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...?
1 reply
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.