Guaranteed maximum cost

Guaranteed maximum cost

The amount established in an agreement between owner and contractor as the maximum cost for performing specified work on the basis of the cost of labor and materials plus overhead expenses and profit.

Illustrated Dictionary of Architecture Copyright © 2012, 2002, 1998 by The McGraw-Hill Companies, Inc. All rights reserved

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.

McGraw-Hill Dictionary of Architecture and Construction. Copyright © 2003 by McGraw-Hill Companies, Inc.