GMP Open Book Review Process Clause Samples

The GMP Open Book Review Process clause establishes a transparent method for reviewing and verifying the costs associated with a Guaranteed Maximum Price (GMP) contract. Under this process, the contractor is required to provide detailed documentation of all project costs, including invoices, receipts, and subcontractor agreements, to the owner or their representative for examination. This ensures that all expenses claimed under the GMP are legitimate and within the agreed scope, thereby preventing overcharging and fostering trust between the parties. The core function of this clause is to promote accountability and cost control by allowing the owner to audit and confirm the accuracy of the contractor’s reported costs.
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GMP Open Book Review Process. The CM/GC shall meet with the Owner and EOR to review the GMP deliverables and its GMP Supporting Documents. The CM/GC shall make available to designate the Owner personnel including its Owner’s Representative, EOR, the complete cost estimate and supporting documents including, but not limited to books, calculations, take-offs, productivity assumptions, internal equipment rates, risk and contingency assumptions, exclusions, cost data in support of Construction General Conditions, quotations, allowances and provisions sums. The Owner will provide confidentiality assurances to the CM/GC as is necessary to allow the Owner to perform its construction price analysis and review. This “Open Book Process” will be repeated and required when the CM/GC submits its cost estimate, preliminary GMP, Updated GMP and Final GMP. If the Owner or its consultants discover any inconsistencies or inaccuracies in the information presented, the Owner will promptly notify the CM/GC, who shall make appropriate adjustments to the GMP proposal, its basis or both.
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