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- Guaranteed maximum price (GMP) contractA lump sum not to exceed contract, also known as a guaranteed maximum price (GMP) contract, is an agreement where the contractor is compensated for their direct costs and a fixed fee for overhead and profit, but only up to a certain threshold12. Once the threshold is reached, the contractor is responsible for additional costs1. The agreement amount is considered to be a not-to-exceed amount, which means it is the maximum amount payable and shall not be exceeded unless adjusted by a supplemental agreement3.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.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. The contractor is responsible for additional costs once reaching this amount.www.netsuite.com/portal/resource/articles/accounti…The guaranteed maximum price is the most a contractor can bill a customer for a project. Also known as "not-to-exceed price" contracts, these agreements require customers to compensate contractors for their direct costs and a fixed fee for overhead and profit, but only to a certain threshold.www.netsuite.com/portal/resource/articles/accounti…The Agreement amount is considered to be a Not-to-Exceed amount, which amount shall be the maximum amount payable and shall not be exceeded unless adjusted by a Supplemental Agreement.www.lawinsider.com/clause/not-to-exceed-amount
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Apr 12, 2021 · 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 …
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Jun 11, 2024 · A lump sum contract is an agreement that sets a predetermined cost for construction work. In other words, the contractor performing the work agrees to complete the project for a fixed amount — no more or less.
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Jul 22, 2022 · Lump sum contracts do not account for delays or unanticipated costs–offering little flexibility. Because the project price is fixed, any miscalculations or mistakes will cut straight into the contractor’s profit margins.
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