Initial Guaranteed Maximum Price (IGMP) definition
Examples of Initial Guaranteed Maximum Price (IGMP) in a sentence
With regard to each preliminary cost estimate CM is required to provide, including the pricing for the Initial Guaranteed Maximum Price (IGMP) and GMP Proposals for each Work Package as required in Section 7.4.1 below, the CM shall provide a Cost Management Report that compares Owner’s Construction Cost Limitation for the Work to CM’s estimated construction costs.
At the completion of the Design Development Phase or at such time as NMSU may specify to the Design Professional, NMSU, Design Professional and ▇▇▇▇ must agree on an Initial Guaranteed Maximum Price (IGMP) based upon the documents prepared in the Design Development Phase by the Design Professional and approved by NMSU.
Upon the Owner’s acceptance of the Construction Manager’s Initial Guaranteed Maximum Price (IGMP) proposal, the Contract Documents will also include the documents described in Section 3.2.3 and identified in the Initial Guaranteed Maximum Price proposal and executed in the Final Guaranteed Maximum Price (FGMP) Amendment and revisions prepared by the Architect and furnished by the Owner as described in Section 3.2.