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Advanced Issues in GMP Contracting

OnDemand Webinar (84 minutes)

As owners have searched for project delivery systems that reduce the overall duration from project conception to project completion without increasing their risks or their costs disproportionately, one of the most common approaches has included the use of guaranteed maximum price, or GMP, contracts. However, as the use of the various GMP contract formats has proliferated, so have disputes.

This OnDemand Webinar will address and resolve these dispute suggestions that parties to these disputes often lack full appreciation of the differences between GMP contracts and the contracts that the users are used to working under, how to manage the risks that are inherent to this delivery system, or the additional administrative burden that accompanies the use of this format.

This OnDemand Webinar is designed to highlight those differences and equip you with the knowledge needed to both understand and manage the differences and unique risks and administrative burdens of using this format. This program will be presented in a simple and straightforward manner by a professional with years of hands-on experience in the negotiation, drafting and administration of GMP contracts.

Learning Objectives:

  • You will be able to recognize how to use the various component of the GMP as tools for managing risk.
  • You will be able to explain and improve your understanding of the potential rewards and risks of inherent in GMP contracts.
  • You will be able to discuss what should change the GMP and what should not.
  • You will be able to identify how proper contract administration will help you manage risks as the work proceeds.

Authors

Richard E. Burnham, Trauner Consulting Services, Inc.

Agenda

Review Components of GMP

  • Fee
  • General Conditions
  • COW (Reimbursable Cost of the Work)
  • Contingency
  • Allowances
  • Value Engineering Savings?

Chronology of Performance and the Skills Needed for Each Phase

  • Pre-Construction
  • Negotiation of GMP
  • Construction
  • Close-Out

Risks and Rewards From Perspectives of Owner, CM/GC, and Designer

  • Money
  • Time
  • Quality

Administering Increases and Decreases in the GMP

  • Changes Within the GMP

- Difference in Ability to 'Pass-Through' Subcontract Claims

- Tracking Changes To, and Use Of, Contingency

  • Changes to the GMP

Keys to Success and Summary of Risks