What is a 'guaranteed maximum price' (GMP) contract in real estate construction?
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A
A contract where the contractor agrees to complete the project for no more than a stated maximum price, bearing cost overrun risk
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B
A government guarantee that ensures the developer will receive a minimum sales price for completed units
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C
A lender's commitment to fund construction draws up to a stated maximum loan amount
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D
An insurance policy that guarantees the project will be completed if the developer defaults