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Birnie, J (1998) Risk allocation to the construction firm within a private finance initiative (PFI) project. In: Hughes, W (Ed.), Proceedings 14th Annual ARCOM Conference, 9-11 September 1998, Reading, UK. Association of Researchers in Construction Management, Vol. 2, 527–34.
- Type: Conference Proceedings
- Keywords: private finance initiative; risk assessment; risk allocation; residual value
- ISBN/ISSN: 0 9534161 0 0
- URL: http://www.arcom.ac.uk/-docs/proceedings/ar1998-527-534_Birnie.pdf
The introduction by the UK government of the private finance initiative (PFI) in 1992 was intended to lead to a radical increase in capital projects which had previously been funded by the public sector. The construction industry whilst initially interested because of the potential extra work have subsequently expressed reservations about the successful implementation. The additional risk bearing was seen as a major concern by the industry. This paper addresses these concerns and considers the most appropriate and fairest means to both parties of assessing risk, including the possible use of independent risk assessors.