Guaranteed Maximum Price (GMP) 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. It sets a limit, or maximum price, that the customer will have to pay their contractor or subcontractor, regardless of the actual costs GMP is common and should be added as a Price Type. https://www.contractscounsel.com/t/us/gmp-contract
Guest
| Company | Corti Construction |
| Job Title / Role | Project Manager |
| I need it... | Yesterday...Come on already |
Today, you can get the same effect by marking the job as T+M or Cost+ and then setting the 'Not to Exceed' amount.
Interesting idea about the price type though. The T+M module was written back in the olden days when folks purchased licenses to different modules...for that reason we never got too creative with the names.
Thanks for the input!
Geoff
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We would agree that an additional price type of "GMP" is needed. This should still allow costs to flow to the T+M module similar to a T+M job, but with the guaranteed maximum price. Right now the T+M module gives a "soft" warning if over the NTE amount.
Addition of this price type would allow us to use this field to properly flag the type of contract for this job. Right now, we're using a job UDF to help define these. It would certainly be easier to handle this in the price type if it was expanded to include GMP.
Hello ��� This Price Type does not already exist. There is a workaround to use the T+M/Cost Plus job with a 'not to exceed amount'. We still think the commonly used GMP should be added as a Price Type and this request not closed as already existing. Thank you.
[Corti logo]Lisa Zerda
425.306.6852 cell
Hello!
In Spectrum, we treat this as a T+M/Cost Plus job with a 'not to exceed amount'.