State-of-the-art Methodology Eliminates Cost Overruns of 20 Percent and Delivers Projects on Time and on Budget
New York, NY – December 12, 2013 – Employing paradigm-changing methodologies, LePatner Project Solutions has been launched to end the chronic and overwhelming waste plaguing America’s $1 trillion dollar construction industry.
While construction projects of all sizes routinely run over budget by 20 percent or more and finish long beyond their original completion deadlines, LePatner Project Solutions oversees projects that ensure that contractors agree to assume the risk of completion and stay on budget.
Founded and directed by New York-based construction attorney and author Barry B. LePatner, LePatner Project Solutions assists owners from project outset to conclusion. The company serves owners and developers who are relocating, starting a new project, or adding to or converting existing properties in such categories as office, retail, hotel, healthcare, nonprofit facilities and multi-family buildings.
Utilizing advanced technologies, LePatner Project Solutions is pioneering a digital requisition process whereby, for the first time, construction firms, by agreeing to assume the risk of timely completion and staying on budget, will be paid within two weeks of preparing requisitions, with monies that can be wired directly into their accounts.
Next year, LePatner Project Solutions will also introduce the nation’s first technology to deliver a transparent digital marketplace for the purchase of thousands of construction products. This true, competitive marketplace will lead to savings for owners of 20 percent or more compared with prices now charged to owners, who for decades have been at the mercy of intentionally opaque pricing mechanisms of contractors.
“We are going to end the tyranny of cost overruns that has plagued the construction industry since its inception,” said Mr. LePatner, author of Broken Buildings, Busted Budgets: How to Fix America’s Trillion-Dollar Construction Industry (University of Chicago Press 2007). “Our company protects owners from contractor pricing and so-called ‘fast track’ and ‘guaranteed maximum price’ tricks and claims games. Projects will no longer face hundreds of change orders and delay claims that have long burdened the industry.”
LePatner Project Solutions clients benefit from:
LePatner C³ Methodology: LePatner C³ is a comprehensive, integrated approach to strategic advisory, construction counsel, project management, and investigative services that ensures "construction cost certainty" for complex capital projects. [C³ Model White Paper]
LePatner C³ Contracts: Outmoded “standard-form agreements” look after the interests of contractors first, then architects, with owners’ interests coming in a distant third. LePatner C³ contracts depart from standard-form agreements by establishing terms and conditions that eliminate unwarranted cost overruns and fairly allocate project risks to appropriate parties
LePatner & Associates: For more than three decades, LePatner & Associates has provided best-in-class legal services to project owners. It is one of America’s foremost construction advisors providing comprehensive legal, business advisory, project management, and investigative services to corporations, developers and investors, healthcare and educational institutions, and non-profit organizations as well as design professionals. LePatner & Associates specializes in solving complex challenges and disputes in the real estate and construction industries. [www.lepatner.com]
“We calculate true project cost before it goes out to bid,” said Mr. LePatner, who was credited as being the “guru of construction reform in America today” by Governing magazine. “Contractors cannot get away with low bids to win a contract, but then run up the price with unwarranted change orders and delay claims. LePatner Project Solutions brings transparency to pricing and prevents excessive cost overruns.”
“Fragmented, inefficient and riddled with risk, the $1 trillion construction industry has reached its day of reckoning,” he said. “Developers now have the tools to eliminate risk and create the project they had originally envisioned at the quality, budget, and schedule they desire.”