The NFL and the “Entity” formerly known as the NFLPA (kind of like Prince) are arguing over many different aspects of their contractual relationship, but one of the big sticking points is full disclosure of the financials. The NFL won’t give it up, so we have a lock-out?!
If you hire a reputable Construction Manager (CM) you should not have this problem. One of the foundations of a Construction Management contract is full disclosure or an “Open Book” approach to the project financials.
This means that you have the right and ability to review every invoice that is being paid for the project. You can ask to review as much or as little of the financial information you wish, depending on your comfort level. If you want to drill down to the invoice for the portable toilets, just ask.
We often hear Owners say things like:
“Our CM never opened up the project books for us.” or “Why would they do that?”
If the appropriate contract is in place for Construction Management services their compensation for the project is established and there is nothing to keep confidential.
If you chose to hire a CM in lieu of bidding the project to several general contractors, the “open book” approach is one of the many benefits you have gained from your decision.
Other benefits include subcontractor quality/selection, ability to fast-track the schedule, constructibility reviews, and budget validation.
