A proper allocation of risks and responsibilities is vital for the success of long-term maintenance contracts. This paper focuses on a method to identify an adequate allocation of responsibilities for the maintenance of waterworks. The Dutch agency recently started outsourcing the maintenance of their waterworks in DBFM contracts. In order to meet the Dutch Water Act during the whole life cycle of the lock, Risk Based Asset Management is contractually required. However, how to distribute the risks and responsibilities between the public and private parties is an open question. This paper presents a functional risk allocation method, existing of a risk allocation matrix and risk allocation conditions.