Common use of Conversion to Lump Sum Clause in Contracts

Conversion to Lump Sum. The Parties may agree to convert the GMP to a lump sum contract amount at any time after the CM has received bids or proposals from trade contractors or subcontractors for the performance of all major elements of the Work. In proposing a lump sum amount, the CM shall consider the buyout savings, any unused contingency amounts and the trade package contracts that have not been finalized. In preparing a lump sum conversion proposal, the CM must provide the following information:

Conversion to Lump Sum. The Parties may agree to convert the GMP to a lump sum contract amount at any time after the CM has received bids or proposals from trade contractors or subcontractors Subcontractors for the performance of all major elements of the Work. In proposing a lump sum amount, the CM shall consider the buyout savings, any unused contingency amounts and the trade package contracts that have not been finalized. In preparing a lump sum conversion proposal, the CM must provide the following information:.