Contract Cost Limit, Guaranteed Maximum Price, Shared Savings Sample Clauses

Contract Cost Limit, Guaranteed Maximum Price, Shared Savings a. Contract Cost Limit (“CCL”) A Contract Cost Limit (“CCL”) (as defined by GC Section 1.3.1) has been agreed to by the parties, in the amount of SEVENTY-FIVE MILLION FIVE HUNDRED EIGHTY THOUSAND DOLLARS ($75,580,000), which is stated in the General Conditions, attached as Exhibit 2. Both parties further agree that the CCL included in this Agreement is reduced by the value of the Interim Agreement and the First Amendment to the Interim Agreement, as follows: Gross Contract Cost Limit $75,580,000 Value of Interim Agreement ($1,300,000) Value of First Amendment to Interim Agreement ($1,205,000) Contract Cost Limit Net of Interim Agreements $73,075,000 The CCL is the maximum amount payable to Design-Builder and is a cap on Design- Builder’s compensation, which is the sum of Reimbursable Costs (see 13.b) and Fixed Fees (see 13.c) payable to complete the Scope of Work. As the design is refined, the Design-Builder, the Owner and the Owner’s Representative will adjust the Scope of Work accordingly to ensure that a GMP will be established that will be less than the CCL unless Owner’s Representative directs a Change to the Scope of Work in accordance with GC Article 9. The Contract Cost Limit includes an amount of $3,300,000 as the Design-Builder’s Contingency for the project. Design-Builder shall develop Design Development documents in accordance with Article 11, above, in order to arrive at a Guaranteed Maximum Price that will be less than the CCL. Design-Builder shall submit to Owner’s Representative estimates of the GMP at the completion of the following design phases: Design Development Documents (65%) and Construction Documents (90%). If any estimate submitted, including without limitation, the final estimate of Reimbursable Costs and Fixed Fees established at the end of the Construction Documents phase, indicates that the Reimbursable Costs plus the Fixed Fees for the Project will exceed the CCL, as adjusted for any Change, the Design-Builder, the Owner and the Owner’s Representative shall work collaboratively to revise the Plans and Specifications, without increasing the fixed fees, by making adjustments to the Scope of the Work or quality of the Work, so as to reduce the estimated Reimbursable Costs plus Fixed Fees making up the GMP to be less than the CCL.
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Related to Contract Cost Limit, Guaranteed Maximum Price, Shared Savings

  • Guaranteed Maximum Price (GMP Construction Manager guarantees that it shall not exceed a Guaranteed Maximum Price (GMP) of Eight Hundred Thirty Thousand, Two Hundred Twenty Dollars and Forty-Five Cents ($830,220.45) for the identified Sub-Project.

  • Guaranteed Maximum Price The anticipated Guaranteed Maximum Price for the Project at the time this Agreement is executed is: Fifty Million, Six Hundred Four Thousand, Eight Hundred Fifty-Five and no/100 Dollars ($ 50,604,855.00);

  • PAYMENT AND CONTRACT PRICE C1 Contract Price C2 Payment and VAT C3 Recovery of Sums Due C4 Contract Price During Extension of the Initial Contract Period C5 Euro

  • C1 Contract Price C1.1 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).

  • 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.”

  • 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.

  • Basis of Guaranteed Maximum Price The Design-Builder shall include with the GMP Proposal a written statement of its basis, which shall include:

  • CONTRACT PRICE/PRICE LIMITATION/ PAYMENT 5.1 The contract price, method of payment, and terms of payment are identified and more particularly described in EXHIBIT C which is incorporated herein by reference.

  • 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 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:

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