Aia Cost Plus Contract With Gmp
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How to fill out Home Improvement Or Remodeling Construction Contract - Cost Plus Basis Of Payment?
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FAQ
The contract sum is the amount that the owner will pay to the contractor. The contract sum includes all items and services necessary for the proper execution and completion of the contractor's work, and it is subject to additions and deductions as provided in the contract documents.
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).
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: As an example, a cost-plus contract may establish that the total estimated cost of a building project is $10 million plus a fixed fee of $1.5 million, roughly 15% of the total cost, as the contractor's profit. So the total expense to the buyer would be approximately $11.5 million ?the cost plus the fee.
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.