What does GMP mean in construction?
Short definition
A GMP is a contract amount that sets the maximum price an owner should pay for the defined construction scope, subject to approved changes.
Longer explanation
GMP contracts are common in negotiated delivery methods and are often supported by estimates, contingencies, allowances, and assumptions.
Example in context
“The project team reviewed the GMP during the construction phase.”
Common users
- Owners
- Architects
- Contractors
- Construction managers