Once the Guaranteed Maximum Price (GMP) is agreed upon, the City staff may recommend to City Council to award the Construction Management firm the Construction Manager at Risk Contract (Exhibit B Contract, and Exhibit C Truth in Negotiation certificate).
What does GMP stand for?
GMP stands for Guaranteed Maximum Price (building construction)
This definition appears very frequently and is found in the following Acronym Finder categories:
- Business, finance, etc.
See other definitions of GMP
We have 187 other meanings of GMP in our Acronym Attic
- Greater Manchester Police
- Green Mountain Power (Vermont)
- Gross Maximum Price
- Gross Metro Product
- Gross Metropolitan Product
- Ground Maintenance Program
- Groundwater Monitoring Plan
- Groupe Moto Propulseur (French: Powertrain; automotive engineering)
- Growth Management Plan
- Guanosine 5'-Monophosphate
- Guaranteed Minimum Pension
- Guaranteed Minimum Price
- Guardianship Monitoring Program (various locations)
- Guilford Medical Partners (Georgia)
- Gulf of Mexico Program
- Gun Mount Processor (US Navy)
- Good Manufacturing Practice Training and Education Association
- Global Markov Property I (independent conditioning)
- Global Markov Property II (mutually independent conditioning)
- Good Manufacturing Practice and Good Laboratory Practice
Samples in periodicals archive:
He added: "We have put in place a guaranteed maximum price contract and, in fact, we have been able to reduce expenses and overheads.
The three phases include: Phase 1--Needs Analysis, Phase 2--Final Design and Guaranteed Maximum Price (GMP) Development, and Phase 3--Implementation.
The most common type of contract here in Dubai is Guaranteed Maximum Price (GMP), where the contractor is given a lump sum price, regardless of potential fluctuations in the pricing of materials.
For projects that are straightforward--such as new projects built from the ground up--there should not be hidden costs, and a guaranteed maximum price is completely within reason
Star's partnering approach included agreeing a guaranteed maximum price and ensuring the project was delivered on budget.
Most significantly, the agreement must provide for either a lump sum, fixed-price cost or a guaranteed maximum price (GMP).
All we are now waiting for is for the Welsh Assembly Government to approve the land disposal and for a guaranteed maximum price contract to be agreed with the stadium builders, Laing O'Rourke.