Common use of ESTABLISHMENT OF GUARANTEED MAXIMUM PRICE “GMP Clause in Contracts

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: 5.1.1 Owner requested additional work (See Article 8) to be paid under the District Contingency. 5.1.2 Unforeseen underground soil conditions or unforeseen hazardous materials that meet the requirements of Article 13.15.5 and 18.4 to be paid under the Unforeseen Allowance.

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: 5.1.1 Owner requested additional work (See Article 8) to be paid under the District Contingency. 5.1.2 Unforeseen underground soil conditions or unforeseen hazardous materials that meet the requirements of Article 13.15.5 and 18.4 to be paid under the Unforeseen Allowance.

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: 5.1.1 Owner requested additional work (See Article 8) to be paid under the District Contingency. 5.1.2 Unforeseen underground soil conditions or unforeseen hazardous and/or mold materials that meet the requirements of Article 13.15.5 and 18.4 to be paid under the Unforeseen Allowance. 5.1.3 Unforeseen misc. carpentry that meet the requirements of Article 13.15.5 and 18.4 to be paid under the Unforeseen Allowance.