Contract Price Element Adjustment Memoranda (CPEAM. Contract Administrator is authorized to issue a CPEAM to reallocate sums between the Contract Price Elements within the GMP. In no event shall the GMP be modified except by Change Order or Amendment. If County changes the Scope of Work, the Fixed Fee shall be adjusted as set forth in Section 10.4. Contractor shall advise Contract Administrator in writing within seven (7) calendar days of receipt of a CPEAM of any objections or claims arising from the CPEAM or same shall be deemed waived. The following specific CPEAMs are contemplated, but additional or different CPEAMs may be issued: 10.3.1 When subcontracts of the Project are bid and have been executed, if the sum of the bids is below the Contractor’s Estimated Direct Construction Cost, a CPEAM shall be issued by Contract Administrator to move the surplus to the Owner’s Allowance Account. If the sum of the subcontracts awarded exceeds the Contractor’s Estimated Direct Construction Cost, the deficiency may be taken by CPEAM from the Owner’s Allowance Account at the sole discretion of Contract Administrator, provided however, it shall not be cause to increase the GMP.
Appears in 4 contracts
Samples: Construction Agreement, Construction Agreement, Construction Agreement
