Contracting Methods

FENJ_Contracting Methods_350x263.jpgAt Forest Electric New Jersey, we understand the latest contracting methods and can deploy a wide variety of delivery models to help clients meet their budget goals and scheduling requirements.

Each method offers a specific set of benefits that we can leverage to help design and build your project according to its particular goals.

Our Contracting Methods:

  • Integrated Project Delivery (IPD) seeks to increase efficiency by engaging all key project participants (engineer, electrical and mechanical contractor, etc.) to collaborate as a team throughout all project phases. IPD’s collective approach helps increase value, decrease delivery time, and minimize waste. The utilization of lean construction techniques aids in the efficiency and productivity of the project.
  • Guaranteed Maximum Price (GMP) is a not-to-exceed-price, open-book approach where the contractor is compensated for actual costs incurred plus a fixed fee subjected to a total price. With GMP, contractors take responsibility for cost overruns, helping incentivize quality and productivity.
  • Target Value Design (TVD) is a management method that fosters collaboration between designers and those executing the design, in order to achieve a design that meets a desired value. With TVD, a design is developed from a detailed estimate rather than developing an estimate from a detailed design. The process starts with a feasibility study, then a target cost is set, and, finally, designs are made within those project constraints.
  • Lump Sum, also sometimes called a fixed-price contract, is the traditional and most widely-used means of procuring a cost for a project. In this model, price is based off of well-defined and complete drawings and agreed upon before work begins.

Contact us today to learn more about our flexible contracting methods and how they can benefit your next project.