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.

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

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

Examples of Guaranteed Maximum Price in a sentence

• This maximum sum is referred to in the Contract Documents as the Guaranteed Maximum Price.

• As agreed by the Owner and Construction Manager, the Guaranteed Maximum Price is an amount that the Contract Sum shall not exceed.

• Costs which would cause the Guaranteed Maximum Price to be exceeded shall be paid by the Contractor without reimbursement by the Owner.

• Pursuant to Section 3.2.6 of the Agreement, the Owner and Construction Manager hereby amend the Agreement to establish a Guaranteed Maximum Price.

• Where the Contract is based on a stipulated sum or Guaranteed Maximum Price, the Contractor shall submit to the Architect, before the first Application for Payment, a schedule of values allocating the entire Contract Sum to the various portions of the Work and prepared in such form and supported by such data to substantiate its accuracy as the Architect may require.

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 means the maximum amount a construction manager

Guaranteed Maximum Price means the maximum amount that a design-builder, construction manager at risk, or subcontractor will be paid pursuant to a contract to perform a defined scope of work;

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 means the maximum amount a construction manager at-risk may be paid under a contract to construct a public improvement.

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.

Guaranteed Maximum Price. (“GMP”) means the amount proposed by Construction Manager and accepted by Owner as the maximum cost to Owner for construction of the Work in accordance with the Contract Documents, subject to (i) any Change Orders (as defined in the UGCs), or amendments to the GMP. The GMP does not include the Pre-Construction Phase Fee. Any costs and expenses exceeding the GMP (as changed or amended upon by agreement of the parties) shall be the obligation solely of CMR.