Common use of Assignment Upon Failure to Reach GMP Clause in Contracts

Assignment Upon Failure to Reach GMP. In the event that the Department and the Contractor are unable to agree upon a GMP, the Department shall have the right to terminate this Agreement, and if requested by the Department, the Contractor shall assign any trade Subcontracts to the Department upon such terms and conditions and at the time requested by the Department. In such event, the Contractor shall forfeit fifty percent (50%) of the Preconstruction Fee.

Assignment Upon Failure to Reach GMP. In the event that the Department and the Contractor Construction Manager are unable to agree upon a GMP, the Department shall have the right to terminate this Agreement, and if requested by the Department, the Contractor Construction Manager shall assign any trade Subcontracts to the Department upon such terms and conditions and at the time requested by the Department. In such event, the Contractor shall forfeit fifty percent (50%) of the Preconstruction Fee.

Assignment Upon Failure to Reach GMP. In the event that the Department and the Contractor Construction Manager are unable to agree upon a GMP, the Department shall have the right to terminate this Agreement, and if requested by the Department, the Contractor Construction Manager shall assign any trade Subcontracts to the Department upon such terms and conditions and at the time requested by the Department. In such event, the Contractor Construction Manager shall forfeit fifty percent (50%) of the Preconstruction Fee.