Why should you choose the guaranteed maximum price delivery method?
GMP works well for simple projects, big box projects and small projects. It works well for clean sites and works best where draws are subject to a decent lender relationship and the processing firm is reasonable and pays promptly. But remember, it is not fair to foist design and schedule on general contractor, but then fail to actually give those responsibilities to the general contractor. This video reviews these reasons to choose the GMP, as well as discusses the disadvantages to the typical cost-plus contract with a GMP.
Scott R. Halloin
Halloin Law Group
- Shareholder with Halloin Law Group
- For 28 years his practice has focused on complex commercial and residential construction disputes, including contract disputes, code compliance, delay claims and design disputes
- Regular speaker on the Actual and Discrete Cost Method, Total Cost Method, Modified Total Cost Method, and modifications to the Total Cost Method
- Wrote a Wisconsin Construction Design Law, which was included in the American Bar Association's State-by-State Guide to Construction and Design Law
- Regular speaker at continuing legal education seminars on construction issues, including “Guaranteed Maximum Price Contracts,” “Managing Construction Projects,” “AIA Construction Contracts,” and “Managing Construction Claims”
- Licensed to practice in Wisconsin and Illinois
- J.D. degree, Northwestern University School of Law; B.A. degree, magna cum laude, Lawrence University
- Can be contacted at 414-732-2424 or [email protected]
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