What are the components of a GMP?
The better you understand the components of a GMP, the greater will be your ability to maximize the rewards and manage the risks that are inherent in GMP contracts. The components of a include the construction manager’s fee and general conditions costs, the reimbursable costs, a contingency figure, and typically allowances and value engineering savings. This video reviews why the terms and conditions, amount, and scope, related to each of these components are separately negotiated, and why the definition typically varies from one contract to the next.
Richard E. Burnham, Esq.
- Retired director with Trauner Consulting Services, Inc.
- Hands-on experience with many types of construction projects and the spectrum of contract delivery methods from various perspectives
- Vice president of a major international contractor whose $1 billion annual revenue included major building and heavy construction projects for both public and private clients
- Senior manager of a major engineering company
- Advisor to public transportation agencies
- Expert witness regarding the proper administration and analysis of changes, delays and damages
- Consultant on major contract disputes throughout the United States
- Presenter of seminars and webinars on litigation avoidance, analysis of construction claims and critical path method scheduling
- Former adjunct professor at a highly regarded engineering college
- Contracts negotiated and drafted include many GMP contracts, as well as some of the largest public private partnerships, design-build, design-build-operate-and-maintain projects in the country
- Helped sureties and insurers manage risks and minimize losses, and has played a major role in several due diligence reviews relating to acquisitions and takeovers
- Helped structure, manage and administer numerous completion contract scenarios
- Published several articles dealing with GMP and other alternate project delivery methods in legal and construction industry publications
- J.D. degree, Villanova University School of Law; B.A. degree, Georgetown University
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