Risk management in construction projects depends on the choice of contractual and collaboration form. In this paper we analyse three major forms used in Sweden: performance-based contracts, design-build contracts and collaboration form partnering. From the perspective of dealing with risks in construction projects we highlight strengths and weaknesses of each form. We show that the design-build contracts are attractive for the client due to their single responsibility and more risk allocated to the contractor. The performance-based contracts give the client more flexibility in terms of the design but imply more risk allocated to the client. Recently the collaboration form partnering show promising performance in Sweden and may be successfully used when a trust relationship exists between project actors. We conclude that additional research is needed in how the risk management process can be further developed, based more on openness and trust rather than on sharp contract formulations.