Guaranteed Maximum Price
A Guaranteed Maximum Price (also known as GMP, Not-To-Exceed Price, NTE, or NTX) contract is a cost-type contract (also known as an open-book contract) where the contractor is compensated for actual costs incurred plus a fixed fee subject to a ceiling price. The contractor is responsible for cost overruns, unless the GMP has been increased via formal change order (only as a result of additional scope from the client, NOT price overruns, errors, or omissions). Savings resulting from cost underruns are returned to the owner. This is different from a Fixed-Price (also known as Stipulated Price or Lump Sum) contracts, where cost savings are typically retained by the contractor, and essentially become additional profits.
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