IRS Form 1099, 1099-NEC, and Form 1099-MISC: Advanced Issues and Updates

Avoiding the Pitfalls of GMP Contracting (OnDemand Webinar)

$149.00

SKU: 410039EAU

Description

Learn how to tailor construction management agreements to mitigate project issues and deliver successful projects.Largescale construction projects present a myriad of issues that developers need to effectively navigate. To mitigate these issues and deliver successful projects, developers need to tailor their construction management agreements. These agreements need to establish objective requirements governing construction manager’s performance, clear and agreedupon allocations of risk between the developer and construction manager, both preGMP and postGMP, and straightforward mechanisms for dealing with project issues when they arise. To that end, this presentation analyzes the problems developers face and how the construction management agreement can be structured to anticipate likely issues and preemptively mitigate risk. Through objective provisions in the agreement, the parties can clearly define their rights and obligations and avoid unnecessary disputes during the project. The construction management agreement can also be designed to align the parties’ interests and incentivize the construction manager’s performance to meet certain developer objectives.

Date: 2022-12-21 Start Time: End Time:

Learning Objectives

Background: Basic Components of a GMP Contract
• CM’s Compensation (Including a No-GMP Discount on Fee)
• Procurement Process, Open Book
• Timing of the GMP, Developer’s Option to Accept/Reject
• Risk Allocation Pre-GMP and Post-GMP, Including Schedule Risk
• Excusable Delays and Contingency
• Notice Provisions and Monthly Lien Waivers

Post-CMA Pitfalls
• Procuring the Work (Subcontract Terms Matter)
• GMP Qualifications and Assumptions (Qualifications on Scope and Cost)
• Obligation to Perform Notwithstanding a Delay • With Teeth
• Expedited Mediation for Efficient Dispute Resolution
• Interim Change Orders for Funding Purposes Only

The Close Out Process and Developer’s Audit Rights
• Negotiating Close-Out • Defining CM’s Responsibilities and Owner’s Rights
• Developer’s Audit Rights • Resolving Disputes Concerning Allowable Costs and Non-Allowable Costs

Incentivizing Performance
• Incentive Fees • Which Outcomes Does the Developer Want to Incentivize?
• Contingency and Shared Savings

CLE (Please check the Detailed Credit Information page for states that have already been approved) ,ENG ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.

Nicholas M. David-Troutman Pepper Hamilton Sanders, LLP, Kevin P. Wallace – Troutman Pepper Hamilton Sanders, LLP

IRS Form 1099, 1099-NEC, and Form 1099-MISC: Advanced Issues and Updates

Avoiding the Pitfalls of GMP Contracting (OnDemand Webinar)

$219.00

SKU: 406321EAU

Description

Understand the differences and unique risks of using GMP contracts.As owners search for project delivery systems that reduce the duration from project conception to project completion, one of the most common approaches has included the use of guaranteed maximum price, or GMP, contracts. However, as the use of these contract formats has proliferated so have disputes that strongly suggest that the parties using them do not fully understand the differences between GMP contracts and the contracts that the users are used to working under, or the risks that are inherent to this delivery system. This topic will highlight basic differences and alert you to the unique risks of using this format, and share information from many years of handson experience in the negotiation, drafting and administration of GMP contracts. Topics will include, indepth description and analysis of the advantages and disadvantages of this contracting format, the four phases of work that are typical when working under a GMP format, the components of a GMP and why it is so important to fully understand how each is defined, and the conditions that apply to the payment of each component. You will learn what to do and not do during each of these phases, including administrative burdens placed on each of the parties when using this contracting format, what a change is under a GMP contract, and how it differs from changes under other contracts.

Date: 2019-07-17 Start Time: End Time:

Learning Objectives

Understanding the Components of a GMP
• Contractor’s Fee
• General Conditions Costs
• Reimbursable Costs
• Contingency
• Allowances
• Shared Savings
• Value Engineering

Understanding Roles and Options During the Chronology of Performance
• Preconstruction Phase Services
• Negotiation of the GMP
• Construction Phase
• Closeout

Understanding How to Address Increases and Decreases in the GMP
• What Changes Should Result in a Change to the GMP?
• What Is the Baseline for Measuring a Change?
• Typical Contract Provisions
• To Which Changes Does the Contingency Apply?

Summary of Risks

Keys to Success

CLE (Please check the Detailed Credit Information page for states that have already been approved) ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.

John P. Coniglio, Ph.D., CSP, CHMM-Occupation Safety & Environmental Assoc., Inc.