Examples of Guaranteed Maximum Price in a sentence
The GMP Proposal and all supporting documents shall identify and describe all items, assumptions, costs, contingencies, schedules and other matters necessary and relevant for proper execution and completion of the Work and for establishment of the Guaranteed Maximum Price.
Upon Owner’s acceptance of the GMP Proposal, the CM shall not be entitled to any increase in the Guaranteed Maximum Price due to the continued refinement of the Construction Documents or the absence or addition of any detail or specification that may be required in order to complete the construction of the Project as described in and reasonably inferable from the GMP Proposal or the supporting documents used to establish the GMP.
The Design-Build Firm's compensation for services performed during the Construction Phase shall be a Guaranteed Maximum Price (GMP) of $ .
Reconciled Construction Cost Estimates shall be prepared at the conclusion of the Schematic Design Phase, at the conclusion of the Design Development Phase, when Construction Documents are approximately 50% complete and prior to the submission of the Guaranteed Maximum Price Proposal.
TAB 1 – Guaranteed Maximum Price Proposal (Exhibit D) • Refer to the GMP Proposal document attached to this Exhibit.