Cost Plus Building Contract With Guaranteed Maximum Price
Description
How to fill out Construction Contract For Home - Fixed Fee Or Cost Plus?
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FAQ
Cost + Fee with Guaranteed Maximum Price (GMP) If the contractor exceeds the value of the GMP, then they will only receive the GMP value. If they spend less than the GMP value, then there are savings. Cost + Fee with GMP contracts will define what happens with savings.
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.
The Owner will pay the Design-Builder an amount established as the Design-Builder's Fee, plus the actual Construction Overhead Costs and the actual Cost of the Work as described herein, but not to exceed, in any event or for any reason, the Guaranteed Maximum Price.
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).