Establishing Criteria for the Equitable Allocation of Risks in International Construction Joint Venture (ICJV) Projects

International construction joint ventures have served as an appropriate strategic partnership for the successful execution and delivery of large-scale projects, especially in developing countries. Their utilization for construction and delivery of projects are, however, plagued with risks A suggested approach for managing these inevitable risks includes their equitable allocation to capable parties. Following a set of criteria for the allocation of risks has been recognized as a sound basis for the equitable allocation of risks. The aim of this study is therefore to establish a set of criteria for the equitable allocation of risks in ICJV projects. A survey was conducted involving 62 local and 32 foreign partners in both completed and ongoing ICJV projects in Ghana. The Mean Score was used to establish the adequacy of eleven sets of criteria for risk allocation. Risk foreseeability, risk awareness, and risk evaluation capability were among the top allocation criteria agreed by the respondents to be adequate for risk allocation in ICJV projects. It was established that adopting these criteria would help reduce the incidence of unconscionable risk allocation through contracts which have been acknowledged as the basis for most contractual disputes in ICJV projects. This study contributes to risk management in ICJV projects by the identification and the empirical establishment of the adequacy of criteria towards an equitable risk allocation relevant in ICJV contractual arrangements.