Once the GMP is established, what concern does the Owner have regarding cost management?

The correct concern the Owner has regarding cost management after establishing a Guaranteed Maximum Price (GMP) is not that they can ignore scheduling and costs. In fact, the Owner must remain engaged in the project to ensure that it stays on budget and on schedule. Establishing a GMP means that the Owner has a cost cap, but it does not absolve them of the responsibility to monitor project progress and manage costs effectively.

Once a GMP is set, the Owner should remain active in oversight to address any emerging issues, changes in scope, or unexpected costs that might impact the project. The focus on cost management still lies with both the Owner and the Construction Manager, as collaboration is crucial to the project's success and adherence to financial and scheduling commitments. This approach ensures that any potential risks or uncertainties are managed promptly and that the project's completion aligns with the agreed budget and timeline.