Private Seminar: Understanding Fixed Price Contracts
Fixed Price (Bid-Build) Contracts offer the project stakeholders both advantages and disadvantages compared with other types of contracts. This course provides a detailed understanding of when and how to utilize these contracts and pitfalls to watch for to achieve successful project outcomes.
Audience:
Construction Owners, Consultants, Project Managers, Accountants, and Contract Administrators.
Course Duration:
3-4 hours of lessons with instructor.
Education credits:
The course is eligible for 1 CCA Gold Seal education credits and 0 BC Housing CPD credits upon completion.
At the end of the course participants will be able to:
- Understand the purpose and advantages of using fixed price contracts
- Understand the commonly used industry wide contracts i.e.., CCDC 2, CCA 1, ACA Form A, CHBA, MMCD
- Understanding the bidding process, bid rules and post bid processes prior to formal contract signing
- Understanding the purpose and use of supplementary conditions
- Understand the change order provisions within fixed price contracts and how scope changes and delays are dealt with
- Understand how disputes between parties are dealt with and using alternate dispute resolution processes to avoid costly litigation
- Understanding the payment process and the Builders Lien Act integrates with construction contracts
- Understand the contract close out processes and how the Ready-for Takeover certificate issuance is triggered