Kenneth Block | Tannenbaum Helpern Syracuse & Hirschtritt Under the guaranteed maximum price (GMP) construction contract delivery method, great care and attention must be given by the owner in setting the GMP, usually done by way of a “GMP Amendment,” following the CM’s submission of a “GMP Proposal.” The final GMP should be all inclusive,… Continue reading Tips for Setting the GMP
Tag: Guaranteed Maximum Prices
Contractors Are All But Guaranteed To Balk At GMPs. Here’s What Project Owners Can Do About It
Rhian Cull | Goulston & Storrs Supply chain delays and rising material costs have contractors looking for ways to limit their risk, including refusing to commit to true guaranteed maximum prices — or “GMPs” — on contracts. Fortunately, there are steps owners can take to keep projects on time and under budget. “The incredible price… Continue reading Contractors Are All But Guaranteed To Balk At GMPs. Here’s What Project Owners Can Do About It