Olympic Construction has been successfully operating as a general contractor for over 40 years. During this time we have utilized a variety of delivery methods to facilitate each client’s specific requirements .
Lump Sum/Stipulated Price
Commonly known as “fixed” price, this delivery method is appealing to clients who are looking for a final dollar value to budget around. Clients would supply a full set of plans and specifications for the contractor to determine all labour, materials, and service costs to construct the final product.
This delivery method provides the client with a single point of contact and accountability for the duration of the project. Olympic enjoys this contract type as it builds relationships during the design phase, integrating owner, designers, and construction personnel into one team. Engaging the construction team during the design phase allows up to proactively manage budgets, forecasting accurate costs to the client, and avoiding any unforeseen expenses. This method is perfect for a “fast track” project as it allows construction to commence before the design process is complete.
This model allows us to align our objectives with those of the client. We manage the scope of construction, value engineering, preliminary coordination/scheduling, and budget management for an agreed upon fee. Olympic works with the owner and architect to reduce project costs, source designers, suppliers, and subcontractors, to efficiently complete the project. This delivery method also allows for construction input early in the design phase to mitigate any risk through construction execution. During the entire process, the owner has complete transparency to project costs, allowing them to see who/what their money is going towards, and the construction manager can forecast upcoming costs on weekly/monthly basis, while projecting the final project cost.
EPC contracts removes all onus from the client, and the contractor is responsible for the design of the project, procurement of all materials/equipment, and the construction of a functional facility. Olympic would proactively interface with the client to deliver the project within a specified budget and schedule. This is commonly referred to as “Lump Sum Turn Key”.
Guaranteed Maximum Price (GMP)
The GMP contract provides the client with an absolute maximum dollar value for the scope of work. It is an open-book relationship between Olympic and the owner, whereby we are reimbursed for the project costs, plus an agreed upon fee. There is extra incentive to remain on budget as Olympic would be responsible for any cost overruns.
No person, company, or project is the same, that is why we enjoy working with clients to develop a contract to best suit their needs.