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The Guaranteed Minimum Pension (GMP) is the minimum pension which a United Kingdom occupational pension scheme has to provide for those employees who were contracted out of the State Earnings-Related Pension Scheme (SERPS) between 6 April 1978 and 5 April 1997.
Compensation for pensionable service before 6 April 1997, including any applicable Guaranteed Minimum Pension (GMP) benefits, will not increase in line with inflation. Following a court ruling in July 2021, the statutory limit on the amount of compensation paid by the PPF, known as the compensation cap, no longer applies.
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 ...
GMP may refer to: Finance and economics. Gross metropolitan product, a measure of goods and services produced; Guaranteed maximum price, as agreed in some contracts;
Typical Lump Sum Contract Structure. A lump sum contract in construction is one type of construction contract, sometimes referred to as stipulated-sum, where a single price is quoted for an entire project based on plans and specifications and covers the entire project and the owner knows exactly how much the work will cost in advance. [1]
A cost-plus contract, also termed a cost plus contract, is a contract such that a contractor is paid for all of its allowed expenses, plus additional payment to allow for risk and incentive sharing. [1]
As of 1993, the GMP had 35 staff working at its headquarters. [3] Job losses continued. As of 2009, the union had just 30,392 members. [6] The Great Recession cut heavily into its membership, and by the end of 2012 it had just under 28,000 members. [1] In 2016, the union agreed to merge into the United Steelworkers. [7]
Retainage is a portion of the agreed upon contract price deliberately withheld until the work is complete to assure that contractor or subcontractor will satisfy its obligations and complete a construction project. [1]