Advanced Issues in GMP Contracts
 

Presented by:
Richard E. Burnham Director, Trauner Consulting Services Inc.

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 used to working under; (b) how to manage the risks that are inherent to this delivery system; or (c) the additional administrative burden that accompanies the use of this format.

This 90-minute program is designed to highlight those differences and equip the listeners with the knowledge needed to both understand and manage the differences and unique risks and administrative burdens of using this format.

Listen to this 90-minute presentation and you will:

• Get an in-depth description and analysis of the advantages and disadvantages of GMP contracting
  
• Understand what each of the stakeholders needs to do during each of the four phases of work that are typical when working under a GMP format
  
• Use the various components of the GMP contract as tools for managing risk
  
• Enhance your appreciation of the stakeholder roles during each phase of the project
  
• Improve your understanding of the potential rewards and risks inherent in GMP contracts
  
• Learn what should change the GMP and what should not
  
• Recognize how proper contract administration will help you manage risks as the work proceeds
  
• And much, much more!

Meet Your Expert Instructor:

Richard E. Burnham
Trauner Consulting

Richard Burnham, construction industry executive and attorney, is director of Trauner Consulting Services, Inc. Mr. 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 serving as a 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.