Rick Burnham’s Article Featured on Cover of Owner’s Perspective Magazine
Rick Burnham’s excellent article entitled, “Effectively Managing the Challenges of GMP Contracts,” has been published in the Construction Owners Association of America’s magazine Owners Perspective, as a six-page cover story.
The article, which is published in the Spring 2011 issue, describes practices that can lead to problems on GMP contracts, and gives advice on how owners and contractors can manage this type of contract more effectively. Some of the practices Rick mentions in his article are: poor administration of allowance items; waiting to resolve value engineering proposals until after the GMP is agreed to and the contract is signed; lack of a good working definition of what is a “change to the GMP”; and misconceptions regarding contingencies and how to deal with “buyout savings” and “buyout overruns.”
