This form is a Construction Contract that may be executed with either a cost plus or fixed fee payment arrangement. The form contains the following additional subject matters and complies with the laws of the State of Colorado: scope of work, work site, warranty and insurance.
Construction Contract Cost Plus With Guaranteed Maximum Price
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Guaranteed maximum price contracts have similar stipulations, so what is the difference between GMP and lump sum? One of the most significant differences between lump sum and maximum price contracts is with GMP contracts, the customer receives the savings if the project doesn't reach the maximum price.
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.
Under a lump sum contract, also known as a stipulated sum contract, the project owner provides explicit specifications for the work, and the contractor provides a fixed price for the project.
Cost plus percentage of cost is a method contractors often use to price services. This type of contract specifies that the buyer must pay all the project costs incurred by the seller, plus an additional amount for profit.
In the case of a Fixed Price approach, the design basis and scope of work are set once a contract is awarded. In the case of a GMP, it too may be set upon a contract award or at a date when the Owner and service provider believe the scope (and design) are of such clarity that a price can be set.
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If the actual cost of the works is higher than the guaranteed maximum price, then the contractor must bear the additional cost. A cost plus contract is similar to a GMP agreement in that compensation is based on costs incurred and a set fee.A CostPlus pricing option with GMP provides an upper limit on total construction costs and fees for which an owner is responsible.