External risk

External Risks

In Contract Law

In contract law, are risks that are produced by a non-human source and are beyond human control. They are unexpected but happen regularly enough in a general population to be broadly predictable, and may be the subject of casualty insurance.Good examples of external risks are natural disasters such as earthquakes and volcanoes.

In Project Management

In project management; Risks that are external to the project and the project manager cannot control.Good examples of external risks are changes in government legislation, changes in strategy from senior managers, and the economy.

References

• Giddens, Anthony (1999). “Risk and Responsibility”. Modern Law Journal, Vol. 62 No. 1, p. 4.

See also

• Force majeure
• Act of God
• Mutual assent
• Contract law
• Impossibility

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