Guaranteed Maximum Price (GMP. Construction Manager guarantees that it shall not exceed a Guaranteed Maximum Price (GMP) of One Million, Twenty-One Thousand, One Hundred Twenty- Four Dollars and Ninety-Seven Cents ($1,021,124.97) for the identified Sub-Project.
Guaranteed Maximum Price (GMP. GMP shall mean the Guaranteed Maximum Price of the Contract, as stated in dollars within the GMP Amendment, as determined in accordance with Article 6, and as it may be adjusted from time to time pursuant to the provisions of this CM/GC Contract.
Guaranteed Maximum Price (GMP. The total maximum cost to the County for the Work performed by the Design-Build Firm including the Design Phase Fee, the Construction Phase Fee, Profit, and the Direct Costs.
Guaranteed Maximum Price (GMP. The GMP is the maximum that the Owner shall pay the Contractor for the Work described in the contract documents.
Guaranteed Maximum Price (GMP. 5.1.1 As part of its Pre-Construction Phase Services described in Exhibit 1 hereto, the Construction Manager will be asked to prepare a Construction Management Plan including a GMP Proposal for the Work and a Construction Schedule based on the GMP Pricing Documents. If the Construction Management Plan is acceptable to the Authority and Team, which decision shall be in their sole discretion, then the Construction Manager’s Construction Management Plan shall be added to this Construction Services Agreement as a Contract Revision in the form of a completed Exhibit 3 hereto. The Authority may require that the GMP be separated into two or more separate sums and be tracked separately throughout the course of the Work.
5.1.1.1 The GMP shall include an aggregate line item for Construction Manager’s General Conditions which shall itself be a Guaranteed Maximum Price for that line item (the “General Conditions GMP” or “GCGMP”). Construction Manager will not apply for payment for any Cost of the Work that it incurs in excess of the GCGMP or be entitled to any increase in the GCGMP except for reasons that would entitle Construction Manager to a Contract Revision under this Construction Services Agreement increasing the GMP; provided, however, that the GCGMP will not increase if the GMP increases to $740,000,000 as long as the increase in the Cost of the Work causing such increase in the GMP is for Work performed contiguous to or within the Stadium Site including pedestrian connections to the Stadium and any build-out of site offices for the Authority and Team and a potential marketing center for the Team in a nearby building (“Contiguous Work”), but not including Work at the TCF Bank Stadium at the University of Minnesota or for parking garages that are not integral to the Stadium. The Construction Manager will charge for General Conditions for non-Contiguous Work up to the said GMP limit of $740,000,000 at its incremental additional actual cost of General Conditions pursuant to Article 8 hereof not to exceed a total of eight and one half percent (8.5%) of the Cost of the Work and with no additional Fee for General Conditions. The amount of the GCGMP shall be Thirty Eight Million Four Hundred Twenty Thousand Five Hundred and Twenty Three Dollars ($38,420,523), covering all items identified in Exhibit 14 (and any qualifications or modifications contained in said Exhibit 14 shall take precedence over any other contrary language in this Subparaghraph 5.1.1).
5.1.1.2 If a...
Guaranteed Maximum Price (GMP. The maximum amount that Owner is obligated to pay CM/GC for construction of the Project under the GMP Change Order and includes all costs and fees to be paid to CM/GC in connection with the Work and the Project.
Guaranteed Maximum Price (GMP. The Guaranteed Maximum Price, also referred to as the GMP, is the sum total of the Cost of Construction Work, the CMR Contingency, the General Conditions Fee, the Insurance and Taxes Fee, and the Construction Manager at Risk’s Fee which the CMR agrees is the total compensation payable to the CMR for performing the Work. The GMP may be modified only by Change Order for work directed by the Owner which was not previously in the Project or not reasonably foreseeable as required to complete the Work.
Guaranteed Maximum Price (GMP. Construction Manager guarantees that it shall not exceed a Guaranteed Maximum Price (GMP) of Dollars ($) for the identified Sub-Project.
Guaranteed Maximum Price (GMP. Upon completion of the Design Development Documents by Design Professional, the Construction Manager shall submit to the University for review and acceptance a proposal to establish a GMP for the Project, guaranteeing the maximum price to the University of the Contract Sum. The Construction Manager shall provide a Guaranteed Maximum Price proposal in a format acceptable to the University. The GMP shall be inclusive of all Allowable Costs (including both the Cost of the Work and the Indirect Cost of the Work), including taxes upon the Work which Construction Manager is legally obligated to pay, and all costs for Trade Contracts, labor, materials, equipment, supervision, fees and costs of whatever nature, necessary to complete the Project in accordance with the approved Design Development Documents. The GMP shall be comprised of the following not-to-exceed values which shall be each operate as independent caps on costs and fees comprising the Contract Sum:
a) Cost of the Work
b) Indirect Cost of the Work:
1. Cost of General Conditions
2. Cost of On-Site Project Management Staff
3. Preconstruction Costs
c) Construction Manager’s Overhead and Profit (Fee)
d) Construction Contingency The GMP shall include the preconstruction services cost, the construction Cost of Work, general conditions, general requirements, reimbursable expenses, construction contingencies, overhead and profit, and shall be subject to the written approval and acceptance by the University. The GMP may be subject to modification to reflect changes in the Project only through issuance of written Change Orders executed by the Construction Manager and the University. The Construction Manager shall be responsible for all costs exceeding the GMP.
Guaranteed Maximum Price (GMP. The Construction Manager’s Guaranteed Maximum Price for the Work, including the Cost of the Work and the Construction Manager’s Fee is Dollars ($0.00).
