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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) such that the contractor is compensated for actual costs incurred plus a fixed fee, which is limited to a maximum price. The contractor is responsible for cost overruns greater than the ...
NEC Contracts logo. The New Engineering Contract (NEC), or NEC Engineering and Construction Contract, is a formalised system created by the UK Institution of Civil Engineers that guides the drafting of documents on civil engineering, construction and maintenance projects for the purpose of obtaining tenders, awarding and administering contracts.
An automatic renewal clause is used in the insurance and healthcare industries . An automatic renewal clause (also referred to as an evergreen clause), is activated towards the end of the contractual period whereby it automatically renews the terms of an agreement except when the contract is terminated (through mutual agreement or contract breach), or one of the contracting parties has sent a ...
The difference between this type of contract which is a cost-based contract with lump-sum contract is that in guaranteed maximum price (GMP), if there is any savings resulted from cost under runs, then that would be stipulated price contract, and the contractors will keep the savings obtained from the cost under runs for themselves and there is ...
An escalation clause is a clause in a lease or contract that allows for a change in the agreed-upon price in response to a specific factor that is outside of the control of either party. This type of clause is used to protect against potential changes in the value of the goods or services being exchanged, such as in cases of inflation or other ...
The Clippers are working on offering Lue a contract extension that will keep him signed past the 2025-26 season, when his deal is set to expire, reports ESPN's Adrian Wojnarowski.
The nature of the Changes clause for cost reimbursement contracts is somewhat different from that for fixed-price contracts because in the case of a cost reimbursement contract the contractor is already entitled to reimbursement for all of its reasonable costs and only needs an adjustment in the target price or the amount of its fee.
A no-closing-cost refinance does involve costs — just not upfront. Instead, you’ll have a higher loan balance on a no-closing-cost refinance or a higher interest rate. Here’s how it works.
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