Construction Cost Plus Agreement With Gmp
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FAQ
certified GMP contract is a specialized version of a costplus GMP agreement where the contractor provides a detailed forecast of costs that is certified by an independent third party. This type of contract ensures transparency and trust, as certified costs offer accountability for both the contractor and owner. By choosing a construction cost plus agreement with GMP, you can have confidence in the project budget, enabling better financial planning and reduced risks.
While a GMP contract shares some similarities with a cost-plus contract, they are not the same. A construction cost plus agreement with GMP offers a defined maximum cost, which is not typically present in a simple cost-plus arrangement. This makes GMP contracts more predictable and secure for clients, as they know the upper limit of their expenses.
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.
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.
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).
A GMP contract differs from a fixed-price contract, such as a lump sum contract, in that, for the latter, the price remains the same no matter how much a contractor spends to complete the project. GMP contracts are more flexible?the property owner will reimburse the contractor for expenses up to the maximum.
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.