Guaranteed Maximum Price definition

Guaranteed Maximum Price or “GMP” means the amount proposed by Contractor and accepted by Owner as the maximum cost to Owner for construction of the Project in accordance with this Agreement. The GMP includes Contractor’s Construction Phase Fee, the General Conditions Cost, the Cost of the Work, and Contractor’s Contingency amount.

Guaranteed Maximum Price means the maximum amount payable to the Contractor for the performance of the Work under a GMP Contract.

Guaranteed Maximum Price or “GMP” means the Guaranteed Maximum Price established pursuant to Article 5 of the CSA to be paid to Lessor for Lessor’s construction of the Project hereunder, subject to any adjustments for Extra Work/Modifications as provided in Article 17 of the CSA.

Examples of Guaranteed Maximum Price in a sentence

• The GMP Proposal and all supporting documents shall identify and describe all items, assumptions, costs, contingencies, schedules and other matters necessary and relevant for proper execution and completion of the Work and for establishment of the Guaranteed Maximum Price.

• Upon Owner’s acceptance of the GMP Proposal, the CM shall not be entitled to any increase in the Guaranteed Maximum Price due to the continued refinement of the Construction Documents or the absence or addition of any detail or specification that may be required in order to complete the construction of the Project as described in and reasonably inferable from the GMP Proposal or the supporting documents used to establish the GMP.

• The Design-Build Firm's compensation for services performed during the Construction Phase shall be a Guaranteed Maximum Price (GMP) of $ .

• Reconciled Construction Cost Estimates shall be prepared at the conclusion of the Schematic Design Phase, at the conclusion of the Design Development Phase, when Construction Documents are approximately 50% complete and prior to the submission of the Guaranteed Maximum Price Proposal.

• TAB 1 – Guaranteed Maximum Price Proposal (Exhibit D) • Refer to the GMP Proposal document attached to this Exhibit.

More Definitions of Guaranteed Maximum Price

Guaranteed Maximum Price or “GMP”: The maximum price that the Judicial Council will pay DBE for construction of the Project.

Guaranteed Maximum Price and/or “GMP” means the maximum amount payable to the Contractor for the performance of the Work under a GMP Contract as more fully defined in the Agreement. This term is not relevant for contracts that are not GMP Contracts.

Guaranteed Maximum Price or “GMP” means the Guaranteed Maximum Price established pursuant to Section 4, below, to be paid to Contractor for Contractor’s construction of the Project hereunder, subject to any adjustments for Extra Work/Modifications as provided in Section 9, below.

Guaranteed Maximum Price means the cost of the work as defined in the contract.

Guaranteed Maximum Price means the maximum amount a construction manager

Guaranteed Maximum Price or “GMP” means the Guaranteed Maximum Price established pursuant to Section 4 of the Construction Services Agreement, consisting of the combined "Tenant Improvement Payments" and "Sublease Payments" as such terms are defined in Exhibit "C" of this Sublease.

Guaranteed Maximum Price means the maximum amount that a design-builder,