Iowa SSB1168 modifies rules for guaranteed maximum price contracts for public improvements, limiting their use to projects exceeding $150 million and.

Iowa SSB1168 amends the rules for guaranteed maximum price contracts for public improvements. The bill restricts the use of such contracts to projects with an estimated cost exceeding $150 million. It also changes the bidding process by requiring each proposal from a construction manager-at-risk to include proposed costs for general conditions, prohibiting contingency in these costs. The bill mandates that governmental entities select the construction manager-at-risk based on the lowest cost proposal, rather than the best value.

Iowa SSB1168 modifies rules for guaranteed maximum price contracts for public improvements, limiting their use to projects exceeding $150 million and.

Iowa SSB1168 amends the rules for guaranteed maximum price contracts for public improvements. The bill restricts the use of such contracts to projects with an estimated cost exceeding $150 million. It also changes the bidding process by requiring each proposal from a construction manager-at-risk to include proposed costs for general conditions, prohibiting contingency in these costs. The bill mandates that governmental entities select the construction manager-at-risk based on the lowest cost proposal, rather than the best value.