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   How does a GMP contract differ from a fixed-price contract?

   • A GMP contract differs from a fixed-price contract, such as a lump sum contract, in that, for the latter, the price remains the same no matter how much a contractor spends to complete the project. GMP contracts are more flexible—the property owner will reimburse the contractor for expenses up to the maximum.

   How Guaranteed Maximum Price (GMP) Contracts Work - MT Copeland

   mtcopeland.com/blog/all-about-gmp-contracts/

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   How is a GMP different from a lump sum contract?

   • Additionally, a GMP is different from a lump sum contract since there is more accountability in a GMP contract. The contractor submits itemized invoices to the owner, allowing the owner to see the actual costs.

   The Differences Between GMP and Lump Sum Contracts: Advantages

   www.thecommonarea.co/blogsandtips/how-to-understand-the-difference-between-gmp-and-lump-sum-contracts

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   What is a guaranteed maximum price (GMP) & lump sum contract?

   • Two common pricing structures are guaranteed maximum price (GMP) and lump sum. Whether you choose a GMP or lump sum contract, it’s important to give careful consideration to how you structure your contract to ensure the choice serves both the size and scope of your project.

   The Differences Between GMP and Lump Sum Contracts: Advantages

   www.thecommonarea.co/blogsandtips/how-to-understand-the-difference-between-gmp-and-lump-sum-contracts

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   What is a lump sum contract?

   • A lump sum contract doesn’t mean the contractor will be paid only at the end of the project. Similar to a GMP contract, most lump sum projects call for progress payments that are tied to a percentage of the work completed. Lump sum contracts are best used on projects where the scope of work is clearly defined and straightforward to complete.

   The Differences Between GMP and Lump Sum Contracts: Advantages

   www.thecommonarea.co/blogsandtips/how-to-understand-the-difference-between-gmp-and-lump-sum-contracts

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2. www.thecommonarea.co › blogsandtips › how-toThe Differences Between GMP and Lump Sum Contracts ...

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   Sep 9, 2022 · So what are the main differences between a GMP contract and a lump sum contract? A lump sum contract remains the same no matter how much a contractor spends to complete a project, and the owner will pay the full amount no matter the actual cost of the project.

3. www.linkedin.com › pulse › understandingUnderstanding Construction Contracts: GMP vs. Lump Sum ️

   www.linkedin.com › pulse › understanding

   Oct 2, 2023 · Davide Pierli. Senior Quantity Surveyor. Published Oct 2, 2023. + Follow. In the world of construction, the choice between a Guaranteed Maximum Price (GMP) contract and a Lump Sum...

4. www.netsuite.com › lump-sum-contractsLump Sum Contracts: Advantages, Disadvantages & When to Use

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   Apr 11, 2021 · Lump Sum vs. Guaranteed Maximum Price Contracts. A guaranteed maximum price contract (GMP), also known as a not-to-exceed price contract, requires owners to compensate contractors for their direct costs as well as a fixed fee for overhead and profit — but only to a certain threshold.

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6. www.procore.com › library › lump-sum-contractsLump Sum Contracts in Construction | Procore

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   Apr 24, 2024 · Below, we’ll offer a brief comparison between lump sum contracts and other contract types. Guaranteed Maximum Price (GMP) vs. Lump Sum Contracts. Guaranteed maximum price contracts set an upper limit for the costs incurred during a construction project. Above that limit, the contractor (often a GC or construction manager) absorbs the ...

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7. www.procore.com › library › gmp-contracts-constructionGuide to Guaranteed Maximum Price (GMP) Contracts in ...

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   Dec 18, 2023 · A GMP contract is a contractual agreement between a contractor and project owner that sets a maximum cost for the construction work of a project. In other words, the contractor commits to completing the project without billing for more than the maximum price laid out in the contract.

8. www.contractscounsel.com › t › usGMP Contract: Everything You Should Know - Contract Lawyers

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   GMP Contracts vs. Lump Sum Contract A GMP contract is similar to a lump sum contract in that both focus on the price at the bottom of the contractor’s quote. However, lump sum contracts usually don’t include a schedule of values, and there is no hard cap on the final price that the contract will be.

9. mtcopeland.com › blog › all-about-gmp-contractsHow Guaranteed Maximum Price (GMP) Contracts Work - MT Copeland

   mtcopeland.com › blog › all-about-gmp-contracts

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   Jan 19, 2022 · A GMP contract differs from a fixed-price contract, such as a lump sum contract, in that, for the latter, the price remains the same no matter how much a contractor spends to complete the project. GMP contracts are more flexible—the property owner will reimburse the contractor for expenses up to the maximum.