What are familiar methods used to mitigate the project risk during final negotiations of the contract?

Develop a high-level mitigation strategy. These options are based on the assessed combination of the probability of occurrence and severity of the consequence for an identified risk.

Assume/Accept: Acknowledge the existence of a particular risk, and make a deliberate decision to accept it without engaging in special efforts to control it. Approval of project or program leaders is required.

Avoid: Adjust program requirements or constraints to eliminate or reduce the risk. This adjustment could be accommodated by a change in funding, schedule, or technical requirements.

Control: Implement actions to minimize the impact or likelihood of the risk.

Transfer: Reassign organizational accountability, responsibility, and authority to another stakeholder willing to accept the risk.

Watch/Monitor: Monitor the environment for changes that affect the nature and/or the impact of the risk.