Washington, DC (PRWEB) February 03, 2012
Later this month, WPL Publishing will host a webinar to help various professionals in the construction community understand the risks and pitfalls of cost-plus contracts.
In a cost-plus contract, the owner carries the right to audit the costs, a right often exercised at the completion of a project. After the project has been completed on time and according to specification, an owner may want to audit the costs before paying the final invoice or releasing retainage. What should be done? The project staff has moved on to other projects. Who will be available to assist in carrying out this important task from the owner’s and contractor’s standpoint? What are the risks and pitfalls in managing and supporting the costs according to the requirements of a cost-plus contract? What reconciliation procedures should be followed, and what documents will need to be produced? The webinar not only will address the risks and pitfalls of a cost-plus contract but how those risks can be minimized and managed early on in addition to the steps that should be taken when a construction professional is faced with such an owner audit. To register for the 90-minute event, scheduled for Thursday, Feb. 16, 2012, at 1:00 p.m. (EST), visit http://tinyurl.com/6qzbgkb.
The webinar, entitled “Cost-Plus Contracts: The Profit’s in the Audit,” will help attendees grasp the following important implied obligations and special issues in every cost-plus contract:
- An owner’s right to audit.
- A contractor’s responsibility to prove costs.
- The types of costs that typically are reimbursable.
- Setting up a cost-control system at the onset to minimize risk.
- Reconciliation procedures to prove costs to the cost-control systems and reports.
- The pitfalls in labor, equipment, subcontractor, general conditions, overhead, and other costs.
- Issues with auditing guaranteed maximum price contracts.
Addressing webinar attendees will be RGL Forensics Director Jack Harris and Sonia Desai, a manager for the international firm. Mr. Harris has directed and performed numerous expert analyses and calculations involving issues of cost impact, cost reporting, claims damages assessment, lost profits, cost-to-complete estimates, home-office costs, lost revenue, business interruption, operational costs, interest damages, foreign currency exchange, and others. Ms. Desai specializes in the field of litigation support and business valuation. She has managed and executed numerous expert-witness engagements involving the quantification of economic damages and valuation in commercial disputes.
Following their presentations, there will be an interactive 10-to-15 minute question-and-answer session addressing relevant topics.
Webinar tuition is based on location, not number of participants, so each registration site can have multiple participants for one low price. To register, visit http://tinyurl.com/6qzbgkb.
WPL Publishing Co., Inc. produces three construction newsletters: Construction Claims Advisor (http://www.constructionclaims.com), Green Building Insider (http://www.greenbuildinginsider.com), and Construction Advisor Today (http://www.constructionadvisortoday.com). The company also hosts webinar series on topics relevant to the construction industry. WPL is on Twitter at CAT_Online.