G-M-P definition
Examples of G-M-P in a sentence
Owner, at its sole option and discretion, may specify different requirements for the GMP Proposal.
By definition, all services provided after the execution of the GMP Change Order are Construction Phase Services and are included in the GMP.
There shall be no adjustments in the Pre-Construction Phase Fee following acceptance of the GMP Proposal.
The bound supporting documents shall be referenced in and incorporated into the GMP Proposal.
The penal sum of the payment and performance bonds shall be equal to the GMP.
If the AACC is changed materially before acceptance of the GMP Proposal, the Pre-Construction Phase Fee shall be adjusted in writing in proportion to the change in the AACC.
At all times, the estimated cost of performing the uncompleted and unpaid portion of the Work, including Contractor’s overhead and profit, shall not exceed the unpaid balance of the GMP less the retainage held by Owner on Work previously completed.
Frequent Project Team meetings are anticipated prior to Owner acceptance of the GMP and during completion of the Construction Documents.
During the buyout Contractor may use savings from one procurement effort to offset overages in other procurement efforts, so long as the total Cost of the Work proposed in the GMP does not increase.
Owner shall be entitled to recover any net savings realized between the GMP and the buyout price for subcontracting work once the buyout is complete.