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 are 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 approve 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 ref...
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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. 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. 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 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 3.1 For full and complete performance, OWNER agrees to pay CONTRACTOR the sum of $179,000.00 payable in accordance with the terms hereof and to the satisfaction of the OWNER.

  • 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: