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Construction projects are unique in nature. One of its most notable qualities is the length of time that may result in a change of circumstances, resulting in many risks as a result of the long implementation period and the several stages, beginning with the project foundation and ending with final delivery. This raises the level of uncertainty and the probability of risks, which has a negative influence on the economics of construction contracts. To manage risks in such projects, the researcher visited a number of sites in numerous governorates across Iraq after collecting papers and literature on the subject of risk management in construction projects. The researcher prepared unique forms displaying the probability of the risk arising and the magnitude of its effect after extracting a large number of them. After that, the forms were distributed to a group of specialists. Following a statistical analysis of the findings, the researcher came up with a set of conclusions and recommendations for managing risks in Iraqi building projects. [ABSTRACT FROM AUTHOR]