(PRWEB) February 07, 2014
WPL Publishing soon will host a webinar to help professionals within the construction community understand and address guaranteed maximum price (GMP) contracts.
As owners have searched for project-delivery systems that reduce the time it takes to get from conception of the construction project to completion, one of the most common approaches has been to use GMP contracts. As the use of the GMP contract format has proliferated, so have disputes. The nature of many of these disputes strongly suggests that the parties using them do not fully understand the differences between GMP contracts and the contracts that the users are accustomed to working under or the risks that are inherent to this delivery system. The 90-minute webinar, scheduled for Tuesday, Feb. 25, 2014, at 1:00 p.m. (EST), is designed to help minimize these problems. To register, visit http://tinyurl.com/kxpb587.
Topics will include an in-depth description and analysis of the advantages and disadvantages of this contracting format, the four phases of work that are typical when working under a GMP format, the components of a GMP and why it is so important to fully understand how each is defined, and the conditions that apply to the payment of each component.
In addition, this webinar will address the things to do and not do during each of these phases, administrative burdens placed on each of the parties when using this contracting format, what a change is under a GMP contract and how it differs from changes under other contracts, and how contractors may need to change their standard subcontracts when working on a GMP project. The webinar will clarify for attendees the following:
- The fundamental differences between GMP contracts and other contracts.
- The components of a GMP and how each component is administered as work proceeds.
- What the four phases of work typically are when working under a GMP format.
- How the work completed during each phase can affect the likelihood of success.
- The definition of what a change is under a GMP contract.
Addressing attendees will be Trauner Consulting Services Inc. Director Richard Burnham, a construction industry executive and attorney. He brings years of hands-on experience with all types of projects and a spectrum of contract delivery methods from various perspectives. 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/kxpb587.
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.