Common use of Determination of the Guaranteed Maximum Price Clause in Contracts

Determination of the Guaranteed Maximum Price. 6.7.1 When Owner and Construction Manager at Risk mutually agree that the drawings and specifications are sufficiently complete for the Construction Manager at Risk to provide a Guaranteed Maximum Price for the Work, the Construction Manager at Risk shall, within fourteen (14) calendar days, deliver to Owner a proposed Guaranteed Maximum Price and GMP Supporting Documents for review and negotiation. If any actual subcontract offers are available at the time the GMP is being established, Construction Manager at Risk shall use those subcontract offers in establishing the GMP.