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Of California County of Lake The Administrative Office of the Courts, Office of Court Construction and Management seeks proposals from Construction Management firms qualified to provide services in all phases of design and construction of a new courthouse for the Superior Court of California, Lakeport Courthouse. RFP Version 0.03 Page 1 of 24 . San Francisco, California 94102-3688 . Telephone 415-865-4200 Fax 415-865-4205 . TDD 415-865-4272 455 Golden Gate Avenue REQUEST FOR QUALIFICATIONS/.

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In the field of construction, GMP stands for the guaranteed maximum price. This is usually part of a contract that states what the maximum price can be for a project and it means that a person will never pay more than that to get the work completed.

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.

By Lynn Pearcey, MBA, Copywriter, Contract Documents. January 13, 2023. A Guaranteed Maximum Price Contract (GMP) limits the amount an owner must pay a contractor. No matter the actual cost the contractor incurs, under a GMP the owner only pays the agreed-upon amount.

A guaranteed maximum price (GMP) contract is a document that allows customers to reimburse contractors for materials and labor and pay a fixed fee up to a maximum amount.

A guaranteed maximum price (also known as GMP, not-to-exceed price, NTE, or NTX) contract is a cost-type contract (also known as an open-book contract) such that the contractor is compensated for actual costs incurred plus a fixed fee, which is limited to a maximum price.

Guaranteed Maximum Price: Potential Pitfalls GMP contracts typically have a fixed scope of work, which means that any changes may result in additional costs. The rigidity can be a drawback if changes are needed during the project. Change orders under a GMP contract can be more expensive than under other contract types.

A guaranteed maximum price (GMP) contract sets the maximum price for a project. Often called a construction manager at risk contract, the contractor is responsible for any costs above the project limit.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
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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
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
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 workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
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