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.
Agenda
Faculty
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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