Do architects and engineers, as licensed learned design professionals, owe owners a fiduciary duty to owners and if so what obligations does this entail? An implied fiduciary duty has vast implications for licensed architects and engineers, design-builders, and contractors, and owners. This session will give a 360-degree view on fiduciary duty generally and the implications legal theories regarding an implied fiduciary duty, which have been reported in ENR. The speakers will debate if a fiduciary duty helps or hurts project risk, efficiency, and overall value to the owner.
Upon completion of this session, participants will be able to:
- Define the elements of a fiduciary duty for design profession in the construction industry, and the ramifications of such duty.
- Understand the contractual, statutory, and by conduct, which may give rise to an explicit or implied fiduciary duty for design professionals as well as the countervailing viewpoint.
- Understand the implications of a fiduciary duty, but positive and negative, which could reshape the landscape of the design and construction industry if an implied duty become adopted in the U.S.