Managing risks is one of the main challenges of construction projects. All parties involved in a construction project – irrespective of its size and kind – have to deal with risks, have to identify and evaluate them and have to determine how to handle risks, e.g. by means of avoiding, allocating, pricing, safeguarding or covering risks. A complete risk management necessarily requires the legal review of potential risks. This presentation demonstrates the means of a consistent legal risk management with a particular focus on the contractual ring-fencing of risks. It also gives an outlook on how to deal with and how to evaluate those risks, which have already been realized.