Valuation of Guaranteed Maximum Price Contracts in Korea Using the Collar Option Model

Table 3

Project overview.

Category	Item	Details
Basic information	Construction period	2 years
	Number of floors	A basement and a 20-floor building
	Number of households	394 households (5 apartment blocks)
	Structure	Reinforced concrete
	Gross floor area	51,861 m^2
GMP	Expected cost	$47,756,721
	Contingency	$1,432,702
	Contract fee	$1,967,577
	Total	$51,157,000
Progress rate	t = 1	43%
	t = 2	57%