GUARANTEED MAXIMUM PRICE PROPOSAL. 7.1 At the conclusion of the Design Development phase the Contractor shall prepare and submit a Guaranteed Maximum Price Proposal to Owner based on the Design Development phase documents and review comments. The GMP shall be delivered to the Owner within three (3) weeks of the Design Development review meeting or a date established by the Owner. The GMP Proposal must be prepared in accordance with the guidelines established by Owner and delivered in the format specified by Owner in Exhibit “E” attached to this Agreement. Owner, at its sole option and discretion, may specify different requirements for the GMP Proposal. Contractor shall not withdraw its Guaranteed Maximum Price Proposal for ninety (90) days following submission to Owner.
7.2 In developing the GMP Proposal, Contractor shall coordinate efforts with A/E to identify qualifications, clarifications, assumptions, exclusions, value engineering and any other factors relevant to establishment of a GMP. Contractor shall review development of the GMP Proposal with Owner on an ongoing basis to address clarifications of scope and pricing, distribution of contingencies, schedule, assumptions, exclusions, and other matters relevant to the establishment of a GMP.
7.3 The GMP Proposal must include a written description of how it was derived that specifically identifies the clarifications and assumptions made by Contractor in the GMP and the monetary amounts attributable to them. The GMP Proposal shall include, without limitation, a breakdown of Contractor’s estimated General Conditions Costs and estimated Cost of the Work organized by trade and Masterformat 2004; contingency amounts; the Construction Phase Fee; and the proposed Contract Time, including dates for Notice to Proceed, Substantial Completion and Final Completion. Notwithstanding the breakdown of Contractor’s estimated costs, there are no line item guaranteed maximum amounts except for general conditions.
7.4 The Guaranteed Maximum Price Proposal shall allow for reasonably expected changes and refinements in the Drawings and Specifications through completion of the Construction Documents, except for material changes in scope.
7.5 The GMP Proposal shall include a Contractor’s Contingency amount.
7.6 Included with its GMP Proposal, Contractor shall provide three complete, bound sets of the drawings, specifications, plans, sketches, instructions, requirements, materials, equipment specifications and other information or documents that fully describe t...
GUARANTEED MAXIMUM PRICE PROPOSAL. The Design-Builder shall propose a Guaranteed Maximum Price (GMP) and shall include in his proposal all services, equipment, labor, and materials required by the Contract Documents. Upon approval, the GMP Change Order, including the Design-Builder’s proposal, will become a part of the Contract Documents.
GUARANTEED MAXIMUM PRICE PROPOSAL. § 3.2.1 At a time to be mutually agreed upon by the Owner and the Construction Manager, the Construction Manager shall prepare a Guaranteed Maximum Price proposal for the Owner’s and Architect’s review, and the Owner’s acceptance. The Guaranteed Maximum Price in the proposal shall be the sum of the Construction Manager’s estimate of the Cost of the Work, the Construction Manager’s contingency described in Section 3.2.4, and the Construction Manager’s Fee described in Section 6.1.2.
§ 3.2.2 To the extent that the Contract Documents are anticipated to require further development, the Guaranteed Maximum Price includes the costs attributable to such further development consistent with the Contract Documents and reasonably inferable therefrom. Such further development does not include changes in scope, systems, kinds and quality of materials, finishes, or equipment, all of which, if required, shall be incorporated by Change Order.
§ 3.2.3 The Construction Manager shall include with the Guaranteed Maximum Price proposal a written statement of its basis, which shall include the following:
.1 A list of the Drawings and Specifications, including all Addenda thereto, and the Conditions of the Contract;
.2 A list of the clarifications and assumptions made by the Construction Manager in the preparation of the Guaranteed Maximum Price proposal, including assumptions under Section 3.2.2;
.3 A statement of the proposed Guaranteed Maximum Price, including a statement of the estimated Cost of the Work organized by trade categories or systems, including allowances; the Construction Manager’s contingency set forth in Section 3.2.4; and the Construction Manager’s Fee;
GUARANTEED MAXIMUM PRICE PROPOSAL. The Construction Manager hereby submits to The Board of Regents of The University of Texas System for the use and benefit of The University of Texas _______________________________ pursuant to the provisions of Article VII of the Agreement by and between The Board of Regents of The University of Texas System for the use and benefit of The University of Texas _______________________________ and ______________________________________ dated __________________________, 20__ (the “Agreement”), a Guaranteed Maximum Price (GMP) for the _______________________________________________________________________, project number _____ - _____ (as defined in the Agreement), based on the Contract Documents (as defined by the Agreement) developed for the Project, as follows: A not-to exceed amount for the Cost of the Work pursuant to the Agreement: $______________________ A not-to exceed amount for the General Conditions pursuant to the Agreement: $______________________ A not-to exceed amount for the Construction Manager’s Contingency pursuant to the Agreement: $______________________ A lump sum amount for the Construction Phase Fee pursuant to the Agreement: $______________________ Owner’s Special Cash Allowance provided by the Owner: $______________________ Owner’s Construction Contingency provided by the Owner. This is a lump sum amount from which changes are to be paid in accordance with the Uniform General Conditions for University of Texas System Building Construction Contracts. Any unused amount will be deducted from the Guaranteed Maximum Price by Change Order: $______________________
GUARANTEED MAXIMUM PRICE PROPOSAL. 3.5.1 At the time set forth on Exhibit E, which shall be prior to performance of Construction Services, the Construction Manager shall prepare and deliver to the Owner, with a copy to the Professional, a Guaranteed Maximum Price (“GMP”) proposal. The Construction Manager shall, at a minimum, include in the GMP proposal:
(i) a recital of the specific Construction Documents, including drawings, specifications, and all addenda thereto, used in preparation of the GMP proposal;
(ii) the five (5) elements of the GMP:
a. Guaranteed Maximum Cost of the Work (hereinafter defined), detailed by each subcontract, trade, or bid division;
b. the Construction Manager’s Contingency for the Work;
c. Guaranteed Maximum Construction Manager’s Staffing Cost (hereinafter defined), detailed by expense category
d. Guaranteed Maximum General Conditions Cost (hereinafter defined), including bond & insurance costs, detailed by expense category; and
e. Guaranteed Maximum for Construction Manager’s Overhead and Profit.
(iii) a draft schedule of values;
(iv) a description of all other inclusions to, or exclusions from, the GMP;
(v) all assumptions and clarifications; and
(vi) the final Construction Schedule.
3.5.2 The Construction Manager acknowledges that the Construction Documents may be incomplete at the time the Construction Manager delivers the GMP proposal, and that the Construction Documents may not be completed until after commencement of the Work. Nevertheless, the GMP proposal shall include all costs for the Work required by the completed Construction Documents, and if the GMP proposal is accepted by the Owner, the Construction Manager shall be entitled to no increase in the GMP if the Work required by the completed Construction Documents (i) is required by the Contract For Construction, (ii) is reasonably inferable from the incomplete documents, (iii) is consistent with the Owner’s programmatic goals and objectives, (iv) is consistent with the Owner’s Design and Construction Standards and the general industry standards for completion of the Work, (v) is not a substantial enlargement of the scope of Work or (vi) substantially conforms to the nature, type, kind or quality of Work depicted in the incomplete documents.
3.5.3 If the GMP proposal is unacceptable to the Owner, the Owner shall promptly notify the Construction Manager in writing. Within fourteen (14) calendar days of such notification, the Owner, Professional and Construction Manager shall meet to discuss and resolv...
GUARANTEED MAXIMUM PRICE PROPOSAL. 7.1 When the Parties agree that the design of the Project is sufficiently developed and documented to allow detailed pricing of its construction, Construction Manager shall prepare and submit a Guaranteed Maximum Price (GMP)
GUARANTEED MAXIMUM PRICE PROPOSAL. CM/GC shall propose a Guaranteed Maximum Price (GMP) Change Order which, if accepted, shall set the maximum Contract Sum and shall include all Work required for construction of the Project in accordance with the all previously issued Construction Documents and Component Construction Documents and the assumptions stated in the GMP Change Order. Upon execution, the proposed GMP Change Order will become a part of the Contract Documents.
GUARANTEED MAXIMUM PRICE PROPOSAL. 7.1 At the conclusion of the Design Development phase the Contractor shall prepare and submit a Guaranteed Maximum Price Proposal to Owner based on the Design Development phase documents and review comments. The GMP Proposal shall be delivered to the Owner within three
GUARANTEED MAXIMUM PRICE PROPOSAL. 7.1 GMP Proposal 7.2 Coordination with A/E 7.3 Items to be Included
GUARANTEED MAXIMUM PRICE PROPOSAL. 2.7.1 For each phase of the Work, the Construction Manager shall develop the Construction Price for the work (“Construction Price”). In making this determination, Costs shall be allocated consistent with GMP. All other costs shall be allocated as provided herein.
2.7.2 The Construction Price shall be equal to the sum of:
