      "source_url": "https://www.planacademy.com/manage-unknowns-construction-projects/",
      "relevance": "medium"
    },
    {
      "claim": "Best practice for NEC contracts involves starting the risk management process at the very beginning of a project, often using a project risk log or register before contracts are even awarded.",
      "verbatim_quote": "It is good practice to consider risk management from the start of a project. If a formal risk management process in place, the client may operate some form of project risk log or register well before any construction Risk Management, Richard Patterson Page 13 of 16 contracts are let.",
      "source_url": "https://www.neccontract.com/getmedia/517c3d32-df47-4b53-b515-9faf3b377d5a/Richard-Patterson-Risk-Management-Paper.pdf?srsltid=AfmBOoqAqz2XUWdqOLidNUyNTdkrkr0jq4Mu14lJMG-akTWfzGRaTpwd",
      "relevance": "high"
    },
    {
      "claim": "A fundamental tenet of sound risk management is to allocate risks to the party best able to manage them.",
      "verbatim_quote": "Allocate risks to the party best able manage them.",
      "source_url": "https://www.dot.ny.gov/divisions/engineering/design/dqab/dqab-repository/Risk%20Management%20for%20Project%20Development%20Guide_Final%20Draft_010514.pdf",
      "relevance": "medium"
    },
    {
      "claim": "Scenario planning and simulation are used as best practices to test readiness and identify weaknesses in contingency plans before risks occur in the real world.",
      "verbatim_quote": "Scenario planning and simulation provide teams with a safe, controlled environment to test their readiness, identify weaknesses, and improve contingency plans.",
      "source_url": "https://www.aclaimant.com/blog/systematic-risk-management-for-construction-projects",
      "relevance": "medium"
    }
  ],
  "market_context": "- [HIGH] NEC4 contracts promote a proactive and ongoing approach to monitoring and managing risks, requiring administrators to focus closely on risk management processes. (source: https://www.lexisnexis.co.uk/legal/guidance/nec-contracts-risk-management)\n- [HIGH] Unknown unknowns are risks that are not identified in the project scope or the risk management plan, often occurring because the team has not sufficiently analyzed unprecedented issues. (source: https://www.planacademy.com/manage-unknowns-construction-projects/)\n- [HIGH] Management reserves are specifically used to address 'other unknowns' beyond the known unknowns covered by contingency reserves. (source: https://www.planacademy.com/manage-unknowns-construction-projects/)\n- [MEDIUM] To address an unknown unknown, it must be analyzed across impact, occurrence, consequence, and likelihood when it is not already covered by a risk plan. (source: https://www.planacademy.com/manage-unknowns-construction-projects/)\n- [HIGH] Best practice for NEC contracts involves starting the risk management process at the very beginning of a project, often using a project risk log or register before contracts are even awarded. (source: https://www.neccontract.com/getmedia/517c3d32-df47-4b53-b515-9faf3b377d5a/Richard-Patterson-Risk-Management-Paper.pdf?srsltid=AfmBOoqAqz2XUWdqOLidNUyNTdkrkr0jq4Mu14lJMG-akTWfzGRaTpwd)\n- [MEDIUM] A fundamental tenet of sound risk management is to allocate risks to the party best able to manage them. (source: https://www.dot.ny.gov/divisions/engineering/design/dqab/dqab-repository/Risk%20Management%20for%20Project%20Development%20Guide_Final%20Draft_010514.pdf)\n- [MEDIUM] Scenario planning and simulation are used as best practices to test readiness and identify weaknesses in contingency plans before risks occur in the real world. (source: https://www.aclaimant.com/blog/systematic-risk-management-for-construction-projects)"
}