See Credit Details Below
Overview
One of the fundamental issues facing owners in construction contracting is cost containment. Only by meeting the owner’s budgetary constraints can the owner satisfy its obligations to partners, co-developers, lenders, public agencies and others. The selection, application and enforcement of a particular contract delivery method, i.e., stipulated sum, cost-plus or guaranteed maximum price (GMP), is the key to a successful project.
This program, drawing on the knowledge of an experienced project manager and accomplished construction attorneys, will explore contract delivery methods, with an emphasis on GMP construction management agreements.
Among others, these topics will be discussed:
- Types of construction contracts and how the risks of cost, time and performance of the work are allocated (20 minutes)
- Legal and business considerations in selecting the delivery methods and the pros and cons of a GMP (20 minutes)
- Understanding and negotiating the elements of a GMP, including fees, contingencies, and project schedules (20 minutes)
Who Should Attend: Construction developers and owners; construction attorneys and accountants; construction design professionals; and construction managers and contractors.
Program Level: Overview
Prerequisites: None
Advanced Preparation: None
Faculty:
Kenneth M. Block, Esq.
Tannenbaum Helpern Syracuse & Hirschtritt LLP
Richard Browne
Sterling Project Development
Brandon Reiner, Esq.
Tannenbaum Helpern Syracuse & Hirschtritt LLP