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:
(a) Where the Work involved is covered by unit prices contained in the Contract Documents or subsequently agreed upon, by application of unit prices to the quantities of the items involved.
(b) By mutual acceptance of a lump sum properly itemized and supported by sufficient substantiating data to permit evaluation.
(c) By cost of the Work and mutually acceptable fixed amount for overhead and profit agreed upon by the parties. In such cases the CM will submit in the form prescribed by the Owner an itemized cost breakdown together with supporting data. The amount of credit to be allowed by the CM to the Owner for any such change which results in a net decrease in cost will be the amount of the actual net decrease as determined by the Owner. When both additions and...
