upset price

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guaranteed maximum cost

An amount established in an agreement between owner and contractor as the maximum cost of performing specified work on the basis of cost of labor and materials plus overhead expense and profit.
References in periodicals archive ?
27 Joseph Weiner, "Conflicting Functions of the Upset Price in a Corporate Reorganization," Columbia Law Review 27 (Feb.
This time around, the upset price was reduced to $600,000 and the auction attracted three bidders.
Minimum build value is 4 times the upset prices and buyers have until 02 November to arrange for payment, while properties are expected to be developed within two years from the date of the auction.