Making Guaranteed Maximum Price (GMP)
Contracts Work for You
Richard E. Burnham
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Great explanation of the GMP format and what to look out for.
Rick is very knowledgeable and provided valuable information and guidance about the GMP contracts.
San Diego, CA
As a new comer to the Construction Industry, Mr. Burnham explained the GMP process extremely well.
The pace of life seems to just get faster and faster, and construction projects are no exception. As owners have searched for project delivery systems that reduce the time it takes to get from project conception to project completion, one of the most common approaches has been the use of guaranteed maximum price, or GMP, contracts.
As the use of the GMP contract formats has proliferated, so have disputes. The nature of many of these disputes strongly suggests that the parties using them do not fully understand (a) the differences between GMP contracts and the contracts that the users are accustomed to working under or (b) the risks that are inherent to this delivery system.
Topics include an in-depth description and analysis of the advantages and disadvantages of this contracting format, the four phases of work that are typical when working under a GMP format, the components of a GMP, and why it is so important to fully understand how each is defined and the conditions that apply to the payment of each component.
In addition, this presentation discusses the things to do and not do during each of these phases, administrative burdens placed on each of the parties when using this contracting format, what a change is under a GMP contract, and how it is different than changes under other contracts and how contractors may need to change their standard subcontracts when working on a GMP project.
Listen to this information-packed, 90-minuted recorded webinar to:
- The fundamental differences between GMP contracts and other contracts
- The components of the GMP contract and how each component is administered as work proceeds
- What the four phases of work typically are when working under a GMP format
- How the work done during each phase can affect the likelihood of success
- The definition of what a change is under a GMP contract
- And much, much more!
Who Will Benefit?
This presentation is a must for owners, contractors, and engineers who are (or soon will be) working on a project using the GMP format of project delivery, want to enhance their practical working knowledge of GMP contracts, and seek to avoid the pitfalls of this innovative project delivery format.
This event features key insights from our knowledgeable construction expert:
Richard E. Burnham brings years of hands-on experience with all types of projects and a spectrum of contract delivery methods from a variety of perspectives. His past experience includes stints as vice president of a major international contractor whose $1 billion-plus annual revenue included major building and heavy construction projects for both public and private clients, a senior manager of a major engineering company, an advisor to public transportation agencies, and an expert witness regarding the proper administration and analysis of changes, delays, and damages. Mr. Burnham, a former adjunct professor at a highly regarded engineering college, has lectured on litigation avoidance, analysis of construction claims, and critical path method scheduling. He holds a B.A. degree in economics from Georgetown University and received his J.D. degree from Villanova University School of Law.