Common use of GMP Established Upon Execution of this Agreement Clause in Contracts

GMP Established Upon Execution of this Agreement. 6.6.1.1 Design-Builder guarantees that it shall not exceed the GMP of Dollars ($ ). Documents used as a basis for the GMP shall be identified in an exhibit to this Agreement (“GMP Exhibit”). Design-Builder does not guarantee any specific line item provided as part of the GMP, and has the sole discretion to apply payment due to overruns in one line item to savings due to underruns in any other line item. Design-Builder agrees, however, that it will be responsible for paying all costs of completing the Work which exceed the GMP, as adjusted in accordance with the Contract Documents. (While the GMP Exhibit will be developed in advance or concurrently with the execution of this Agreement, it is recommended that such exhibit include the items set forth in Section 6.6.2.1 below, to ensure that the basis for the GMP is well-understood).

GMP Established Upon Execution of this Agreement. 6.6.1.1 5.8.1.1 Design-Builder represents, warrants, and guarantees that it shall not exceed the GMP of Dollars Guaranteed Maximum Price ($ GMP). Documents used as a basis for the GMP shall be identified in an exhibit to this Agreement (Exhibit C – Schedule 5.8.1.1, “GMP ExhibitExhibit Documents”). Design-Builder does not guarantee any specific line item provided as part of the GMP, and has the sole discretion to apply payment due to overruns in one line item to savings due to underruns in any other line item. Design-Builder agrees, however, that it will shall be responsible for paying all costs of completing the Work which exceed the GMP, as adjusted in accordance with the Contract Documents. (While the GMP Exhibit will be developed in advance or concurrently with the execution of this Agreement, it is recommended that such exhibit include the items set forth in Section 6.6.2.1 below, to ensure that the basis for the GMP is well-understood).