What does it mean to say that guaranteed maximum-price contracts limit the exposure of owners?
Construction costs cannot exceed a specified limit, ensuring the original estimates must be more accurate.
Construction costs cannot exceed a specified limit, ensuring the original estimates must be more accurate.
Project managers are legally obligated to ensure contractors don’t overcharge, freeing owners from this burden.
Project managers are legally obligated to ensure contractors don’t overcharge, freeing owners from this burden.
Owners only have to pay fair market price for their area, which means contractors can never charge more.
Owners only have to pay fair market price for their area, which means contractors can never charge more.
Contracts are much more complicated, which means there are fewer loopholes that dishonest contractors may exploit.
Contracts are much more complicated, which means there are fewer loopholes that dishonest contractors may exploit.
