Common use of Fixed Price Lump Sum Amount Clause in Contracts

Fixed Price Lump Sum Amount. Where Owner determines that the scope and extent of the change can be defined before the change in the Work is performed, Owner may elect to negotiate a fixed price lump sum amount with Contractor as compensation for such Work. For each such change, Contractor shall furnish a detailed, written proposal priced and itemized in accordance with the categories and limitations identified in Section 19.4.4 below. Owner and Contractor shall then seek to agree upon the lump sum price. A Change Order may also include a fixed price lump sum amount if Owner and Contractor have reached agreement as a settlement basis for any disputed item, including Work that was performed under the time and material approach set forth in Section 19.4.3.