Cost Plus Contract Template With Guaranteed Maximum Price
Description
How to fill out Florida Construction Contract Cost Plus Or Fixed Fee?
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FAQ
Unlike a lump sum contract wherein a contractor is paid a flat fee for the work, the guaranteed maximum price contract allows the owner to potentially save money if the project ends up costing less than estimated.
A stipulated sum contract, also called a lump sum or fixed price contract, is the most basic form of agreement between a contractor and owner.
Guaranteed Maximum Price (GMP or GMAX) contract means a cost-plus agreement with a cap on the owner's total liability for the costs of construction of the project, also considered the not to exceed price by the Owner.
The guaranteed maximum price is the most a contractor can bill a customer for a project. Also known as "not-to-exceed price" contracts, these agreements require customers to compensate contractors for their direct costs and a fixed fee for overhead and profit, but only to a certain threshold.
Cost-Plus GMP Contract Agreements are cost reimbursement contracts. In a Cost-Plus price arrangement, there is no set or Fixed Fee. In other words, the contractor is paid for the Cost of the Work it incurs to complete the project, plus a Fee, not-to-exceed the GMP (absent scope changes or extenuating circumstances).
