WEBINAR: Demystifying the IPD Contract
One of the most difficult decisions for Owner Organizations to make is to take the plunge into a full Integrated Project Delivery (IPD) contracting method using the Integrated Form of Agreement (IFOA). The terms and conditions of the IFOA are not familiar and therefore seem overwhelming and daunting. This presentation will break down the IFOA and explain how the contract terms are set up for ultimate team success. Common terms and definitions will be described in detail with examples from actual executed contracts. The Risk/Reward structure will be broken down into a step-by-step example to show how each organization is incentivized under this contract method. Lastly, the presenter will offer advice on how to get started with an IFOA in your organization and where to go for help if needed. All of the above is created in an effort to demystify the IFOA and allow it to become one of the go-to contracts in the construction industry.
Learning Objectives:
- Detail the different types of IPD projects and if your project is the right fit for an IFOA
- Compare and contrast contracting methods from Lump Sum all the way to IFOA
- Dispel the myth that the IFOA is more risky than other contracting methods
- Explain, in detail, the risk/reward model, how it is structured and how money is paid out
- Teach how an IFOA team is assembled and how procurement is modified in order to facilitate this contract method