Investor bears responsibility for proper preparation of the investment process. One of his tasks is to prepare the project documentation and obtaina building permit. Frequently, during his work, there are situations and events whose im pact interferes with the design solutions. Regardless of reasons, alterations to a project constitute a source of cost risk. In each case, the Investor should be prepared for this type of a risk. Exposure to risk should be taken into account in the planning stage of the investment. Also, a model of investment execution should be chosen at this stage. The type of model is associated with the distribution of risk throughout the project. The aim of this paper is to identify events that generate risk related to alterations to Project Documentation in the context of the selection of the investment executionmodel.