QS APC Forum by HKIS Young Surveyors Group
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Guaranteed Maximum Price (GMP)
Tue Jan 10, 2012 3:22pm

Under the target cost contract of guaranteed maximum price (GMP), there may be a risks register to identify the risks of contractor and the risks of employer in order for them to apportion the risks for their respective liabilities and establish the basis for risks-sharing mechanism.

1) Would the costs of contractor's risks and employer's risks be counted in GMP or the costs be deemed as the respective party's own expense and not counted in GMP?

2) Is the GMP legal binding to the contracting parties actually?

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QS APC Forum by HKIS Young Surveyors Group