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What Does GMP Stand For in Construction?
In the world of construction, there are numerous acronyms and industry-specific terms that can be confusing to newcomers and even seasoned professionals. One such term is GMP, which stands for Guaranteed Maximum Price. GMP is a significant concept in construction...![How to Start an Excavation Company: A Guide for Construction Workers with a Dream](https://www.profitdig.com/wp-content/w3-webp/uploads/2023/07/start-excavation-company-1080x675.jpgw3.webp)
How to Start an Excavation Company: A Guide for Construction Workers with a Dream
IntroductionStarting your own excavation company can be an exciting and rewarding venture for construction workers or operators with a dream of running their own business. However, it requires careful planning and a solid understanding of the industry. The WORST thing...![4 Benefits of a Guaranteed Maximum Price (GMP) Contract](https://www.profitdig.com/wp-content/w3-webp/uploads/2021/10/Article-ContractNegotiations-1080x675.jpgw3.webp)
4 Benefits of a Guaranteed Maximum Price (GMP) Contract
A Guaranteed Maximum Price (GMP) contract is a popular form of agreement used in construction projects to establish a cap on the total project cost. Under a GMP contract, the contractor assumes the responsibility for completing the project within the agreed-upon...![Building Your Future: How Much Experience and Money Do You Need to Start Your Own Construction Company?](https://www.profitdig.com/wp-content/w3-webp/uploads/2023/05/Starting-Your-Own-Company-1080x675.jpgw3.webp)
Building Your Future: How Much Experience and Money Do You Need to Start Your Own Construction Company?
As a construction professional, you may very well decide to strike it out on your own at some point in your career. The allure of decision-making autonomy, more money, and building a legacy is, indeed, compelling. However, the transition from worker to entrepreneur is...![7 Things to Look for When Buying an Excavator for Your Construction Business](https://www.profitdig.com/wp-content/w3-webp/uploads/2023/05/MiniEx-1080x675.jpgw3.webp)