Conversion of GMP to Final GMP Sample Clauses

Conversion of GMP to Final GMP. 3.3.1 The parties understand and agree that once bids have been received and accepted for the Project and the Project is fully “bought out”, the GMP will be reduced to a figure that reflects actual, bid costs, exclusive of contingencies and that this Agreement will be amended to incorporate this figure, referred to as the “Final GMP”. The intent of this process is to transfer bid savings to the University at the time of establishing the Final GMP. Upon acceptance of a GMP by the University, the Construction Manager will proceed to issue bid packages upon completion of Contract Documents as provided in Article 4 of this Agreement. The Construction Manager shall provide a Final GMP within 100 days of receipt of 100 % construction documents or within 30 days of the time at which 90% of all bids have been received, whichever is the shorter duration, unless otherwise approved by the University Project Manager. Provided that the aggregate of the bids (which shall include all bids required for performance of the Work), and the Construction Manager’s fee (as defined in Article 12) is lower than the GMP established in Article 3.2.1 or 3.2.2 and accepted by the University, the Construction Manager shall submit a Final GMP to the University for its approval and acceptance on the form provided in Appendix 7. Construction Manager’s Fee, as set forth in Article 12, will initially be calculated on the basis of a percentage of the GMP, and then will be recalculated at the time of acceptance of the Final GMP. The University will reflect the adjustment in a change order at the time of the next application for payment following acceptance of the Final GMP. In the event the aggregate, actual, construction costs are below the Guaranteed Maximum Price, the difference between the GMP and the trade contractor buyout amounts as reflected in the Final GMP shall accrue 100% to the University at the time of the acceptance by the University of the Final GMP. Upon acceptance by the University, Appendix 7 as amended shall be incorporated by reference into and shall become a part of this Agreement. The University shall participate fully in the review of bids and in any negotiations that take place with the proposed Subcontractors. Final selection of Subcontractors shall be by mutual agreement between the Construction Manager and the University. 12790989.5
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