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Definition of GMP
Definition of GMP
A Guaranteed Maximum Price (GMP) is a contract that sets a cap on the total project cost the owner will pay.
Why Should You Care
Why Should You Care
This shifts risk to the contractor. If costs go over, it comes out of your pocket, not the owner’s.
Where You’ll See It on Plans
Where You’ll See It on Plans
Contracts
Project agreements
Preconstruction documents
Watch: GMP Explained
Watch: GMP Explained
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