What does IGMP mean in CONSTRUCTION
Initial Guaranteed Maximum Price (IGMP) is an agreement between the owner and contractor of a construction project that sets limits on the total cost. The owner is required to pay no more than the IGMP and the contractor is responsible for any additional costs incurred during construction.
IGMP meaning in Construction in Miscellaneous
IGMP mostly used in an acronym Construction in Category Miscellaneous that means Initial Guaranteed Maximum Price
Shorthand: IGMP,
Full Form: Initial Guaranteed Maximum Price
For more information of "Initial Guaranteed Maximum Price", see the section below.
Essential Questions and Answers on Initial Guaranteed Maximum Price in "MISCELLANEOUS»CONSTRUCTION"
What is IGMP?
IGMP stands for Initial Guaranteed Maximum Price. It is an agreement between the owner and contractor of a construction project that sets limits on the total cost.
Who is responsible to pay for any additional costs incurred during construction?
The contractor is responsible to pay for any additional costs incurred during construction beyond what was agreed upon in the IGMP agreement.
How does IGMP benefit both parties involved?
The IGMP provides a financial safeguard to both the owner and contractor, as it ensures that neither party will incur unbearable financial obligations due to unknown or unexpected developments during a construction project.
Final Words:
In summary, Initial Guaranteed Maximum Price (IGMP) is an important agreement used in many construction projects, which outlines the limits on total cost and provides financial protection to both owners and contractors.
IGMP also stands for: |
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