ESTABLISHMENT OF GUARANTEED MAXIMUM PRICE “GMP. 5.1 Guaranteed Maximum Price (GMP) is the amount agreed upon between the District and Contractor that shall not be exceeded for the Construction of the Project within the Contract Time based on Contractor’s thorough review of the Contract Documents, Due Diligence in investigation of all aspects of the Project. The GMP includes the costs for the Sublease Payments being paid by the District as Progress Payments and Retention Payment during construction in accordance with the terms of this Construction Services Agreement. Any references to Progress Payments shall also mean Sublease Payments. A Construction Contingency (Article 5.2.1) and an Errors and Omissions Contingency (Article 5.2.2) is contained within the GMP. Costs that are outside of the GMP shall be as follows:
ESTABLISHMENT OF GUARANTEED MAXIMUM PRICE “GMP. A. The preliminary "Estimated GMP" for the Project shall be $ ($ ). The Estimated GMP shall be subject to modification when the Construction Documents are finalized and approved by the Division of the State Architect ("Final GMP"). The Estimated GMP is based upon plans and specifications existing and reviewed by the Contractor at the time this Construction Services Agreement is entered into as more fully described and referenced in the Scope of Work set forth in Exhibit "A." Sublease Payments and/or Sublease Prepayments by the District pursuant to the Sublease and Section 26 hereof shall be commensurate with the GMP. The Final GMP shall be subject to adjustments for Extra Work/Modifications in accordance with the provisions of Section 9 and adjustments for reductions in the Scope of Work pursuant to the provisions of Section 4(B), below. The Estimated GMP includes, and the Final GMP shall include, the cost of all labor, materials, equipment, general conditions, overhead, profit and Contractor contingency in an amount to be negotiated upon the finalization of the GMP.
ESTABLISHMENT OF GUARANTEED MAXIMUM PRICE “GMP. 5.1 Guaranteed Maximum Price (GMP) is the amount agreed upon between the District and Contractor that shall not be exceeded for the Construction of each Project within the Contract Time based on Contractor’s thorough review of the Contract Documents, Due Diligence in investigation of all aspects of the Project, as set forth in Exhibit J for each Project. The GMP includes the costs for the Sublease Payments being paid by the District as Progress Payments and Retention Payment during construction in accordance with the terms of this Master Construction Services Agreement. Any references to Progress Payments shall also mean Sublease Payments. A Construction Contingency (Article 5.2.1) and an Errors and Omissions Contingency (Article 5.2.2) is contained within the GMP. Costs that are outside of the GMP shall be as follows:
ESTABLISHMENT OF GUARANTEED MAXIMUM PRICE “GMP. 5.1 Guaranteed Maximum Price (GMP) is the amount, exclusive of any finance charges included in the Sublease Payments, agreed upon between the District and Contractor that shall not be exceeded for the Construction of the Project within the Contract Time based on Contractor’s thorough review of the Contract Documents, Due Diligence in investigation of all aspects of the Project. The GMP includes the costs for the Tenant Improvement Progress Payment Amount being paid by the District as Progress Payments and Retention during construction in accordance with the terms of this Construction Services Agreement and the Sublease Payments, exclusive of any finance charges, being paid under the terms of the Sublease. A Construction Contingency (Article 5.2.1) and an Errors and Omissions Contingency (Article 5.2.2) is contained within the GMP. Costs that are outside of the GMP shall be as follows:
ESTABLISHMENT OF GUARANTEED MAXIMUM PRICE “GMP. A. The estimated GMP for the Project shall be Dollars ($ ), as further described in Exhibit "C" of the Sublease. The final GMP shall be based upon the approved plans and specifications existing and reviewed by Contractor at the time the amended Construction Services Agreement is entered into as more fully described and referenced in the Scope of Work set forth in Exhibit “A.” Contractor’s detailed line item costing of the Project, or Master Budget, totaling the GMP is attached hereto as Exhibit “B.” Furthermore, District represents and warrants that the GMP consists of the Tenant Improvement Payments plus the Sublease Payments to be paid as a portion of the rental of the Project and Site under the terms of the Sublease. District represents and warrants that (1) the total amount of Sublease Payments includes the total rental for the Project, which total does not exceed the fair market value for the Project; (2) said rental amount has been incorporated into the GMP in consideration and inducement of this Construction Services Agreement, the Site Lease, the Sublease, the uses and purposes which may be served by the Project, and the benefits therefrom which will accrue to District and the general public; and
ESTABLISHMENT OF GUARANTEED MAXIMUM PRICE “GMP. A. The preliminary "Estimated GMP" for the Project shall be $20,459,251 (Twenty Million Four Hundred Fifty Nine Thousand Two Hundred and Fifty One). The Estimated GMP shall be subject to modification when the Construction Documents are finalized and approved by the Division of the State Architect ("Final GMP"). The Estimated GMP is based upon plans and specifications existing and reviewed by the Contractor at the time this Construction Services Agreement is entered into as more fully described and referenced in the Scope of Work set forth in Exhibit "A, “Sublease Payments and/or Sublease Prepayments by the District pursuant to the Sublease and Section 26 hereof shall be commensurate with the GMP. The Final GMP shall be subject to adjustments for Extra Work/Modifications in accordance with the provisions of Section 9 and adjustments for reductions in the Scope of Work pursuant to the provisions of Section 4(B), below. The Estimated GMP includes, and the Final GMP shall include, the cost of all labor, materials, equipment, general conditions, overhead, profit and Contractor contingency in an amount to be negotiated upon the finalization of the GMP.
ESTABLISHMENT OF GUARANTEED MAXIMUM PRICE “GMP
