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Guaranteed Maximum Price

Policies & Procedures for New Construction, Renovation and Capital Maintenance Projects

  1. Review contract for contingency percentage and determine that portion used, if any, was reasonable.
  2. Determine that unused portion of contingency percentage was returned to the owner.
  3. Review calculation of GMP to determine if there were any savings realized. Determine that savings were calculated properly and split in accordance with contract.
  4. Determine that bonding was obtained in accordance with contract.
Required Reading