The GMP contract is the highest or maximum price you agree to with your contractor to build your projects according to specs and drawings.
A Guaranteed Maximum Price (GMP) is a contractual agreement where the contractor guarantees that the total project cost will not exceed a specified maximum amount. This arrangement provides cost certainty for the client while allowing the contractor to manage the project within the agreed budget. The GMP typically includes a detailed estimate of costs and provisions for handling changes or unforeseen conditions.
Contract guaranteeing the project won’t exceed a set price.
