Final answer:
The risk profile of the IEI 3rd edition standard form contract and the GCC form of contract differ. The IEI 3rd edition standard form contract places more risk on the contractor, while the GCC form of contract places more risk on the employer.
Step-by-step explanation:
The IEI 3rd edition standard form contract and the GCC form of contract have different risk profiles. The IEI 3rd edition standard form contract places more risk on the contractor, while the GCC form of contract places more risk on the employer.
In the IEI 3rd edition standard form contract, the contractor is responsible for any unforeseen physical conditions encountered during construction. This means that if the contractor runs into unexpected difficulties, such as encountering hard rock or buried utilities, they must bear the cost and delay in completing the project.
On the other hand, the GCC form of contract allocates the risk of unforeseen physical conditions to the employer. The employer is responsible for any additional costs or delays caused by such conditions. This can provide more protection for the contractor, as they do not have to bear the financial burden of unexpected obstacles.