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Council raises questions about Vero Beach water-reclamation GMP, contingency and escalating costs
Summary
Vice Mayor Atwater and other council members pressed for clarity on a guaranteed maximum price (GMP) award for a Vero Beach water-reclamation project, citing a large contingency line, shifting escalators, and multi-year cost escalation from initial estimates.
Vice Mayor Atwater raised concerns at the May 22 Town Council meeting about a guaranteed maximum price award for a water-reclamation facility being undertaken by the City of Vero Beach, telling colleagues the contract documents show a large contingency and shifting escalation figures that make it unclear whether the GMP truly caps town costs.
Atwater described the GMP contract type for the project and read language into the record: "A guaranteed maximum price, GMP, is a construction manager at risk delivery contract means the highest amount an owner will be required to pay a contractor for a project regardless [of] the actual cost incurred during construction. Essentially, it sets a…
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