WASHINGTON – (RealEstateRama) — Today, ConsensusDocs is publishing free, new commentary to the ConsensusDocs 300 Standard Integrated Project Delivery (IPD) Agreement that includes a number of significant tools and extensive commentary for implementing the IPD contracting method. Released in January 2016, the updated ConsensusDocs IPD agreement helps parties incorporate IPD and Lean processes contractually. One of the signature components of IPD contracting is providing a risk/reward compensation approach.
|Search for Housing
|Search for Government Real Estate
Until today, there have not been any readily available templates for creating a Risk Pool Plan, which provides the commercial terms for determining risks and rewards and associated legal provisions. The new ConsensusDocs 300 Guidebook provides templates for basic and more robust Risk Pool Plans. This is a significant advancement in providing tools for construction practitioners to develop their project-specific negotiated terms. The Guidebook also provides a sample Responsibly Allocation Matrix, which helps define project participants’ roles from criteria design until project closeout addressing nearly 100 project-specific elements. These templates and sample provide illustrative examples that, while not suitable for every project, provide well-crafted tools that will likely become more prevalent in the future.
“The Guidebook commentary and new exhibit templates will bend the learning curve for new IPD and lean practitioners to be less steep and more fruitful,” comments Brian Perlberg, Executive Director of ConsensusDocs.
“Risk/reward compensation systems can be tricky, as there are often unintended consequences that can result from structuring incentives in certain ways, as well as many issues that need to be carefully thought through,” notes Joel Darrington, DPR’s Contracting Counsel and a key member of the ConsensusDocs 300 drafting group. “Having Risk Pool Plan templates carefully prepared by experienced IPD practitioners should help lower barriers to adopting IPD by new teams and expedite the contracting process.”
The updated ConsensusDocs 300 was used for a $55 million Michigan State University (MSU) Broad College of Business new addition. MSU, Fishbeck Thompson Carr & Huber, and Clark Construction Company are core group signatories. LMN of Seattle, the AIA design firm of the 2016, is anticipated to join as a core group IPD member through a joining agreement.
The ConsensusDocs Coalition is offering a free webinar on February 24 at 3:30 PM ET entitled The State of the Art in IPD Contracting. This webinar will highlight key features of the new standard IPD agreement, as well as the Risk Pool Plans. Registration is at http://www.consensusdocs.org/StateoftheArtinIPDContracting.
Simply put… ConsensusDocs help you build a better way!
For more information and to order your subscription today, visit www.ConsensusDocs.org.
Contact: Carrie Ciliberto