Contractors have been the main risk bearers in most road construction and maintenance projects, especially when they are working under higher-risk delivery systems such as Performance Based Contracts (PBC), where the contractors are more likely to be responsible for both the construction and maintenance of the road for a certain warranty period. This research identified and analyzed the risks that the contractor is subject to under PBCs for hot mix asphalt (HMA) road construction and maintenance projects. The study used a mixed methods research design and was divided into three phases. In the first phase, employing a detailed literature review along with industry interviews, twenty-nine risks were identified in the construction and maintenance phases. In the second phase, risk severity rankings were calculated using probability and impact data that was collected from several contractors and a state agency. In the final phase, a correlation analysis was conducted. The results of this analysis will enable contractors to make adjustments and modifications to address the highest and most severe risks.