Making Guaranteed Maximum Price Contracts (GMP) Work for You
Wednesday, February 2, 2011 ♦ 1:00 – 2:30 PM EST
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, or (b) the risks that are inherent to this delivery system.
Topics will include an in-depth description and analysis of the advantages and disadvantages of this contracting format, the four phases of work that are typical when working under a GMP format, the components of a GMP and why it is so important to fully understand how each is defined and the conditions that apply to the payment of each component. In addition, this webinar will discuss the things to do and not do during each of these phases, administrative burdens placed on each of the parties when using this contracting format, what a change is under a GMP contract and how it is different than changes under other contracts and how contractors may need to change their standard subcontracts when working on a GMP project. This interactive program will show you how to:
- The fundamental differences between GMP contracts and other contracts
- The components of the GMP and how each component is administered as work proceeds
- What the four phases of work typically are when working under a GMP format
- How the work done during each phase can affect the likelihood of success
- The definition of what a change is under a GMP contract
- And much, much more!
In addition, a 10-to-15 minute period has been reserved at the end of the speakers' presentation for an interactive question-and-answer session so you can discuss specific issues or gain additional knowledge about topics discussed. Register today!
Who Will Benefit?
Owners, contractors, and engineers who are (or soon will be) working on a project using the GMP format of project delivery, and who want to enhance their practical working knowledge of GMP contracts and learn to avoid the pitfalls of this innovative project delivery format. Attorneys for owners, contractors, and engineers who want to familiarize themselves with the practical application of typical GMP contract provisions, and improve their ability to tailor GMP contract clauses to better meet the specific strengths and weaknesses of their clients.
Meet Your Presenter:
Richard E. Burnham
Richard E. 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 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.