Guaranteed Maximum Price definition

Guaranteed Maximum Price or “GMP” means the amount proposed by Contractor and accepted by Owner as the maximum cost to Owner for construction of the Project in accordance with this Agreement. The GMP includes Contractor’s Construction Phase Fee, the General Conditions Cost, the Cost of the Work, and Contractor’s Contingency amount.

Guaranteed Maximum Price or “GMP” means the amount proposed by the Construction Manager and accepted by the Owner as the maximum cost to the Owner for construction of the Work in accordance with the Contract Documents. The GMP includes Construction Manager’s Construction Phase Fee, the General Conditions Costs, the Cost of the Work, Construction Manager’s Construction Contingency amount, and the Owner’s Construction Contingency amount and Owner’s Special Cash Allowance.

Guaranteed Maximum Price means the maximum amount payable to the Contractor for the performance of the Work under a GMP Contract.

Examples of Guaranteed Maximum Price in a sentence

• Nothing contained herein shall require the Owner to pay the Construction Manager an aggregate amount for Construction Phase Services that exceeds the Guaranteed Maximum Price or to make any payment if, in the Owner’s belief, the cost to complete the Work would exceed the Guaranteed Maximum Price less previous payments to Construction Manager.

• The times set forth for completion of the work in the Notice to Proceed with Construction and the Guaranteed Maximum Price Proposal are an essential element of the Agreement.

• These items shall be included in the General Conditions cost amount shown as a line item in the Guaranteed Maximum Price Proposal and as detailed on the schedule of values.

• The Construction Phase shall be deemed to commence on the date specified in a Notice to Proceed issued by Owner after approval of the Guaranteed Maximum Price Proposal.

• If Construction Manager reviews, evaluates, and recommends to Owner a bid/proposal from a trade contractor or subcontractor, but Owner requires another bid/proposal to be accepted, Owner shall compensate Construction Manager by a change in price, time, or Guaranteed Maximum Price for any additional cost and risk that Construction Manager incurs because of Owner’s requirement that the other bid/proposal be accepted.

More Definitions of Guaranteed Maximum Price

Guaranteed Maximum Price or “GMP”: The maximum price that the Judicial Council will pay DBE for construction of the Project.

Guaranteed Maximum Price means the cost of the work as defined in the contract.

Guaranteed Maximum Price and/or “GMP” means the maximum amount payable to the Contractor for the performance of the Work under a GMP Contract as more fully defined in the Agreement. This term is not relevant for contracts that are not GMP Contracts.

Guaranteed Maximum Price or “GMP” means the Guaranteed Maximum Price established pursuant to Section 4 of the Construction Services Agreement, consisting of the combined "Tenant Improvement Payments" and "Sublease Payments" as such terms are defined in Exhibit "C" of this Sublease.

Guaranteed Maximum Price or “GMP” means the Guaranteed Maximum Price established pursuant to Article 5 of the CSA to be paid to Lessor for Lessor’s construction of the Project hereunder, subject to any adjustments for Extra Work/Modifications as provided in Article 17 of the CSA.

Guaranteed Maximum Price means the maximum amount a construction manager

Guaranteed Maximum Price means the maximum amount a construction manager at-risk may be paid under a contract to construct a public improvement.