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Product ID: 406066EAU
 
Credit & Course Provided by:

Integrated Project Delivery Principles and Building Information Modeling

OnDemand Webinar (88 minutes)

Understand your role (and risks) in an IPD Agreement and evaluate tradeoffs of various IPD Agreement structures and what incentive tools will allow you to maximize value.

IPD Agreements are an alternative to traditional forms of design and construction contracting, to address inefficiencies and waste that result from the siloed roles of designers and contractors. The concepts are somewhat new and contracts can vary widely to address the needs of a particular project. Accordingly, the contracts can be difficult to review without understanding how IPD Agreements are structured. Which participants will sign an agreement directly with the owner and how will the others join? What is the basic compensation that will be paid to a project participant, what portion of compensation is placed at risk, and how is incentive compensation earned? This topic will provide that context so a project participant can evaluate their role (and risks) in an IPD Agreement proposed to them, and so an owner can evaluate tradeoffs of various IPD Agreement structures and what incentive tools will allow them to maximize value. The information will also cover some unique aspects of IPD Agreements like insurance and indemnity, and compare some of the available IPD Agreement templates.

Authors

Alan Bishop, P.E., Hanson Bridgett LLP

Agenda

How to Structure an IPD Agreement to Change Behaviors of the Project Participants

• Choose the Parties to the IPD Agreement, and Whether Other Risk-Reward Members Will Join the Project by Joining Agreements or Subcontracts

• Specify Management Tools and Collaborative Tools Without Constraining the Team's Ability to Choose Appropriate Tools

• Include Financial Risks and Rewards That Apply to the Entire Risk-Reward Team Through the IPD Agreement or Subcontracts

• Define Scope for the Entire Project, Not for Individual Participants

Structure Incentives That Reward Desired Behavior

• Use Target Cost to Determine Whether Profit Placed at Risk Is Earned

• Use Shared Savings to Reward Cost Savings Under the Target Cost

• Use Other Tools Like Added Value Incentive Items or Key Performance Indicators to Tailor to the Owner's Goals

Other Nuts and Bolts of the IPD Agreement

• Choose Insurance Requirements to Avoid Coverage Gaps

• Align Indemnity Agreements for All Project Participants

• Warranty Provisions and Intellectual Property Provisions

Compare Industry Templates, e.g., AIA and ConsensusDocs