When a person or business needs a building constructed, they have several fundamental and difficult decisions to make. Oddly enough, the toughest ones have more to do with relationships than the building itself. Going back several centuries, most building was done by owners themselves once they had learned the fairly simple talents involved. Complex projects… Read more »
Time Value of Money & Construction Quality Decisions
Time/Quality/Money – pick 2! That is a simple way to frame the decisions that owners of construction projects face. The situations often seem murky, but at their root the choice is the same. While bettering quality and saving money have an inverse relationship, time pressures frequently complicate decisions. Say the preferred material is only available… Read more »
What Is and Isn’t Guaranteed About a GMP?
Guaranteed Maximum Price (GMP) contracts are widely used, widely vary, and are widely misunderstood. The essence of the GMP contract is that the owner is promised a ceiling on the price and participates in any savings if the project costs less than the limit. The most popular versions of this contract are published by the… Read more »