WA General Contractor Practice Questions - Washington General Contractor Exam

What is a GMP (Guaranteed Maximum Price) contract?

A cost-reimbursement contract with a cap on the total amount the owner will pay A contract where the price is guaranteed to never change under any circumstances A government-mandated pricing structure A fixed-price contract with no allowance for changes

Correct Answer:

A cost-reimbursement contract with a cap on the total amount the owner will pay

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