Common use of Effect of GMP Change Order Upon Bonds Clause in Contracts

Effect of GMP Change Order Upon Bonds. Upon approval of the GMP Change Order, payment and performance bonds shall be furnished by the Design-Builder and in conformance with and in the form set forth in Contract Documents, in the amount of the Guaranteed Maximum Price, designating Design-Builder as the principal obligor and the Owner as the obligee. If in connection with a Component Change Order preceding the GMP Change Order, Design-Builder has furnished payment and performance bonds covering the Work under Component Change Orders and under the GMP Change Order, and such bonds are in an amount not less than the Guaranteed Maximum Price, no additional payment or performance bonds shall be required. However, Owner may require written confirmation of the surety that the outstanding bonds cover the Work under the GMP Change Order. No election or failure of the Owner to request such confirmation shall affect the rights of Owner or others under the existing bonds covering such Work.

Effect of GMP Change Order Upon Bonds. Upon approval of the GMP Change Order, payment and performance bonds shall be furnished by the Design-Builder CM/GC and in conformance with and in the form set forth in Contract Documents, in the amount of the Guaranteed Maximum Price, designating Design-Builder CM/GC as the principal obligor and the Owner as the obligee. If in connection with a Component Change Order preceding the GMP Change Order, Design-Builder CM/GC has furnished payment and performance bonds covering the Work under Component Change Orders and under the GMP Change Order, and such bonds are in an amount not less than the Guaranteed Maximum Price, no additional payment or performance bonds shall be required. However, Owner may require written confirmation of the surety that the outstanding bonds cover the Work under the GMP Change Order. No election or failure of the Owner to request such confirmation shall affect the rights of Owner or others under the existing bonds covering such Work.

Effect of GMP Change Order Upon Bonds. Upon approval of the GMP Change Order, payment and performance bonds shall be furnished by the Design-Builder CMR and in conformance with and in the form set forth in Contract Documents, in the amount of the Guaranteed Maximum Price, designating Design-Builder CMR as the principal obligor and the Owner Board as the obligee. If in connection with a Component component Change Order preceding the GMP Change Order, Design-Builder CMR has furnished payment and performance bonds covering the Work under Component Change Orders and under the GMP Change Order, and such bonds are in an amount not less than the Guaranteed Maximum Price, no additional payment or performance bonds shall be required. However, Owner the Board may require written confirmation of the surety that the outstanding bonds cover the Work under the GMP Change Order. No election or failure of the Owner Board to request such confirmation shall affect the rights of Owner the Board or others under the existing bonds covering such Work.

Effect of GMP Change Order Upon Bonds. Upon approval of the GMP Change Order, payment and performance bonds shall be furnished by the Design-Builder CMR and in conformance with and in the form set forth in Contract Documents, in the amount of the Guaranteed Maximum Price, designating Design-Builder CMR as the principal obligor and the Owner Board as the obligee. If in connection with a Component Change Construction Order preceding the GMP Change Order, Design-Builder CMR has furnished payment and performance bonds covering the Work under Component Change Construction Orders and under the GMP Change Order, and such bonds are in an amount not less than the Guaranteed Maximum Price, no additional payment or performance bonds shall be required. However, Owner the Board may require written confirmation of the surety that the outstanding bonds cover the Work under the GMP Change Order. No election or failure of the Owner Board to request such confirmation shall affect the rights of Owner the Board or others under the existing bonds covering such Work.