Change of Guaranteed Maximum Price Sample Clauses

Change of Guaranteed Maximum Price. The Guaranteed Maximum Price (GMP) constitutes the total compensation payable to the CM for performing the Work. All duties, responsibilities and obligations assigned to or undertaken by the CM shall be at his expense without change in the Guaranteed Maximum Price. The Guaranteed Maximum Price (GMP) may only be changed by a Change Order (EADOC Software). Any claim for an increase or decrease in the Guaranteed Maximum Price (GMP) shall be in writing and delivered to the AE within fifteen (15) calendar days of the occurrence of the event giving rise to the claim and stating the general nature of the claim. Notice of the amount of the claim with supporting data shall be delivered within fifty (50) calendar days after such occurrence (unless Owner allows an additional period of time to ascertain more accurate data in support of the claim) and shall be accompanied by the CM's written statement that the amount claimed covers all known amounts (direct, indirect, and consequential) to which the CM has reason to believe it is entitled as a result of the occurrence of said event. No claim for an adjustment in the Guaranteed Maximum Price (GMP) will be valid if not submitted in accordance with this paragraph. All claims for adjustment in the Guaranteed Maximum Price (GMP) shall be reviewed by the AE. Any change in the Guaranteed Maximum Price (GMP) shall be incorporated in a Change Order and approved by the Owner. No claim by the CM for an equitable adjustment hereunder shall be allowed if asserted after final payment under this Contract. The value of any Work covered by a Change Order or of any claim for an increase or decrease in the Guaranteed Maximum Price shall be determined in one of the following ways:
Sample 1Sample 2Sample 3See All (14)
AutoNDA by SimpleDocs

Related to Change of Guaranteed Maximum Price

  • Guaranteed Maximum Price The anticipated Guaranteed Maximum Price for the Project at the time this Agreement is executed is: Eleven Million Four Hundred Forty-one Thousand, One Hundred Sixty and no/100 Dollars ($11,441,160.00);

  • Guaranteed Maximum Price (GMP Construction Manager guarantees that it shall not exceed a Guaranteed Maximum Price (GMP) of One Hundred Forty-Two Thousand, Three Hundred Fifty-Four Dollars and Ninety Cents ($142,354.90) for the identified Sub-Project.

  • 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 5.01 Owner shall pay Contractor for completion of the Work in accordance with the Contract Documents the amounts that follow, subject to adjustment under the Contract:

Time is Money Join Law Insider Premium to draft better contracts faster.