Source: https://www.quantsurv.com/library/glossary/gmp
Content format: Markdown version of the public page.
Content reviewed: 2026-10-10

# GMP (guaranteed maximum price)

A contractual pricing arrangement setting a maximum for defined work, subject to its agreed adjustment rules and exceptions.

by [Jack Butler-Kettle](<https://www.quantsurv.com/about#jack-butler-kettle>) · About 1 min readShare

## Further detail

A guaranteed maximum price is a contractual pricing arrangement, not a universal promise covering every eventuality. Its scope, allowances, exclusions and adjustment events determine the ceiling. A budget estimate or target cost should not be assumed to be a guaranteed maximum merely because a figure is stated.

Read the cap alongside its exceptions. A [Construction contract review before signing](<https://www.quantsurv.com/quantity-surveying?service=%2Fcontract-review%2Fservices%2Fpre-signing-contract-review#client-types>) can identify where a proposed ceiling transfers uncertainty to your package.

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