Construction Cost Plus Contract With Gmp
Description
How to fill out Construction Contract For Home - Fixed Fee Or Cost Plus?
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FAQ
Cost-plus fixed-fee: The contractor's profit is a base fee that doesn't depend on the project cost. Cost-plus fixed fee with a guaranteed maximum price: The contractor's profit is a base fee that does not exceed a specified amount.
Cost Plus with No Gross Max Price (GMP), commonly called "Cost Plus," is a contract method with no fixed price. Essentially, the builder is saying: "I'll build your house, give you every option you want, and you (the owner) agree to pay for the material and labor cost PLUS a fee.
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.
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.
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).