GUARANTEED MAXIMUM PRICE FOR CONSTRUCTION. 7.1 Guaranteed Maximum Price (GMP) Proposal - The Guaranteed Maximum Price, guarantees the maximum price to the DEPARTMENT, for the construction cost of the project or designated part thereof. Such Guaranteed Maximum Price will be subject to modification for changes in the project as provided in Article 10. However, the actual price paid for the work by the DEPARTMENT shall be the actual cost of all work subcontracts supply contracts, direct labor costs, direct supervision costs, and direct job costs as defined under Article 9, plus the PROVIDER's overhead and profit and fees or the GMP, whichever is less when the work is complete. The Guaranteed Maximum Price (GMP) is $2,500,000.00.
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Samples: Agreement Between Department and Provider (Correctional Services Corp)
