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 Georgia: scope of work, work site, warranty and insurance.
Cost Plus Fixed Order With Guaranteed Maximum Price Contract
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How to fill out Cost Plus Fixed Order With Guaranteed Maximum Price Contract?
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A: In a cost-plus contract, the buyer and seller agree on a set of expenses that will be reimbursed for a project, as well as a usually fixed fee on top of those costs. The fee represents the contractor's profit.
Fixed-price contracts are commonly used for the procurement of specific goods or limited-scope services. Common business examples include, but are far from limited to: The purchase of inventory or office supplies for a specific price. The purchase of a vehicle or contract for vehicle repairs.
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.
There are three main types of fixed-price contracts:Firm fixed-price.Fixed-price incentive fee.Fixed-price with economic price adjustment.
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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If the actual cost of the works is higher than the guaranteed maximum price, then the contractor must bear the additional cost. Such maximum sum is referred to in the Contract Documents as the Guaranteed Maximum Price.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.