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Consequences of Change Orders on GMP Construction Jobs
Manage episode 395000202 series 3549667
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The ProfitDig guys answer a question a viewer had asked in a video comment. When you bid a GMP ("guaranteed maximum price") contract, you are guaranteeing a maximum price for the customer. However, sometimes change orders are required that will affect your scope of work. You must be careful to qualify your bids to make sure you are protected in such a case. When the GC is locked into a particular price, you are as well. But sometimes mistakes happen that require change orders. Who is to blame when mistakes are made? Can you charge more when extra work is required because of change orders?
General Contractors like GMP contracts because they are good money, but make sure you don't get burned from the mistakes of others!
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