Unlocking the Power of GMP Contracts: The Ultimate Guide to Maximizing Rewards and Minimizing Risks
A GMP contract is a high-trust, "open-book" model that trades the traditional, often adversarial, bidding process for early collaboration and speed. But this speed comes with a unique set of risks. It demands a different mindset from everyone involved—the owner, contractor, and designer. It requires moving from a world where everyone holds their cards close to their chest to one where all cards are laid face-up on the table. Misunderstanding the mechanics of a GMP is one of the most common sources of major construction disputes.
March 10, 2024·16 min read