Upcoming WPL Publishing Webinar to Focus on Guaranteed Maximum Price (GMP) Contracts in Construction

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The interactive event is suited for owners, contractors, and engineers who are (or soon will be) working on a construction project using the guaranteed maximum price (GMP) format of project delivery, trying to enhance their practical working knowledge of GMP contracts, and seeking to avoid the pitfalls of this 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 meet the needs of their clients also may benefit from the event.

Next week, WPL Publishing will sponsor a webinar to help professionals in the construction community understand and address issues relating to the guaranteed maximum price (GMP) format of project delivery.

As owners have searched for project-delivery systems that reduce the time it takes to get from the conception of a construction project to its completion, one of the most common approaches has been to use GMP contracts. As the use of 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 grasp the differences between GMP contracts and other contracts that users are accustomed to working under, comprehend the risks that are inherent to this delivery system, or understand the additional administrative burden accompanying the use of the GMP format. The webinar will help attendees resolve these problems. To register for the 90-minute event, scheduled for Thursday, Sept. 20, 2012, at 1:00 p.m. (EDT), visit http://tinyurl.com/bugqme2.

The webinar is designed to help attendees do the following:

  • Understand the advantages and disadvantages of GMP contracting.
  • Know what each stakeholder needs to do during each of the four phases of work typically performed under a GMP contract.
  • Use the components of a GMP contract as tools for managing risk.
  • Better understand the potential rewards and risks that are inherent in GMP contracts.
  • Learn what should and should not change the GMP.
  • Recognize how proper contract administration can help manage risks as the work proceeds.

Addressing attendees will be Trauner Consulting Services Inc. Director Richard Burnham. He is a construction industry executive and attorney who has years of hands-on experience with all types of projects and a spectrum of contract-delivery methods from several perspectives. He served as vice president of an international contractor whose $1 billion-plus annual revenue included building and heavy-construction projects for public and private clients. He additionally served as 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. He has lectured on litigation avoidance, analysis of construction claims, and critical path method scheduling.

Following Mr. Burnham’s presentation, 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/bugqme2.

WPL Publishing Co., Inc. provides expert training, education, and development resources for the construction industry via live webinars and its ConstructionPro Network website (http://www.ConstructionProNet.com). Through ConstructionPro Network, WPL publishes the independent newsletter ConstructionPro Week, providing news, analysis, and insightful commentary about recent developments involving construction law, green buildings, building information modeling, and various construction managerial technologies and techniques.

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Steve Rizer
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