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Since GAO issued its November 2001 report (GAO-02-182R) on the new Washington Convention Center, the Washington Convention Center Authority (WCCA) and the construction manager have made significant progress in their negotiations to reset the Guaranteed Maximum Price (GMP). The two parties have agreed on the two most critical components of the GMP proposal: price and time frames for completing the new convention center. A special meeting of WCCA's board of directors has been scheduled for early to mid-February to review and officially act on the proposed GMP agreement. The revised GMP amount of $590.7 million represents a $71.3 million, or 13.7 percent, increase over the estimated GMP amount of $519.4 million cited in GAO's report.

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