The draft amendment
The guaranteed maximum price, the completion date and the exhibit list, which is where the size of the reading shows first.
Home Project size
Roughly $5 million to $150 million, and why the range sits there
The range describes where an owner side review of a guaranteed maximum price is worth its fee. It is a fit statement, and we say so when a project falls outside it.
Why the range sits there
Where an owner side GMP review pays for its fee
Two things set the edges: how large the fee is against the budget, and whether somebody else is already reading the price.
Below $5 million
Below $5 million the fee stops being a small fraction of the budget. The review has to find more than it costs, and on a small set that is harder.
Between the two
Across the range the fee is a small part of the budget, and a single allowance or exclusion read before signature can be worth more than the review.
Above $150 million
Above $150 million projects tend to carry their own commercial teams, and our work there becomes a second opinion rather than the reading.
Outside the range
Projects outside the range
It is a fit statement rather than a rule. Projects outside the range do come up, and we take some of them. When a review would not be worth the fee on a particular project, we say so before we quote rather than after the work has started.
Our GMP is under $5 million. Will you read it?
Send it. If the set is small and the fee would be a large share of the budget, we say so before quoting rather than after, and you decide with that in front of you.
Our project is over $150 million. Is a review still useful?
Often, as a second opinion alongside your own commercial team, on the documents they have not had time to read closely. We say what we would add before you commission anything.
Which number do you measure against?
The guaranteed maximum price as it stands in the draft amendment, not the total project budget. Land, financing and soft costs sit outside it.
Does project size change the fee?
Only through the size of the document set and the number of trade packages. A larger price usually means more to read, not a different method.
Does the building type matter as much as the size?
Less than most owners expect. The documents behave the same way in every sector. What changes is where the money tends to sit. See the six sectors for where it usually sits.
What to send
Three documents show whether it fits
We reply within two business days with what a review would cover on that project and whether it is worth the fee.
The schedule of values
How the price is broken down by trade, which shows how many packages there are and how much of the number is still assumed.
The qualifications list
What has been written out of the price, which is usually the quickest way to see whether a review will be worth its fee.
Where to go next
The work the range applies to
The range applies to every service. When the signing date is already close, the Rapid GMP Review is the usual place to start.