Guaranteed Maximum Price (GMP) definition

Guaranteed Maximum Price (GMP) means the sum of the ECW, CCA, and the fee for the construction work.

Guaranteed Maximum Price (GMP) means the offer of a proposal detailing the qualifications, assumptions, exclusions, value engineering and any and all other requirements set forth in the scope of Work for the construction phase.

Guaranteed Maximum Price (GMP) means the sum of the maximum Cost of the Work including the XXXX’x Construction Fee, General Conditions Costs, sales tax, and XXXX Contingency.

Examples of Guaranteed Maximum Price (GMP) in a sentence

• Preconstruction Services: The CM will work cooperatively with the Contracting Authority and/or Owner, A/E, and Project Team, and will provide, among other services, schedule development, estimate development, Guaranteed Maximum Price (GMP) proposal, subcontractor prequalification and bidding, constructability review, permits, budgeting, value engineering, and preconstruction planning throughout the preconstruction stages.

• No payment made hereunder shall be or be construed to be final acceptance or approval of that portion of the Work to which such partial payment relates or shall relieve Contractor of any of its obligations hereunder.E.2.9 Contractor shall submit its initial MWESB Report within ten(10) Days of Contractor’s execution of the Contract, or if there will be a Guaranteed Maximum Price (GMP) Amendment, then within ten (10) Days of Contractor’s execution of the GMP Amendment.

• For Contracts based on a Guaranteed Maximum Price (GMP), the Construction Manager-at-Risk or Design Builder shall NOT be entitled to a percentage mark- up on any Change Order Work unless the Change Order increases the Guaranteed Maximum Price.

• The contract format will be an Actual Cost plus a Fixed Fee not to exceed the Guaranteed Maximum Price (GMP) Agreement.

• For Contracts based on a Guaranteed Maximum Price (GMP), the Construction Manager-at-Risk or Design Builder shall NOT be entitled to a percentage mark-up on any Change Order Work unless the Change Order increases the Guaranteed Maximum Price.

More Definitions of Guaranteed Maximum Price (GMP)

Guaranteed Maximum Price (GMP) means the total maximum not-to-exceed dollar amount for the entire construction project assigned to the Construction Manager.

Guaranteed Maximum Price (GMP) means a price for all costs for the construction and completion of the project, or designated portion thereof, including all construction management services and all mobilization, general conditions, profit and overhead costs of any nature, and where the total contract amount, including the contractor's fee and general conditions, will not exceed a guaranteed maximum amount.

Guaranteed Maximum Price (GMP). The maximum amount County is obligated to pay Contractor for the complete performance of the Work and construction of the Project, which amount shall include, but is not limited to, all profit, overhead, on-site and off-site conditions (known and unknown), and administrative costs. The GMP is made up of the sum of the following Contract Price Elements:

Guaranteed Maximum Price (GMP) means the sum of the maximum Cost of the Work including the CMAR’s Construction Fee, General Conditions Costs, sales tax, and CMAR Contingency.

Guaranteed Maximum Price (GMP). The Guaranteed Maximum Price (GMP) shall be decreased in the amount of Four Million Four Hundred Eighty Four Thousand Seven Hundred Ninety Seven Dollars ($4,484,797). The new Guaranteed Maximum Price (GMP) shall be Twenty Six Million Four Hundred Fifteen Thousand Two Hundred Three Dollars ($26,415,203). GMP Summary: Amendment No. 3 Owner Direct Purchases $ (4,337,976.86) Unused Sales Tax Savings $ (2,626.72) Unused Contingency $ (15,246.42) Unused General Conditions $ (12,806.00) Audit Adjustment $ (116,141.00) Total Amendment 3 $ (4,484,797.00) GMP Recap Original GMP $ 28,000,000.00 Amendment No. 1 $ 1,900,000.00 Amendment No. 2 $ 1,000,000.00 Amendment No. 3 $ (4,484,797.00) Final Revised GMP $ 26,415,203.00 Schedule: The Contract Time is not changed by this Amendment.

Guaranteed Maximum Price (GMP) means the offer of a proposal detailing the qualifications, assumptions, exclusions, value engineering and any and all other requirements set forth in the scope of Work for the design phase.

Guaranteed Maximum Price (GMP) means the total maximum not-to-exceed dollar amount for construction of the project (inclusive of contingencies).