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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Related to Conversion of GMP to Final GMP

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  • IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC TRANSFERS In the event that you believe there has been an error with respect to any original check or image thereof transmitted to the Credit Union for deposit or a breach of this Agreement and Disclosure, you will immediately contact the Credit Union regarding such error or breach as set forth below. • By calling the Credit Union at: 000-000-0000; • By emailing the Credit Union at: xxxxxxxxxx@xxxxxxxxxxx.xxx; or • By writing a letter and sending it to P.O. Box 60890, Los Angeles, CA 00000-0000. Contact us as soon as you can if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared. • Tell us your name and Account number. • Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information. • Tell us the dollar amount of the suspected error. If you tell us orally, we may require that you send us your complaint or question in writing within ten (10) business days. We will tell you the results of our investigation within ten (10)* business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45** days to investigate your complaint or question. If we decide to do this, we will provisionally credit your Account within ten (10)* business days for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within ten (10) business days, we may not credit your Account. If we decide that there was no error, we will send you a written explanation within three (3) business days after we finish our investigation. You may ask for copies of the documents that we used in our investigation. * If you assert an error within 30 days after you make the first deposit to your Account, we will have 20 business days instead of ten (10) business days. ** If you give notice of an error within 30 days after you make the first deposit to your Account, or notice of an error involving a transaction initiated outside the United States, its possessions and territories, we will have 90 days instead of 45 days to investigate. In accordance with Visa Operating Rules and Regulations, you will receive a provisional credit for Visa Check Card losses for unauthorized use within five (5) business days after you have notified us of the loss. This does not apply to ATM transactions using a PIN(s).

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