Cost Plus Construction With Guaranteed Maximum
Description
How to fill out Florida Construction Contract Cost Plus Or Fixed Fee?
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FAQ
Cost + Fee with Guaranteed Maximum Price (GMP) If the contractor exceeds the value of the GMP, then they will only receive the GMP value. If they spend less than the GMP value, then there are savings. Cost + Fee with GMP contracts will define what happens with savings.
A guaranteed maximum price (GMP) contract sets a maximum price for a construction project, beyond which the contractor absorbs additional costs. Sometimes called a construction manager at risk contract, this type of construction agreement minimizes financial risk for the owner because it sets a project cost limit.
How Is a GMP Contract Different from a Lump Sum Contract? A lump-sum contract is when the price will be for a set amount regardless of what the contractor's actual costs may be. In contrast, with a GMP contract, the owner pays the contractor's actual costs plus the profit.
Cost-plus fixed-fee: The contractor's profit is a base fee that doesn't depend on the project cost. Cost-plus fixed fee with a guaranteed maximum price: The contractor's profit is a base fee that does not exceed a specified amount.
Consider, for example, a GMP under which a contractor agrees to build a patio in exchange for actual costs and a $3,000 flat fee, subject to a $10,000 maximum price. Upon completion of the work, the contractor will be paid for all costs so long as the total amount, including the fee, does not exceed $10,000.