Common use of DEVELOPMENT OF THE GUARANTEED MAXIMUM PRICE Clause in Contracts

DEVELOPMENT OF THE GUARANTEED MAXIMUM PRICE. When TFC and A/E determine that the design of the Project is sufficiently developed and documented to allow detailed pricing of its construction, and no later than the dates set forth in this Article 5, CMR shall prepare and submit the GMP Proposal to TFC for review and acceptance. The process includes the bidding phase, preparation of the GMP Proposal, consideration of the GMP Proposal, and acceptance or rejection of the GMP Proposal as the GMP Amendment, as set forth in this Article 5.

DEVELOPMENT OF THE GUARANTEED MAXIMUM PRICE. When PMP, TFC and A/E determine that the design of the Project is sufficiently developed and documented to allow detailed pricing of its construction, and no later than the dates set forth in this Article 5, CMR shall prepare and submit the GMP Proposal to PMP and TFC for review and acceptance. The process includes the bidding phase, preparation of the GMP Proposal, consideration of the GMP Proposal, and acceptance or rejection of the GMP Proposal as the GMP Amendment, as set forth in this Article 5.