Changes to Guaranteed Maximum Price Sample Clauses

Changes to Guaranteed Maximum Price. 2.4.1 The Parties acknowledge that the Guaranteed Maximum Price is based on the Construction Documents, including the plans and specifications, as identified in Exhibit D to the Facilities Lease. 2.4.2 As indicated in the Facilities Lease, the Parties may add to or remove from the project specific scopes of work. Based on these change(s), the Parties may agree to a reduction or increase in the Guaranteed Maximum Price. If a cost impact of a change is agreed to by the Parties, it shall be paid upon the payment request from Developer for the work that is the subject of the change in accordance with the provisions of Exhibit D. The amount of any change to the Guaranteed Maximum Price shall be calculated in accordance with the provisions of Exhibit D to this Facilities Lease. 2.4.3 The Parties agree to reduce the Guaranteed Maximum Price for the unused portion of Allowances and/or Contingency, if any.
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Changes to Guaranteed Maximum Price. 2.4.1 The Parties acknowledge that the Guaranteed Maximum Price, including all Phase GMPs, is based on the Construction Documents, including the plans and specifications, as identified in Exhibit D to the Facilities Lease. 2.4.2 As indicated in the Facilities Lease, the Parties may add to or remove from the project specific scopes of work. Based on these change(s), the Parties may agree to a reduction or increase in the Guaranteed Maximum Price, or any Phase GMPs. If a cost impact of a change is agreed to by the Parties, it shall be paid upon the payment request from Developer for the work that is the subject of the change in accordance with the provisions of Exhibit D. The amount of any change to the Guaranteed Maximum Price and/or Phase GMP shall be calculated in accordance with the provisions of Exhibit D to this Facilities Lease. 2.4.3 The Parties agree to reduce the Guaranteed Maximum Price, or Phase GMP as appropriate, for the unused portion of Allowances and/or Contingency, if any.
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Changes to Guaranteed Maximum Price. 6.1. As indicated in the Master Facilities Lease, the Parties may add or remove specific scopes of work from the Project. Based on these change(s), the Parties may agree to a reduction or increase in the GMP. If a cost impact or a change is agreed to by the Parties, it shall be reflected as a reduction or increase in GMP and paid upon the payment request from the Contractor when the work is performed or deducted from the next payment request from the Contractor, as applicable. The process for these changes shall be as follows: 6.1.1. The Parties acknowledge that the Schedule of Values for Tenant Improvement Payments will increase or decrease based upon an agreed change. As such, the parties must first agree to the cost of a change to the GMP, or the District authorizes or directs a change to the GMP pursuant to the “CHANGES” section of Exhibit G to the Master Facilities Lease. In this regard, the District’s process for approval of Change Orders is not a part of the GMP at the time of the execution of the Contract. The Parties also acknowledge that the District will withhold Retention for any Change Orders, just like the District will withhold Retention from uses of Allowances (s) and uses of Contractor Contingency that the District approves for the Project. 6.1.1.1. Once the District approves a Change Order, the Contractor shall invoice 100% of the approved amount of that Change Order on the Schedule of Values for the Tenant Improvement Payments, the District will pay ninety- five (95%) of that amount, and the District will withhold five (5%) of that amount as Retention, as indicated herein and in Exhibit G to the Master Facilities Lease. For Clarification: While the Parties treat Change Orders, Allowance(s), and Contractor Contingency the same for purposes of withholding 5% for Retention, the Parties treat Change Orders differently for purposes of changing the GMP. This is because Change Orders must be added to the Schedule of Values for the Tenant Improvement Payments, which changes the GMP. In contrast, Allowance(s) and Contractor Contingency are already part of the GMP. See section 2 above. 6.1.1.2. Retention will be paid as indicated in Exhibit G to the Master Facilities Lease. Retention will be paid on or after the final Tenant Improvement Payment. 6.1.1.3. Once those updated amounts are agreed to, the Parties shall amend the Contract Documents, as required, to reflect this change. 6.1.1.4. The next application for Tenant Improvement Payments will re...
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Changes to Guaranteed Maximum Price. 4.1. As indicated in the Facilities Lease, the Parties may add or remove specific scopes of work from the Project. Based on these change(s), the Parties may agree to a reduction or increase in the Guaranteed Maximum Price. If a cost impact or a change is agreed to by the Parties, it shall be reflected as a reduction or increase in the Tenant Improvement Payments and paid upon the payment request from the Contractor when the work is performed, or deducted from the next payment request from the Contractor, as applicable. 4.2. The Parties acknowledge that the Guaranteed Maximum Price is based on the Construction Documents, including the Plans and Specifications, as identified and incorporated by reference herein.
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Changes to Guaranteed Maximum Price. 2.5.1 As indicated in the Facilities Lease, the Parties may add or remove specific scopes of work from the Project. Based on these change(s), the Parties may agree to a reduction or increase in the Guaranteed Maximum Price. If a cost impact of a change is agreed to by the Parties, it shall be reflected as a reduction or increase in the Tenant Improvement Payments and paid upon the payment request from the Developer when the work is performed. The amount of any change to the Guaranteed Maximum Price shall be calculated in accordance with the provisions of Article 17 of Exhibit D to this Facilities Lease. 2.5.2 The Parties acknowledge that the Guaranteed Maximum Price is based on the Construction Documents, including the plans, and specifications, as identified in Exhibit D to the Facilities Lease.
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Changes to Guaranteed Maximum Price. 7.1. As indicated in the Facilities Lease, the Parties may add or remove specific scopes of work from the Project. Based on these change(s), the Parties may agree to a reduction or increase in the Guaranteed Maximum Price. If a cost impact or a change is agreed to by the Parties, it shall be reflected as a reduction or increase in the GMP and paid upon the payment request from the Contractor when the work is performed, or deducted from the next payment request from the Contractor, as applicable. The process for these changes shall be as follows: 7.1.1. The Parties must first agree to the cost of a change to the GMP or the District authorizes or directs a change to the GMP pursuant to the “CHANGES” section of Exhibit G to the Facilities Lease. 7.1.2. For all Change Orders, the District will pay 95% of the approved amount of each Change Order, the scope of which will be added to the Schedule of Values. The District will withhold 5% of each additive Change Order amount as Retention, as defined in Exhibit G to the Facilities Lease. 7.1.3. The Parties acknowledge that the Lease Payments plus Interest amount will remain unchanged throughout the Project and will be shown on the Schedule of Values. The Parties also acknowledge that the District will also hold Retention, but only from any additive Change Orders that the District approves for the Project. 7.1.3.1. Retention will be paid as indicated in Exhibit G to the Facilities Lease. 7.1.3.2. Once those updated amounts are agreed to, the Parties shall amend the Contract Documents, as required, to reflect this change. 7.1.3.3. The next application for Tenant Improvement Payment will reflect the updated GMP amount and the Contractor will increase or decrease its requested payment based on that updated GMP amount. 7.2. The Parties acknowledge that the Guaranteed Maximum Price is based on the Construction Documents, including the Plans and Specifications, as identified and incorporated by reference herein.
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Related to Changes to Guaranteed Maximum Price

  • Guaranteed Maximum Price The total monies payable to Developer under the terms and conditions of the Contract Documents.

  • Guaranteed Maximum Price (GMP Construction Manager guarantees that it shall not exceed a Guaranteed Maximum Price (GMP) of One Million, Twenty-One Thousand, One Hundred Twenty- Four Dollars and Ninety-Seven Cents ($1,021,124.97) for the identified Sub-Project.

  • GUARANTEED MAXIMUM PRICE PROPOSAL 7.1 At the conclusion of the Design Development phase the Contractor shall prepare and submit a Guaranteed Maximum Price Proposal to Owner based on the Design Development phase documents and review comments. The GMP shall be delivered to the Owner within three (3) weeks of the Design Development review meeting or a date established by the Owner. The GMP Proposal must be prepared in accordance with the guidelines established by Owner and delivered in the format specified by Owner in Exhibit “E” attached to this Agreement. Owner, at its sole option and discretion, may specify different requirements for the GMP Proposal. Contractor shall not withdraw its Guaranteed Maximum Price Proposal for ninety (90) days following submission to Owner. 7.2 In developing the GMP Proposal, Contractor shall coordinate efforts with A/E to identify qualifications, clarifications, assumptions, exclusions, value engineering and any other factors relevant to establishment of a GMP. Contractor shall review development of the GMP Proposal with Owner on an ongoing basis to address clarifications of scope and pricing, distribution of contingencies, schedule, assumptions, exclusions, and other matters relevant to the establishment of a GMP. 7.3 The GMP Proposal must include a written description of how it was derived that specifically identifies the clarifications and assumptions made by Contractor in the GMP and the monetary amounts attributable to them. The GMP Proposal shall include, without limitation, a breakdown of Contractor’s estimated General Conditions Costs and estimated Cost of the Work organized by trade and Masterformat 2004; contingency amounts; the Construction Phase Fee; and the proposed Contract Time, including dates for Notice to Proceed, Substantial Completion and Final Completion. Notwithstanding the breakdown of Contractor’s estimated costs, there are no line item guaranteed maximum amounts except for general conditions. 7.4 The Guaranteed Maximum Price Proposal shall allow for reasonably expected changes and refinements in the Drawings and Specifications through completion of the Construction Documents, except for material changes in scope. 7.5 The GMP Proposal shall include a Contractor’s Contingency amount. 7.6 Included with its GMP Proposal, Contractor shall provide three complete, bound sets of the drawings, specifications, plans, sketches, instructions, requirements, materials, equipment specifications and other information or documents that fully describe the Project as developed at the time of the GMP Proposal and that are relevant to the establishment of the GMP. The bound supporting documents shall be referenced in and incorporated into the GMP Proposal. 7.7 The GMP Proposal and all supporting documents shall identify and describe all items, assumptions, costs, contingencies, schedules and other matters necessary and relevant for proper execution and completion of the Work and for establishment of the GMP. The GMP Proposal and the supporting documents are complementary and, in the event of an irreconcilable conflict between or among them, the interpretation that provides for the higher quality or quantity of material and/or workmanship shall prevail over all other interpretations. 7.8 In submitting the GMP Proposal, Contractor represents that it will provide every item, system or element of performance that is identified, shown or specified in the GMP Proposal or the supporting documents, along with those necessary or ancillary materials that are reasonably inferable and equipment for their complete operating installation, unless specifically accepted in writing by Owner. Upon Owner’s written acceptance of the GMP Proposal, Contractor shall not be entitled to any increase in the GMP due to the continued refinement of the Construction Documents or the absence or addition of any detail or specification that may be required in order to complete the construction of the Project as described in and reasonably inferable from the GMP Proposal or the supporting documents used to establish the GMP. 7.9 The GMP Proposal shall adopt and incorporate all of the terms and conditions of this Agreement and all attachments to this Agreement. Any proposed deviation from the terms and conditions of this Agreement must be clearly and conspicuously identified to Owner in writing and specifically accepted in writing by Owner. In the event of a conflict between any term of the GMP Proposal that was not clearly and conspicuously identified and approved by Owner and the terms of this Agreement and its attachments, the terms of the Agreement and its attachments shall control. 7.10 Owner may accept or reject the Guaranteed Maximum Price Proposal or attempt to negotiate its terms with Contractor. Upon acceptance by Owner of the GMP Proposal in writing, both parties shall execute the GMP Proposal which shall become part of this Agreement. If Owner rejects the GMP Proposal or the parties are unable or unwilling to agree on a GMP, Owner may terminate this Agreement. 7.11 Following Owner’s acceptance of the GMP Proposal, Contractor shall continue to monitor the development of the Construction Documents so that, when complete, the Construction Documents adequately incorporate and resolve all qualifications, assumptions, clarifications, exclusions and value engineering issues identified in the GMP Proposal. During the Construction Documents stage, Contractor and A/E shall jointly deliver a monthly written status report to Owner describing the progress on the incorporation of all qualifications, assumptions, clarifications, exclusions, value engineering issues and all other matters relevant to the establishment of the GMP into the Construction Documents. 7.12 Contractor shall be entitled to an equitable adjustment of the GMP if it is required to pay or bear the burden of any new federal, state, or local tax, or any rate increase of an existing tax, except taxes on income, adopted through statute, court decision, written ruling, or regulation taking effect after acceptance of the GMP Proposal. This equitable adjustment does not apply to tax increases borne solely by Subcontractors. 7.13 The parties may agree to convert the GMP to a lump sum contract amount at any time after Contractor has received bids or proposals from trade Contractors or Subcontractors for the performance of all major elements of the Project. In proposing a lump sum amount, Contractor shall consider the buyout savings, any unused contingency amounts and the trade package contracts that have not been finalized. In preparing a lump sum conversion proposal, Contractor must provide the following information: 7.13.1 The stage of completion of the Project; 7.13.2 The trade packages that have been completely bought out; 7.13.3 The trade packages remaining that have not been bought out; 7.13.4 A complete line item breakdown of the calculations used to establish a lump sum amount based on the GMP Schedule of Values; 7.13.5 An accounting of all savings amounts that are to be returned to Owner as part of the lump sum calculation; and 7.13.6 Any other Project information requested by Owner. 7.14 Contractor shall document the actual Cost of the Project at buyout as compared to the Guaranteed Maximum Price Proposal and shall report this information to Owner monthly and with Contractor’s recommendation for selection of a bid/proposal for each subcontracting package. 7.15 Notwithstanding anything to the contrary herein, Contractor shall have no liability for delay or liquidated damages if the parties are unable to reach an agreement on the GMP.

  • 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.”

  • QUANTITY BASIS OF CONTRACT – NO GUARANTEED QUANTITIES The contract established has no guarantee of any specific quantity and the State is obligated only to buy that quantity which is needed by its agencies.

  • Contract Price 3.1 For full and complete performance, OWNER agrees to pay CONTRACTOR the sum of $15,165.00 payable in accordance with the terms hereof and to the satisfaction of the OWNER.

  • C1 Contract Price In consideration of the Contractor’s performance of its obligations under the Contract, the Authority shall pay the Contract Price in accordance with clause C2 (Payment and VAT).

  • THE CONTRACT PRICE A. This Contract is an indefinite-quantity contract for construction work and services. The Estimated Annual Value of this Contract is $2,000,000. This is only an estimate and may increase or decrease at the discretion of Sourcewell. B. The Contractor shall perform any or all Tasks in the Construction Task Catalog for the Unit Price appearing therein multiplied by the following Adjustment Factors:

  • No Guaranteed Work Work authorizations are issued at the discretion of the State. While it is the State's intent to issue work authorizations hereunder, the Engineer shall have no cause of action conditioned upon the lack or number of work authorizations issued.

  • Unit Price Work Work to be paid for on the basis of unit prices as defined and described in the Contract Documents. A percentage markup for overhead or profit shall be included in all unit prices.

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