if a project is expected to have a 24 month duration, and you intend to use GMP approach to the contract, when is it appropriate to have your GMP value set? Before work begins, partially after work commences...?
Shareholder at Rouse Frets White Goss Gentile Rhodes, P.C.
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Jan 12, 2022
The GMP should be set after all IFC or IFB drawings are complete. You can enter into a GMP agreement without IFC's, but the Owner and Contractor need to understand that there will be an adjustment to the GMP after IFC's if there is a design change requiring an adjustment in price.
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