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OnDemand Webinar

Advanced Issues in GMP Contracting

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 OnDemand Webinar will address and resolve 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 OnDemand Webinar 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. This program will be presented in a simple and straightforward manner by a professional with years of hands-on experience in the negotiation, drafting and administration of GMP contracts.

Learning Objectives:

  • You will be able to recognize how to use the various component of the GMP as tools for managing risk.
  • You will be able to explain and improve your understanding of the potential rewards and risks of inherent in GMP contracts.
  • You will be able to discuss what should change the GMP and what should not.
  • You will be able to identify how proper contract administration will help you manage risks as the work proceeds.

Runtime: 85 minutes
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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 "PassThrough" Subcontract Claims
    • Tracking Changes To, and Use Of, Contingency
  • Changes to the GMP

Keys to Success and Summary of Risks

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More Program Information

Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on February 16, 2012.

Call 1-866-352-9540 for further credit information.

No Credit Available

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Richard E. Burnham, Esq.

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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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

  • Live Webinars
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  • White Papers and Articles
  • Sponsored Live Webinars

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* For audio recordings you only pay shipping

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Product ID: 389135
Published 2012
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