Make sure your contingencies address risk to avoid disputes between the owner and contractor.
As part of the calculation of the GMP contractors will often add a contingency amount to cover various risks which could affect the costs of construction. To provide an incentive to the contractor to avoid using the contingency there can be shared savings of contingency amounts between the owner and contractor. This video reviews different types of contingencies and their use; as well as contingency provisions.
Runtime: 39 minutes
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