Common use of Award of Trade Contracts Clause in Contracts

Award of Trade Contracts. Unless Owner exercises its right to reject a Trade Contractor, CM/GC shall award each Trade Contract to its preferred Trade Contractor. CM/GC shall provide Owner with a copy of all Trade Contracts upon Owner’s request. Trade Contractor Procurement Schedule. CM/GC shall maintain a schedule of proposed and awarded Trade Contractor packages and shall submit a current copy to Owner and Design Professional. The schedule shall be on a format acceptable to Owner and shall include the following headings and data: Description Bid Date Award Date Name of Trade Contractor Contract Execution Date Award Amount CM/GC Estimate Variance Contract Provisions Required in All Trade Contracts. CM/GC agrees to bind every Trade Contractor to the terms of the Contract Documents insofar as they are applicable to its Work, and shall specifically include the following provisions into all Trade Contracts. CM/GC shall require its Trade Contractors to: Be bound to CM/GC by the terms of the Contract Documents and to assume toward CM/GC all the obligations and responsibilities that CM/GC assumes toward Owner. Pay their Subcontractors upon receipt of payments, the amount allowed on account of such lower-tier Subcontractor’s work to the extent of such lower-tier Subcontractor’s interest therein within seven (7) days of its receipt of payment; provided, however, that retainage shall be released as provided by law and in accordance with the provisions of Section 4.2.2. Require their Subcontractors to pay each of their lower-tier Subcontractors upon such Subcontractor’s receipt of payment such that at all times each of their lower-tier Subcontractors’ aggregate payments shall be in proportion to the Work performed by each lower-tier Subcontractors. CM/GC shall be required to incorporate the following requirements into all Trade Contracts: CM/GC shall pay Trade Contractors the amount paid to CM/GC on account of the Trade Contractor’s Work within seven (7) days of receipt of payment from Owner unless CM/GC has obtained approval from Owner to pay Trade Contractor within a different period of time or unless the contract between CM/GC and Trade Contractor provides that no such payment to the Trade Contractor is due (e.g. without limitation, as a result of non-performance under the Trade Contract); provided, however, that retainage shall be released to the Trade Contractor as provided by law and in accordance with Section 4.2.2. CM/GC shall pay the Trade Contractor a just share of any property insurance proceeds received by CM/GC and due to Trade Contractor for Work performed by Trade Contractor and paid for by insurance. Trade Contracts shall be assigned to the Owner upon receipt of Notice from the Owner to the Trade Contractor that the Owner has elected to assume the rights and obligations of the CM/GC under said Trade Contract. CM/GC shall expressly name Owner as an intended third-party beneficiary of the Trade Contract.

Award of Trade Contracts. Unless Owner exercises its right to reject a Trade Contractor, CM/GC shall award each Trade Contract to its preferred Trade Contractor. CM/GC shall provide Owner with a copy of all Trade Contracts upon Owner’s request. Trade Contractor Procurement Schedule. CM/GC shall maintain a schedule of proposed and awarded Trade Contractor packages and shall submit a current copy to Owner and Design Professional. The schedule shall be on a format acceptable to Owner and shall include the following headings and data: Description Bid Date Award Date Name of Trade Contractor Contract Execution Date Award Amount CM/GC Estimate Variance Contract Provisions Required in All Trade Contracts. CM/GC agrees to bind every Trade Contractor to the terms of the Contract Documents insofar as they are applicable to its Work, and shall specifically include the following provisions into all Trade Contracts. CM/GC shall require its Trade Contractors to: Be bound to CM/GC by the terms of the Contract Documents and to assume toward CM/GC all the obligations and responsibilities that CM/GC assumes toward Owner. Pay their Subcontractors upon receipt of payments, the amount allowed on account of such lower-tier Subcontractor’s work to the extent of such lower-tier Subcontractor’s interest therein within seven (7) days of its receipt of payment; provided, however, that retainage shall be released as provided by law and in accordance with the provisions of Section 4.2.2. Require their Subcontractors to pay each of their lower-tier Subcontractors upon such Subcontractor’s receipt of payment such that at all times each of their lower-tier Subcontractors’ aggregate payments shall be in proportion to the Work performed by each lower-tier Subcontractors. CM/GC shall be required to incorporate the following requirements into all Trade Contracts: CM/GC shall pay Trade Contractors the amount paid to CM/GC on account of the Trade Contractor’s Work within seven (7) days of receipt of payment from Owner unless CM/GC has obtained approval from Owner to pay Trade Contractor within a different period of time or unless the contract between CM/GC and Trade Contractor provides that no such payment to the Trade Contractor is due (e.g. without limitation, as a result of non-performance under the Trade Contract); provided, however, that retainage shall be released to the Trade Contractor as provided by law and in accordance with Section 4.2.2. CM/GC shall pay the Trade Contractor a just share of any property insurance proceeds received by CM/GC and due to Trade Contractor for Work performed by Trade Contractor and paid for by insurance. Trade Contracts shall be assigned to the Owner upon receipt of Notice from the Owner to the Trade Contractor that the Owner has elected to assume the rights and obligations of the CM/GC under said Trade Contract. CM/GC shall expressly name Owner as an intended third-party beneficiary of the Trade Contract.

Award of Trade Contracts. Unless Owner exercises its right to reject a Trade Contractor, CM/GC shall award each Trade Contract to its preferred Trade Contractor. CM/GC shall provide Owner with a copy of all Trade Contracts upon Owner’s request. Trade Contractor Procurement Schedule. CM/GC shall maintain a schedule of proposed and awarded Trade Contractor packages and shall submit a current copy to Owner and Design Professional. The schedule shall be on a format acceptable to Owner and shall include the following headings and data: Description Bid Date Award Date Name of Trade Contractor Contract Execution Date Award Amount CM/GC Estimate Variance Contract Provisions Required in All Trade Contracts. CM/GC agrees to bind every Trade Contractor to the terms of the Contract Documents insofar as they are applicable to its Work, and shall specifically include the following provisions into all Trade Contracts. CM/GC shall require its Trade Contractors to: Be bound to CM/GC by the terms of the Contract Documents and to assume toward CM/GC all the obligations and responsibilities that CM/GC assumes toward Owner. Pay their Subcontractors upon receipt of payments, the amount allowed on account of such lower-tier Subcontractor’s work to the extent of such lower-tier Subcontractor’s interest therein within seven (7) days of its receipt of payment; provided, however, that retainage shall be released as provided by law and in accordance with the provisions of Section 4.2.2. Require their Subcontractors to pay each of their lower-tier Subcontractors upon such Subcontractor’s receipt of payment such that at all times each of their lower-tier Subcontractors’ aggregate payments shall be in proportion to the Work performed by each lower-tier Subcontractors. CM/GC shall be required to incorporate the following requirements into all Trade Contracts: CM/GC shall pay Trade Contractors the amount paid to CM/GC on account of the Trade Contractor’s Work within seven (7) days of receipt of payment from Owner unless CM/GC has obtained approval from Owner to pay Trade Contractor within a different period of time or unless the contract between CM/GC and Trade Contractor provides that no such payment to the Trade Contractor is due (e.g. without limitation, as a result of non-performance under the Trade Contract); provided, however, that retainage shall be released to the Trade Contractor as provided by law and in accordance with Section 4.2.2. CM/GC shall pay the Trade Contractor a just share of any property insurance proceeds received by CM/GC and due to Trade Contractor for Work performed by Trade Contractor and paid for by insurance. Trade Contracts shall be assigned to the Owner upon receipt of Notice from the Owner to the Trade Contractor that the Owner has elected to assume the rights and obligations of the CM/GC under said Trade Contract. CM/GC shall ensure that all Trade Contracts contain a provision that assigns CM/GC's interest in the Trade Contract to Owner immediately upon Trade Contractor's receipt of Owner's Notice to such effect. CM/GC shall expressly name Owner as an intended third-party beneficiary of the Trade Contract.