Adjustments in Guaranteed Maximum Price Sample Clauses

Adjustments in Guaranteed Maximum Price. 12.2.2.1 Except as a result of Changes in the Work as permitted in accordance with Article 13 (Changes in the Work), any increase in any GMP (including any increase in the FGMP and any increase in any Work Package GMP) shall only be granted if a demonstrable increase in the DB Contractor’s cost of performing the Work results from the occurrence of an Excusable Event other than Force Majeure, and the DB Contractor has complied with the terms and conditions of the following subparagraphs: (a) The DB Contractor submits a written Claim to the Authority within the time period specified in Subsection 12.1.2 (Time for Submission of Claims) identifying the Excusable Event, which Claim must state the cause of the event and the additional cost the DB Contractor believes it will in fact incur as a result of the event. (b) The DB Contractor can demonstrate with supporting documentation that the Excusable Event will in fact cause an increase in the DB Contractor’s cost of performing the Work. (c) The Claim provided by the DB Contractor under subparagraph (a) above shall describe the efforts of the DB Contractor that have been (or are going to be) undertaken by the DB Contractor to overcome or remove the Excusable Event and to minimize the potential adverse effect on the cost of the performance of the Work resulting from such Excusable Event. The cost to the DB Contractor for its commercially reasonable mitigation efforts may be included in the Claim for GMP adjustment, subject to the Authority’s prior written approval except in cases of emergency affecting the safety of persons or property. (d) If adverse weather conditions are the basis for the Claim, the Claim must be accompanied by data substantiating that the weather conditions were unusually severe given the location and time of year. The DB Contractor shall document all days within the relevant calendar month(s) that Work activities on the critical path could not be performed due to adverse weather conditions, including the total number of days in such month(s) that actually had 0.10 inches or more of rainfall as provided in documentation reported by the National Oceanic and Atmospheric Administration (NOAA) for the weather station nearest the Site, and the average weather conditions for the month in question during the previous five years as recorded by NOAA at the weather station nearest the Site. 12.2.2.2 Compliance with this Subsection 12.2.2 is a condition precedent to receipt of an increase in any GMP. In t...
Sample 1
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Adjustments in Guaranteed Maximum Price. Except as a result of changes in the Work as permitted in Article 7 of these General Conditions and except as otherwise provided in Paragraph 2.2 of the Agreement in relation to Scope Changes, an increase in the Guaranteed Maximum Price shall only be granted under the following circumstances: (a) a demonstrable increase in the Contractor's cost of performing the Work results from the occurrence of an Excusable Event, and (b) the Contractor has complied with the terms and conditions of the following subsections: (i) The Contractor submits a written Claim to the Owner and the Architect within the time period specified in Subparagraph 4.73 identifying the Excusable Event, which Claim must state the cause of the event and the additional cost the Contractor believes it will in fact incur as a result of the event. (ii) The Contractor can demonstrate, with supporting documentation, that the Excusable Event will in fact cause an increase in the Contractor's cost of performing the Work. (iii) The Claim provided by Contractor under subsection (i) above shall describe the efforts of the Contractor that have been (or are going to be) undertaken by the Contractor to overcome or remove the Excusable Event and to minimize the potential adverse effect on the cost for performance of the Work resulting from such Excusable Event.
Sample 1
Adjustments in Guaranteed Maximum Price. 10.2.1. Adjustments in the GMP shall be made at the sole discretion of the City. CM/GC's failure to discern conditions or circumstances that later increase the cost to complete the Project shall not be a basis for an adjustment to the GMP. 10.2.2. The CM/GC shall keep and present a correct account of the several items of cost. This requirement applies equally to work done by subcontractors of all tiers. 10.2.3. The City reserves the right to contract with any person or firm other than the CM/GC for any or all changed work. 10.2.4. Subject to the provisions of this Section 10.2., cost for changes shall be limited to the following: cost of materials, including cost of delivery, cost of labor, insurance, and benefits; the rental value of equipment and machinery; payments made by the CM/GC to subcontractors for work performed by subcontractors and Bond and property insurance premiums, if any. 10.2.5. The CM/GC shall promptly proceed with the Work involved provided a written Change Order signed by the City is received.
Sample 1

Related to Adjustments in Guaranteed Maximum Price

  • Guaranteed Maximum Price The total monies payable to Developer under the terms and conditions of the Contract Documents.

  • Guaranteed Maximum Price (GMP Construction Manager guarantees that it shall not exceed a Guaranteed Maximum Price (GMP) of Four Hundred Eighteen Thousand, Six Hundred Eighty-Six Dollars and Eighteen Cents ($418,686.18) for the identified Sub-Project.

  • GUARANTEED MAXIMUM PRICE PROPOSAL 7.1 At the conclusion of the Design Development phase the Contractor shall prepare and submit a Guaranteed Maximum Price Proposal to Owner based on the Design Development phase documents and review comments. The GMP shall be delivered to the Owner within three (3) weeks of the Design Development review meeting or a date established by the Owner. The GMP Proposal must be prepared in accordance with the guidelines established by Owner and delivered in the format specified by Owner in Exhibit “E” attached to this Agreement. Owner, at its sole option and discretion, may specify different requirements for the GMP Proposal. Contractor shall not withdraw its Guaranteed Maximum Price Proposal for ninety (90) days following submission to Owner. 7.2 In developing the GMP Proposal, Contractor shall coordinate efforts with A/E to identify qualifications, clarifications, assumptions, exclusions, value engineering and any other factors relevant to establishment of a GMP. Contractor shall review development of the GMP Proposal with Owner on an ongoing basis to address clarifications of scope and pricing, distribution of contingencies, schedule, assumptions, exclusions, and other matters relevant to the establishment of a GMP. 7.3 The GMP Proposal must include a written description of how it was derived that specifically identifies the clarifications and assumptions made by Contractor in the GMP and the monetary amounts attributable to them. The GMP Proposal shall include, without limitation, a breakdown of Contractor’s estimated General Conditions Costs and estimated Cost of the Work organized by trade and Masterformat 2004; contingency amounts; the Construction Phase Fee; and the proposed Contract Time, including dates for Notice to Proceed, Substantial Completion and Final Completion. Notwithstanding the breakdown of Contractor’s estimated costs, there are no line item guaranteed maximum amounts except for general conditions. 7.4 The Guaranteed Maximum Price Proposal shall allow for reasonably expected changes and refinements in the Drawings and Specifications through completion of the Construction Documents, except for material changes in scope. 7.5 The GMP Proposal shall include a Contractor’s Contingency amount. 7.6 Included with its GMP Proposal, Contractor shall provide three complete, bound sets of the drawings, specifications, plans, sketches, instructions, requirements, materials, equipment specifications and other information or documents that fully describe the Project as developed at the time of the GMP Proposal and that are relevant to the establishment of the GMP. The bound supporting documents shall be referenced in and incorporated into the GMP Proposal. 7.7 The GMP Proposal and all supporting documents shall identify and describe all items, assumptions, costs, contingencies, schedules and other matters necessary and relevant for proper execution and completion of the Work and for establishment of the GMP. The GMP Proposal and the supporting documents are complementary and, in the event of an irreconcilable conflict between or among them, the interpretation that provides for the higher quality or quantity of material and/or workmanship shall prevail over all other interpretations. 7.8 In submitting the GMP Proposal, Contractor represents that it will provide every item, system or element of performance that is identified, shown or specified in the GMP Proposal or the supporting documents, along with those necessary or ancillary materials that are reasonably inferable and equipment for their complete operating installation, unless specifically accepted in writing by Owner. Upon Owner’s written acceptance of the GMP Proposal, Contractor shall not be entitled to any increase in the GMP due to the continued refinement of the Construction Documents or the absence or addition of any detail or specification that may be required in order to complete the construction of the Project as described in and reasonably inferable from the GMP Proposal or the supporting documents used to establish the GMP. 7.9 The GMP Proposal shall adopt and incorporate all of the terms and conditions of this Agreement and all attachments to this Agreement. Any proposed deviation from the terms and conditions of this Agreement must be clearly and conspicuously identified to Owner in writing and specifically accepted in writing by Owner. In the event of a conflict between any term of the GMP Proposal that was not clearly and conspicuously identified and approved by Owner and the terms of this Agreement and its attachments, the terms of the Agreement and its attachments shall control. 7.10 Owner may accept or reject the Guaranteed Maximum Price Proposal or attempt to negotiate its terms with Contractor. Upon acceptance by Owner of the GMP Proposal in writing, both parties shall execute the GMP Proposal which shall become part of this Agreement. If Owner rejects the GMP Proposal or the parties are unable or unwilling to agree on a GMP, Owner may terminate this Agreement. 7.11 Following Owner’s acceptance of the GMP Proposal, Contractor shall continue to monitor the development of the Construction Documents so that, when complete, the Construction Documents adequately incorporate and resolve all qualifications, assumptions, clarifications, exclusions and value engineering issues identified in the GMP Proposal. During the Construction Documents stage, Contractor and A/E shall jointly deliver a monthly written status report to Owner describing the progress on the incorporation of all qualifications, assumptions, clarifications, exclusions, value engineering issues and all other matters relevant to the establishment of the GMP into the Construction Documents. 7.12 Contractor shall be entitled to an equitable adjustment of the GMP if it is required to pay or bear the burden of any new federal, state, or local tax, or any rate increase of an existing tax, except taxes on income, adopted through statute, court decision, written ruling, or regulation taking effect after acceptance of the GMP Proposal. This equitable adjustment does not apply to tax increases borne solely by Subcontractors. 7.13 The parties may agree to convert the GMP to a lump sum contract amount at any time after Contractor has received bids or proposals from trade Contractors or Subcontractors for the performance of all major elements of the Project. In proposing a lump sum amount, Contractor shall consider the buyout savings, any unused contingency amounts and the trade package contracts that have not been finalized. In preparing a lump sum conversion proposal, Contractor must provide the following information: 7.13.1 The stage of completion of the Project; 7.13.2 The trade packages that have been completely bought out; 7.13.3 The trade packages remaining that have not been bought out; 7.13.4 A complete line item breakdown of the calculations used to establish a lump sum amount based on the GMP Schedule of Values; 7.13.5 An accounting of all savings amounts that are to be returned to Owner as part of the lump sum calculation; and 7.13.6 Any other Project information requested by Owner. 7.14 Contractor shall document the actual Cost of the Project at buyout as compared to the Guaranteed Maximum Price Proposal and shall report this information to Owner monthly and with Contractor’s recommendation for selection of a bid/proposal for each subcontracting package. 7.15 Notwithstanding anything to the contrary herein, Contractor shall have no liability for delay or liquidated damages if the parties are unable to reach an agreement on the GMP.

  • Guaranteed Maximum Costs The City’s payment obligation to Contractor cannot at any time exceed the amount certified by City’s Controller for the purpose and period stated in such certification. Absent an authorized Emergency per the City Charter or applicable Code, no City representative is authorized to offer or promise, nor is the City required to honor, any offered or promised payments to Contractor under this Agreement in excess of the certified maximum amount without the Controller having first certified the additional promised amount and the Parties having modified this Agreement as provided in Section 11.5, “Modification of this Agreement.”

  • Contract Price 3.1 For full and complete performance, OWNER agrees to pay CONTRACTOR the sum of $659,258.00 payable in accordance with the terms hereof and to the satisfaction of the OWNER.

  • QUANTITY BASIS OF CONTRACT – NO GUARANTEED QUANTITIES The contract established has no guarantee of any specific quantity and the State is obligated only to buy that quantity which is needed by its agencies.

  • C1 Contract Price In consideration of the Contractor’s performance of its obligations under the Contract, the Authority shall pay the Contract Price in accordance with clause C2 (Payment and VAT).

  • THE CONTRACT PRICE A. This Contract is an indefinite-quantity contract for construction work and services. The Estimated Annual Value of this Contract is $2,000,000. This is only an estimate and may increase or decrease at the discretion of Sourcewell. B. The Contractor shall perform any or all Tasks in the Construction Task Catalog for the Unit Price appearing therein multiplied by the following Adjustment Factors:

  • MAXIMUM OBLIGATION A. The Total Maximum Obligation of County for services provided in accordance with this Contract, and the separate Maximum Obligations for each period under this Contract, are as specified in the Referenced Contract Provisions of this Contract, except as allowed for in Subparagraph B. below. B. Administrator may amend the Maximum Obligation by an amount not to exceed ten percent (10%) of Period One funding for this Contract.

  • Intent to Limit Charges to Maximum Lawful Rate In no event shall the interest rate or rates payable under this Agreement, plus any other amounts paid in connection herewith, exceed the highest rate permissible under any law that a court of competent jurisdiction shall, in a final determination, deem applicable. Borrower and the Lender Group, in executing and delivering this Agreement, intend legally to agree upon the rate or rates of interest and manner of payment stated within it; provided, however, that, anything contained herein to the contrary notwithstanding, if said rate or rates of interest or manner of payment exceeds the maximum allowable under applicable law, then, ipso facto, as of the date of this Agreement, Borrower is and shall be liable only for the payment of such maximum as allowed by law, and payment received from Borrower in excess of such legal maximum, whenever received, shall be applied to reduce the principal balance of the Obligations to the extent of such excess.

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