Question: In a cost-plus contract, the Guaranteed Maximum Cost (GMC) is Rs. 50 lakhs. The percentage payable to the contractor over and above his actual cost

In a cost-plus contract, the Guaranteed Maximum Cost (GMC) is Rs. 50 lakhs. The percentage payable to the contractor over and above his actual cost towards his profits and overheads is 15%. The Shared Savings Provision(SSP) in the contract is in the ratio of 50:50. What amount will be paid to the contractor over and above his actual cost if the actual cost of completion of the project is:

Rs. 40 lakhs.
Rs. 50 lakhs
Rs. 60 lakhs.

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