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  • Subcontract Guaranteed Maximum Price Form Of Agreement

Get Subcontract Guaranteed Maximum Price Form Of Agreement

SUBCONTRACT Guaranteed Maximum Price Form of Agreement Job Description: No.: GLY Job No.: Subcontract Subcontract No. Document No.: Subcontractor: THIS AGREEMENT, made and entered into this Inc.,.

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How to fill out the SUBCONTRACT Guaranteed Maximum Price Form Of Agreement online

Filling out the SUBCONTRACT Guaranteed Maximum Price Form Of Agreement online can be a straightforward process if you follow the right steps. This guide leads you through each section of the form to ensure that you complete it accurately and efficiently.

Follow the steps to fill out the form effectively.

  1. Click the 'Get Form' button to obtain the form, which will open it in a digital format for editing.
  2. Fill in the job description at the top of the form, specifying the particular work that will be performed.
  3. Enter the GLY job number and subcontract number in their respective fields to ensure proper tracking.
  4. Provide the name and details of the subcontractor in the designated area, including any required registration or tax identification numbers.
  5. Review the 'Contract Date' section and enter the date of agreement to maintain compliance with contractual terms.
  6. Complete the 'Subcontract Price' section by entering the Guaranteed Maximum Price, making sure to account for any potential change orders.
  7. In the 'Work to be Performed' section, clearly describe the scope and specific tasks that the subcontractor will undertake.
  8. List any necessary exhibits or supporting documents referenced in the form under the 'Basis for Scope and Payment' section.
  9. Finalize the agreement by reviewing all entries for accuracy and then sign where indicated, ensuring to return all copies for official signatures.
  10. Once completed, save your changes, and consider downloading, printing, or sharing the form as needed for your records.

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GMAX is a unit of measurement that quantifies the hardness of a surface. The higher the GMAX of a playing surface, the harder, and more dangerous, it is. For example, GMAX of 200 or over is considered to be dangerous for athletes.

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.

A Guaranteed Maximum Price contract, known as a G-MAX or GMP contract, is a construction agreement that puts a maximum cap on the agreed upon project costs and scope of work, regardless of the actual costs incurred.

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.

A guaranteed maximum price contract sets a limit, or maximum price, that the customer will have to pay their contractor or subcontractor, regardless of the actual costs incurred. In its simplest form, a guaranteed maximum price contract simply puts a cap on the contract price that can't be exceeded.

For example, a GMP contract to build a grain silo would include the direct project's hard costs of $150,000, overhead costs of $20,000 and a fee including the contractor's desired profit of $15,000 for a total price of $185,000.

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.

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.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Privacy Notice
Legal Hub
Content Takedown Policy
Bug Bounty Program
About Us
Blog
Affiliates
Contact Us
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate WorkFlow
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232