As owners have searched for project delivery systems that reduce the time from project conception to project completion, one of the most common approaches has included the use of Guaranteed Maximum Price (GMP) Contracts. However, as the use of these contract formats has proliferated, so have disputes that strongly suggest 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. This seminar is designed to highlight those differences, and alert the participants to the unique risks of using this format.
About the speaker:
Rick Burnham, Director with Trauner Consulting