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OnDemand Course

Advanced Issues in GMP Contracting

Manage the risks that are inherent to this delivery system and the additional administrative burden that accompanies the use of this format.

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 topic addresses and resolves 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 material 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.

88 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 35 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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Why Lorman?

Over 35 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 Course

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Maine, New Hampshire, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on April 15, 2020.

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

  • AR CLE 1.5
     
  • This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

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

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Why Lorman?

Over 35 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 35 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.

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Product ID: 407241
Published 2020
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