Common use of Contract Price or GMP Schedule of Values Clause in Contracts

Contract Price or GMP Schedule of Values. Contractor shall submit a single document itemizing the breakdown of the Contract price or GMP, including general conditions, contingencies and allowances using the Owner Standard Schedule of Values format. The Contractor shall submit a draft breakdown at least twenty-one (21) days prior to the initial Application for Payment and such submittal shall be a condition precedent to the processing of the first payment application. The Contractor shall submit subsequent draft copies of the Schedule of Values at least seven (7) days prior to formal submission of each monthly payment. 2.4.4.1.1 The Schedule of Values breakdown shall follow the trade divisions of the specifications and shall be itemized by submittal, floor, area, elevation or other building systems, as a minimum. The breakdown shall include a labor and material breakdown for each line item and be of such detail as may be required by the Owner and/or Architect/Engineer, but in general shall limit each line item to less than $100,000. 2.4.4.1.2 Commissioning activities shall be identified as a line item on the Schedule of Values in sufficient detail to allow for Owner’s monthly review of progress. 2.4.4.1.3 No adjustment to the original detailed breakdown of a Contract line item shall be made once accepted by the Owner and Architect/Engineer. Once accepted, the breakdown will form the basis for all periodic payments. 2.4.4.1.4 Contracts with Construction Manager-at-Risk or Design-Build Agreements may adjust the detailed breakdown of a General Conditions line item if the total amount for a General Conditions line item exceeds one hundred percent (100%). A corresponding amount shall be deducted from another General Condition line item(s) or the Construction Phase Fee to pay for the General Conditions’ line item overage. 2.4.4.1.5 Contractor shall not use subcontractor invoices/pay applications in lieu of a single Schedule of Values from the Contractor. 2.4.4.1.6 The breakdown shall anticipate future Change Orders and make provisions for incorporating all changes into the Schedule of Values listing. If issued, Change Orders shall be identified separately and shall itemize the GMP Change Orders, Change Proposals and/or field orders, which are incorporated into each Change Order for payment on a line-item basis as required by this section. 2.4.4.1.6.1 Payments shall not be made for work contained in unexecuted Change Orders.

Contract Price or GMP Schedule of Values. Contractor shall submit a single document itemizing the breakdown of the Contract price or GMP, including general conditions, contingencies and allowances using the Owner Standard Schedule of Values format. The Contractor shall submit a draft breakdown at least twenty-one (21) days prior to the initial Application for Payment and such submittal shall be a condition precedent to the processing of the first payment application. The Contractor shall submit subsequent draft copies of the Schedule of Values at least seven (7) days prior to formal submission of each monthly payment. 2.4.4.1.1 The Schedule of Values breakdown shall follow the trade divisions of the specifications and shall be itemized by submittal, floor, area, elevation or other building systems, as a minimum. The breakdown shall include a labor and material breakdown for each line item and be of such detail as may be required by the Owner and/or Architect/Engineer, but in general shall limit each line item to less than $100,000. 2.4.4.1.2 Commissioning activities shall be identified as a line item on the Schedule of Values in sufficient detail to allow for Owner’s monthly review of progress. 2.4.4.1.3 No adjustment to the original detailed breakdown of a Contract line item shall be made once accepted by the Owner and Architect/Engineer. Once accepted, the breakdown will form the basis for all periodic payments. 2.4.4.1.4 Contracts with Construction Manager-at-Risk or Design-Build Agreements may adjust the detailed breakdown of a General Conditions line item if the total amount for a General Conditions line item exceeds one hundred percent (100%). A corresponding amount shall be deducted from another General Condition line item(s) or the Construction Phase Fee to pay for the General Conditions’ line item overage. 2.4.4.1.5 Contractor shall not use subcontractor invoices/pay applications in lieu of a single Schedule of Values from the Contractor. 2.4.4.1.6 The breakdown shall anticipate future Change Orders and make provisions for incorporating all changes into the Schedule of Values listing. If issued, Change Orders shall be identified separately and shall itemize the GMP Change Orders, Change Proposals and/or field orders, which are incorporated into each Change Order for payment on a line-item basis as required by this section. 2.4.4.1.6.1 Payments shall not be made for work contained in unexecuted Change Orders.