Common use of GUARANTEED MAXIMUM PRICE FOR CONSTRUCTION Clause in Contracts

GUARANTEED MAXIMUM PRICE FOR CONSTRUCTION. 7.1 When the construction design documents are sufficiently complete to establish the scope of work for the project or any phase or portion thereof, as generally defined by a design document listing to be provided by the Architect-Engineer and Construction Manager upon execution of this Agreement, which is to be used only as a guide in developing the specifications and plan data necessary to establish a Guaranteed Maximum Price, or at such time thereafter designated by the Owner, the Construction Manager will establish and submit in writing to the Owner for his approval a Guaranteed Maximum Price as described in the completed Exhibit B of the Request for Proposal Document, guaranteeing the maximum price to the Owner, for the construction cost of the project or designated part thereof. Such Guaranteed Maximum Price will be subject to modification for changes in the project as provided in Article 7 of Section 00700, General Conditions. However, the actual price paid for the work by the Owner shall be the actual cost of all work subcontracts, supply contracts, direct labor costs, direct supervision costs, and direct costs of the project as defined under Article 9 of the Agreement, plus the Construction Managers fees or the GMP, whichever is less when the work is complete.

GUARANTEED MAXIMUM PRICE FOR CONSTRUCTION. 7.1 When the construction design documents are sufficiently complete to establish the scope of work for the project Project or any phase or portion thereof, as generally defined by a design document listing to be provided by the Architect-Engineer Architect‑Engineer and Construction Manager upon execution of this Agreement, which is to be used only as a guide in developing for the Owner's approval the specifications and plan data necessary to establish a Guaranteed Maximum PricePrice (GMP), or at such time thereafter designated by the Owner, the Construction Manager will establish and submit in writing to the Owner for his approval a Guaranteed Maximum Price as described in the completed Exhibit B of the Request for Proposal DocumentPrice, guaranteeing the maximum price to the Owner, for the construction cost of the project Project or designated part thereof. The Construction Manager acknowledges multiple GMPs may be required for the portions of the Project to support the project phasing and schedule. Such Guaranteed Maximum Price will be subject to modification for changes in the project Project as provided in Article 7 of Section 00700, General Conditions10. However, the actual price paid for the work by the Owner shall be the actual cost of all work subcontracts, supply contracts, direct labor costs, direct supervision costs, and direct job costs of the project as defined under Article 9 of the Agreement9, plus the Construction Managers fees Manager's costs and fees, or the GMP, whichever is less when the work is complete.