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Sponsored by Lorman Education
Product ID: 407241EAU
 
Credit & Course Provided by:

Advanced Issues in GMP Contracting

OnDemand Webinar (88 minutes)

Manage the risks that are inherent to this delivery system and the additional administrative burden that accompanies the use of this format.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 topic addresses and resolves 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 material 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.

Authors

Richard E. Burnham, Esq.

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