Construction contracts provide guardrails to a project by outlining the rules of engagement for the owner and contractor. A contract defines what costs can be reimbursed, procedures for change orders, insurance requirements and consequences for failure to deliver either by the owner or contractor. This webinar focuses on the commonly used guaranteed maximum price (GMP) contract model and the increasingly used integrated project delivery (IPD) contract model.
The presenters used examples of contracts from real projects to illustrate why and how an owner can mitigate risks with a well-written construction contract. They also provided examples of red flag events that an auditor needs to recognize and act upon to prevent unnecessary risk exposure to an owner.
Key learning objectives:
- Learn how to identify contract clauses that are unfavorable to the owner
- Understand how to analyze labor and equipment rates for undisclosed profits
- Identify contract red flags that require an auditor’s attention
For more information on this topic, or to learn how Baker Tilly real estate specialists can help, contact our team.