According to The American Institute of Architects, integrated project delivery is:
- a project delivery approach that integrates people, systems, business structures and practices into a process that collaboratively harnesses the talents and insights of all participants to optimize project results, increase value to the owner, reduce waste, and maximize efficiency through all phases of design, fabrication, and construction.
- distinguished by a contractual arrangement among a minimum of owner, constructor and design professional that aligns business interests of all parties.
- characterized by key participants being bound together as equals, shared financial risk and reward based on project outcome, liability waivers between key participants, fiscal transparency between key participants, early involvement of key participants, jointly developed project target criteria, and collaborative decision-making.
In our Law 101 posts, we define terms, phrases, or concepts with the goal of conveying core information in order to set the stage for more complex discussions.