CHANGES REQUIRING A DECREASE IN GMP Sample Clauses

CHANGES REQUIRING A DECREASE IN GMP. IF THE CHANGE IN THE WORK WILL RESULT IN A DECREASE IN THE GMP, INCLUDING THE RETURN OF ALLOWANCES TO THE OWNER, THE OWNER MAY REQUEST A QUOTATION BY THE CM OF THE AMOUNT OF SUCH DECREASE, INCLUDING ANY PROPOSED DEDUCTION TO THE CM’S FEE AND/OR GENERAL CONDITIONS, FOR USE IN PREPARING A CHANGE ORDER. THE CM'S QUOTATION SHALL BE FORWARDED TO THE OWNER WITHIN TEN (10) DAYS OF THE OWNER'S REQUEST AND, IF ACCEPTABLE TO THE OWNER, SHALL BE INCORPORATED IN THE CHANGE ORDER. IF NOT ACCEPTABLE, THE PARTIES SHALL MAKE EVERY REASONABLE EFFORT TO AGREE AS TO THE AMOUNT OF SUCH DECREASE, WHICH MAY BE BASED ON A LUMP SUM PROPERLY ITEMIZED, ON UNIT PRICES STATED IN THE CONTRACT DOCUMENTS AND/OR ON SUCH OTHER BASIS AS THE PARTIES MAY MUTUALLY DETERMINE. IF THE PARTIES ARE UNABLE TO SO AGREE, THE AMOUNT OF SUCH DECREASE SHALL BE THE TOTAL OF THE ESTIMATED REDUCTION IN ACTUAL COST OF THE WORK, AS DETERMINED BY THE OWNER IN ITS REASONABLE JUDGMENT. THE CM’S ACCEPTANCE OF PAYMENT FOLLOWING A UNILATERAL DECISION BY THE OWNER SHALL NOT CONSTITUTE A WAIVER OF ANY CLAIM THE CM MAY HAVE FOR ADDITIONAL COMPENSATION. HOWEVER, ANY CLAIM THE CM MAY HAVE SHALL BE FILED IN STRICT CONFORMANCE WITH THE CONTRACT DOCUMENTS.
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CHANGES REQUIRING A DECREASE IN GMP. If the Change in the Work will result in a decrease in the Guaranteed Maximum Price, Owner may request a quotation by Contractor of the amount of such decrease for use in preparing a Change Order. Contractor’s quotation should itemize and include, without limitation, the decrease associated with the corresponding decrease in insurance and bond costs of the sub tiers affected by the Change in the Work. Contractor’s quotation shall be forwarded to Owner within ten (10) calendar days of Owner’s request and, if acceptable to Owner, shall be incorporated in the Change Order. If not acceptable, the parties shall make every reasonable effort to agree as to the amount of such decrease, which may be based on a lump sum properly itemized, on unit prices stated in the Contract Documents and/or on such other basis as the parties may mutually determine. If the parties are unable to so agree, then Owner may submit the matter to the Architect/Engineer for determination. In that event, the amount of such decrease shall be the total of the Architect/Engineer’s estimate of the reduction in actual Cost of the Work, as determined by the Architect/Engineer in its reasonable judgment, plus TBD percent (___%) thereof as overhead and profit. When both additions and credits covering related or unrelated Work or substitutions are involved in a change, the markup shall be figured on the basis of the net change, if any, for that Change Order.
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Related to CHANGES REQUIRING A DECREASE IN GMP

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  • QUANTITY CHANGES PRIOR TO AWARD The Commissioner reserves the right, at any time prior to the award of a specific quantity Contract, to alter in good faith the quantities listed in the Bid Specifications. In the event such right is exercised, the lowest responsible Bidder meeting Bid Specifications will be advised of the revised quantities and afforded an opportunity to extend or reduce its Bid price in relation to the changed quantities. Refusal by the low Bidder to so extend or reduce its Bid price may result in the rejection of its Bid and the award of such Contract to the lowest responsible Bidder who accepts the revised qualifications.

  • Wage Rate Payments / Changes During Contract Term The wages to be paid under any resulting Contract shall not be less than the prevailing rate of wages and supplements as set forth by law. It is required that the Contractor keep informed of all changes in the Prevailing Wage Rates during the Contract term that apply to the classes of individuals supplied by the Contractor on any projects resulting from this Contract, subject to the provisions of the Labor Law. Contractor is solely liable for and must pay such required prevailing wage adjustments during the Contract term as required by law.

  • Price Increase/Decreases No price increases will be permitted during the first period of the Contract. The County requires documented proof of cost increases on Contracts prior to any price adjustment. A minimum of 30-days advance notice in writing is required to secure such adjustment. No retroactive price adjustments will be considered. All price decreases will automatically be extended to the County of Orange. The County may enforce, negotiate, or cancel escalating price Contracts or take any other action it deems appropriate, as it sees fit. The net dollar amount of profit will remain firm during the period of the Contract. Adjustments increasing the Contractor’s profit will not be allowed.

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  • C4 Price adjustment on extension of the Initial Contract Period C4.1 The Contract Price shall apply for the Initial Contract Period. In the event that the Client agrees to extend the Initial Contract Period pursuant to clause F8 (Extension of Initial Contract Period) the Client shall, in the 6 month period prior to the expiry of the Initial Contract Period, enter into good faith negotiations with the Contractor (for a period of not more than 30 Working Days) to agree a variation in the Contract Price.

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