Guaranteed Maximum Price (GMP. The Guaranteed Maximum Price, also referred to as the GMP, is the sum total of the Cost of Construction Work, the CMR Contingency, the General Conditions Fee, the Insurance and Taxes Fee, and the Construction Manager at Risk’s Fee which the CMR agrees is the total compensation payable to the CMR for performing the Work. The GMP may be modified only by Change Order for work directed by the Owner which was not previously in the Project or not reasonably foreseeable as required to complete the Work.
Appears in 4 contracts
Samples: Contract Between Owner and Construction, Contract Between Owner and Construction, Contract Between Owner and Construction
