Sometimes a name says it all. Guaranteed Maximum Price (GMP) is just that, a guarantee that a specific project will not exceed a given price. This is a very effective way to pursue a cost-based project. Initially, a series of design meetings is held to provide a clear understanding of the end performance requirements of the project will be and where the budget needs to be set. Prior to giving the Guaranteed Maximum Price, front end engineering and costing is done by Monal and our design team. This results in the publication of a Scope Document which is critical to the success of the project. This scope of work is extremely detailed to identify exactly what the customer requires and is the basis for the project execution.
Monal’s Guaranteed Maximum Price will not change unless the scope of work described in the Scope Document changes. Monal also offers shared savings with the Owner on most Guaranteed Maximum Price projects. This allows an incentive for both parties to bring the project in under budget. Money saved on the project that money is shared by Contractor and Client together!