Common use of Guaranteed Maximum Price Proposal and Contract Time Clause in Contracts

Guaranteed Maximum Price Proposal and Contract Time. § 2.2.1 When all design elements of the Drawings and Specifications are at least ninety percent (90%) complete as determined by the Architect and the Construction Manager, the Construction Manager shall propose a Guaranteed Maximum Price, which shall be the sum of the Cost of the Work, including contingencies described in Section 2.2.4, the General Conditions and the Construction Manager’s Fee. If any Guaranteed Maximum Price proposal submitted to the Owner exceeds previously approved estimates or the Owner’s budget, the Construction Manager shall make appropriate recommendations to the Owner and Architect for cost reductions including, but not limited to, substitution of materials or revisions or alterations to the Construction Documents, in order to bring the Project within the Owner’s budget, but shall not delete necessary components of the Project without Owner’s consent. In the event that the quality or scope identified in the proposal are unacceptable or exceed the Owner’s budget, the Construction Manager shall work with the Architect to develop options that are acceptable to the Owner, that are § 2.2.2 To the extent that the Drawings and Specifications are anticipated to require further development by the Architect, the Construction Manager shall provide in the Guaranteed Maximum Price for such further development consistent with the Contract Documents and reasonably inferable therefrom. Such further development does not include such things as changes in scope, systems, kinds and quality of materials, finishes or equipment, all of which, if required, shall be incorporated by Change Order. § 2.2.3 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 2.2.2, to supplement the information provided by the Owner and contained in the Drawings and Specifications; .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, allowances, contingency, and the Construction Manager’s Fee;

Guaranteed Maximum Price Proposal and Contract Time. § 2.2.1 At a time to be mutually agreed upon by the Owner and the Construction Manager and in consultation with When all design elements of the Drawings and Specifications Construction Documents are at least ninety percent (90%) complete 90 per cent complete, as determined mutually agreed upon by the Architect and Owner, the Construction Manager, and the Architect, the Construction Manager shall propose prepare a Guaranteed Maximum Price, which Price proposal for the Owner’s review and acceptance. The Guaranteed Maximum Price in the proposal shall be the sum of of: the Construction Manager’s estimate of the Cost of the Work, including contingencies described in Section 2.2.4, and the General Conditions Construction Manager’s Fee. 2.2.4; the general conditions; and the Construction Manager’s Fee. If any Guaranteed Maximum Price proposal submitted to the Owner exceeds previously previously-approved estimates or the Owner’s 's budget, then the Construction Manager shall make appropriate recommendations to the Owner and Architect for cost reductions includingreductions, including but not limited to, substitution of materials or revisions or alterations to the Construction Documents, in order to bring the Project within the Owner’s budget, but shall not delete necessary components of the Project without Owner’s consentBoard of Trustees’ consent or consent of Owner’s designee. In the event that the quality or scope identified in the proposal are unacceptable or exceed the Owner’s identified budget, the Construction Manager shall work with the Architect to develop options that are acceptable to Owner, are within the Owner’s budget, and meet the Owner’s requirements for dates of Substantial Completion and Final Completion. The Construction Manager may propose separate Guaranteed Maximum Prices for separate Works within the Project, as schedules and efficiencies dictate. The Construction Manager will work with the Architect to achieve a Guaranteed Maximum Price that areis fully acceptable to Owner and is within the Owner's budget for the Work and for the Project. § 2.2.2 To the extent that the Drawings and Specifications are anticipated to require further development by the Architect, the Construction Manager shall provide in the Guaranteed Maximum Price for such further development consistent with the Contract Documents and reasonably inferable therefrom. .Such further development does not include such things as changes in scope, systems, kinds and quality of materials, finishes or equipment, all of which, if required, shall be incorporated by Change Order. § 2.2.3 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 2.2.2, to supplement the information provided by the Owner and contained in the Drawings and Specifications; .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, allowances, contingency, general conditions, and the Construction Manager’s Fee;

Guaranteed Maximum Price Proposal and Contract Time. § 2.2.1 When all design elements of the Drawings and Specifications are at least ninety percent (90%) complete as determined At a time to be mutually agreed upon by the Architect Owner and the Construction ManagerManager and in consultation with the Architect, the Construction Manager shall propose prepare a Guaranteed Maximum Price, which Price proposal for the Owner’s review and acceptance. It is the intent that the Guaranteed Maximum Price in the proposal shall be established based on the Construction Documents and shall be the sum of the Construction Manager’s estimate of the Cost of the Work, including contingencies described in Section 2.2.4, the General Conditions Construction Manager’s Fee, and the Construction Manager’s Feefixed General Conditions. If any Guaranteed Maximum Price proposal submitted to the Owner exceeds previously approved estimates or the Owner’s budget, then the Construction Manager shall make appropriate recommendations to the Owner and Architect for cost reductions includingreductions, including but not limited to, substitution of materials or revisions or alterations to the Construction Documents, in order to bring the Project within the Owner’s budget, but shall not delete necessary components of the Project without Owner’s consent. In the event that the quality or scope identified in the proposal are unacceptable or exceed the Owner’s identified budget, the Construction Manager shall work with the Architect to develop options that are acceptable to Owner, are within the Owner’s budget, and meet the Owner’s requirements for dates of Substantial Completion and Final Completion. The Construction Manager may propose separate Guaranteed Maximum Prices for separate Works within the Project, as schedules and efficiencies dictate. The Construction Manager will work with the Architect to achieve a Guaranteed Maximum Price that areis fully acceptable to Owner and is within the Owner’s budget for the Work and for the Project. § 2.2.1.1 Owner and Contractor agree that the Guaranteed Maximum Price may include an estimating contingency mutually agreed to in writing in advance base on the level of completion of the documents. This estimating contingency is for the Contractor’s use during the Preconstruction phase to protect the Guaranteed Maximum Price from estimating errors and the market conditions at the time of subcontractor bidding. § 2.2.2 To the extent that the Drawings and Specifications are anticipated to require further development by the Architect, the Construction Manager shall provide in the Guaranteed Maximum Price for such further development consistent with the Contract Documents and reasonably inferable therefrom. Such further development does not include such things as changes in scope, systems, kinds and quality of materials, finishes or equipment, all of which, if required, shall be incorporated by Change Order. § 2.2.3 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 2.2.2, to supplement the information provided by the Owner and contained in the Drawings and Specifications; .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, allowances, contingency, general conditions and the Construction Manager’s Fee;

Guaranteed Maximum Price Proposal and Contract Time. § 2.2.1 At a time to be mutually agreed upon by the Owner and the Construction Manager and in consultation with When all design elements of the Drawings and Specifications Construction Documents are at least ninety percent (90%) complete 90 per cent complete, as determined mutually agreed upon by the Architect and Owner, the Construction Manager, and the Architect, the Construction Manager shall propose prepare a Guaranteed Maximum Price, which Price proposal for the Owner’s review and acceptance. The Guaranteed Maximum Price in the proposal shall be the sum of of: the Construction Manager’s estimate of the Cost of the Work, including contingencies described in Section 2.2.4, the General Conditions and the Construction Manager’s Fee. 2.2.4; the general conditions; and the Construction M anager’s Fee. If any Guaranteed Maximum Price proposal submitted to the Owner exceeds previously previously-approved estimates or the Owner’s 's budget, then the Construction Manager shall make appropriate recommendations to the Owner and Architect for cost reductions includingreductions, including but not limited to, substitution of materials or revisions or alterations to the Construction Documents, in order to bring the Project within the Owner’s budget, but shall not delete necessary components of the Project without Owner’s consentconsent of the Superintendent of Schools or designee. In the event that the quality or scope identified in the proposal are unacceptable or exceed the Owner’s identified budget, the Construction Manager shall work with the Architect to develop options that are acceptable to Owner, are within the O wner’s budget, and meet the Owner’s requirements for dates of Substantial Completion and Final Completion. The Construction Manager may propose separate Guaranteed Maximum Prices for separate Works within the Project, as schedules and efficiencies dictate. The Construction Manager will work with the Architect to achieve a Guaranteed Maximum Price that areis fully acceptable to Owner and is within the Owner's budget for the Work and for the Project. § 2.2.2 To the extent that the Drawings and Specifications are anticipated to require further development by the Architect, the Construction Manager shall provide in the Guaranteed Maximum Price for such further development consistent with the Contract Documents and reasonably inferable therefrom. .Such further development does not include such things as changes in scope, systems, kinds and quality of materials, finishes or equipment, all of which, if required, shall be incorporated by Change Order. § 2.2.3 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 2.2.2, to supplement the information provided by the Owner and contained in the Drawings and Specifications; .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, allowances, contingency, general conditions, and the Construction Manager’s Fee;

Guaranteed Maximum Price Proposal and Contract Time. § 2.2.1 When all design elements of the Drawings and Specifications Construction Documents are at least ninety 90 percent (90%) complete as determined mutually agreed upon by the Architect and Owner, the Construction Manager, and the Architect, the Construction Manager shall propose prepare a Guaranteed' Maximum Price proposal for the Owner's review and acceptance. The Guaranteed Maximum Price, which Price in the proposal shall be the sum of the Construction Manager's estimate of the Cost of the Work, including contingencies described in Section 2.2.4; the general conditions, the General Conditions and the Construction Manager’s 's Fee. If any Guaranteed Guarantee Maximum Price proposal submitted to the Owner exceeds previously previously-approved estimates or the Owner’s 's budget, then the Construction Manager shall make appropriate recommendations to the Owner and Architect for cost reductions includingreductions, including but not limited to, substitution of materials or revisions or alterations to the Construction Documents, in order to bring the Project within the Owner’s budget, but shall not delete necessary components of the Project project without Owner’s Board of Trustees' consent. In the event that the quality or scope identified in the proposal are unacceptable or exceed the Owner’s identified budget, the Construction Manager shall work with the Architect to develop options that are acceptable to Owner, are within the Owner’s budget, that areand meet the Owner’s requirements for dates of Substantial Completion and Final Completion. The Construction Manager may propose separate Guaranteed Maximum Prices for separate Works within the Project, as schedules and efficiencies dictate. The § 2.2.2 To the extent that the Drawings and Specifications are anticipated to require further development by the Architect, the Construction Manager shall provide in the Guaranteed Maximum Price for such further development consistent with the Contract Documents and reasonably inferable therefrom. Such further development does not include such things as changes in scope, systems, kinds and quality of materials, finishes or equipment, all of which, if required, shall be incorporated by Change Order. § 2.2.3 The Construction Manager shall include with the Guaranteed Maximum Price proposal a written statement of propo 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 Manag the Guaranteed Maximum Price proposal, including assumptions under Section 2.2.2, to supplement Secti the information provided by the Owner and contained in the Drawings and Specifications;S .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, allowances, contingency, general conditions, and the Construction Manager’s Fee;

Guaranteed Maximum Price Proposal and Contract Time. § 2.2.1 When all design elements 7.1.1 The Owner may at any time request, and the Construction Manager shallwill thereafter submit within 45 days after the Owner’s request, a proposed “Guaranteed Maximum Price” for the full scope of the Drawings Work; provided however, that if the Owner has not then requested a Guaranteed Maximum Price, the Construction Manager shallwill prepare and Specifications are at least deliver a Guaranteed Maximum Price proposal not later than sixty (60) days after the receipt of ninety percent (90%) complete as determined by of the Architect dollar value of the bids. The Guaranteed Maximum Price proposal shallwill include all of the components identified in Section 7.2. The Owner may accept or reject the Guaranteed Maximum Price proposal. 7.1.1.1 If the Owner approves the Guaranteed Maximum Price proposal on or before the date specified in the proposal for such acceptance, the Guaranteed Maximum Price proposal shallwill be effective and shallwill become a part of this Agreement. 7.1.1.2 If the Construction ManagerOwner rejects any Guaranteed Maximum Price proposal, but the Owner nevertheless elects to proceed with the Project, a Guaranteed Maximum Price submittal will be required sixty (60) days after the receipt of ninety percent (90%) of the dollar value of the bids. 7.1.1.3 During the review period of the Guaranteed Maximum Price proposal, the Construction Manager shall propose a shallwill continue to work under the Fixed Limit of Construction Cost and work with the Owner to refine the proposal, if required by the Owner, until it is either accepted or rejected. 7.1.1.4 The date on which the Guaranteed Maximum Price, which shall be Price is accepted by the sum Owner shallwill not result in an extension of the Cost Contract Time. 7.1.1.5 The Guaranteed Maximum Price is defined as the “Contract Sum” in the Standard General Conditions. 7.1.2 The Construction Manager will participate in Owner/Design Professional meetings and will be given ample opportunity to ask questions to obtain a thorough understanding of the Work, including contingencies described intended final product. Particularly in Section 2.2.4the case of phased construction, the General Conditions Drawings and Specifications may not be finished at the Construction Manager’s Fee. If any time the Guaranteed Maximum Price proposal submitted to the Owner exceeds previously approved estimates or the Owner’s budgetis prepared, the Construction Manager shall make appropriate recommendations to shallwill provide in the Owner Guaranteed Maximum Price proposal consideration for further development of the Drawings and Architect for cost reductions includingSpecifications by the Design Professional (including addition of detail) that is consistent with the Contract Documents, but not limited to, substitution of materials including items reasonably inferable therefrom or revisions or alterations from the Owner’s program (if provided to the Construction DocumentsManager), in order to bring the Project within the Owner’s budgetcomments on the Design (if provided to the Construction Manager), but shall not delete necessary components of the Project without Owner’s consentand general industry standards. In the event that the quality or scope identified in the proposal are unacceptable or exceed the Owner’s budgetHence, the Construction Manager shall work with the Architect to develop options that are acceptable to the Owner, that are § 2.2.2 To the extent acknowledges that the Drawings and Specifications are anticipated to require further development by the Architect, the Construction Manager shall provide in not complete and agrees that the Guaranteed Maximum Price for such further development consistent with the Contract Documents and reasonably inferable therefromshallwill not increase as a result of this. Such However, further development does not include such things as material changes in scope, systems, kinds and quality of materials, finishes or equipment, all of which, if required, shall shallwill be incorporated by Change Order. § 2.2.3 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 Order as described in Article 7 of the Drawings and SpecificationsStandard General Conditions, including all Addenda thereto, and the Conditions of the Contract; .2 A list of the clarifications and assumptions made by the Construction Manager “Changes in the preparation of the Guaranteed Maximum Price proposal, including assumptions under Section 2.2.2, to supplement the information provided by the Owner and contained in the Drawings and Specifications; .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, allowances, contingency, and the Construction Manager’s Fee;Work.”

Guaranteed Maximum Price Proposal and Contract Time. § 2.2.1 When all design elements of the Drawings and Specifications are at least ninety percent (90%) complete as determined At a time to be mutually agreed upon by the Architect Owner and the Construction ManagerManager and in consultation with the Architect, the Construction Manager shall propose prepare a Guaranteed Maximum Price, which Price proposal for the Owner’s review and acceptance. The Guaranteed Maximum Price in the proposal shall be the sum of the Construction Manager’s estimate of the Cost of the Work, including contingencies described in Section 2.2.41892.2.4,1902.2.2, the General Conditions Requirements (defined below) and the Construction Manager’s Fee. 2.2.1.1 The "General Requirements" are those costs charged that are not direct construction costs but relate to the management and administration of the Work, such as the rates for the Construction Manager’s personnel or the cost of fencing. If any The Construction Manager shall describe each of elements comprising the General Requirements in detail. Any supervisory or personnel positions not identified in the General Requirements shall be deemed included in the Construction Manager’s Fees. Upon acceptance of the Guaranteed Maximum Price proposal submitted Price, the General Requirements shall not exceed the total amount allocated to the Owner exceeds previously approved estimates or the Owner’s budget, this line item unless the Construction Manager can demonstrate that the Work described in a Change Order directly increases these costs, provided, however, the Contract Time and the Contract Sum, including General Requirements, shall make appropriate recommendations to be equitably adjusted in the Owner and Architect for cost reductions including, but not limited to, substitution case of materials or revisions or alterations to a significant change in the Construction Documents, in order to bring the Project within the Owner’s budget, but shall not delete necessary components Scope of the Project without OwnerWork. The Construction Manager’s consent. In the event that the quality or scope identified in the proposal are unacceptable or exceed the Owner’s budget, the Construction Manager shall work with the Architect Contingency cannot be allocated to develop options that are acceptable to the Owner, that arepay additional General Requirements. § 2.2.2 To 192To the extent that that193The "Construction Manager’s Contingency" shall initially be an amount equal to Five Percent (5%) of the Cost of the Work and shall cover the cost resulting from (a) further development of the Drawings and Specifications are 194are anticipated to require further development by the ArchitectArchitect195, the the196 Construction Manager shall provide 197in the Guaranteed Maximum Price for such further development consistent with the Contract Documents and reasonably inferable therefromtherefrom198. Such further development development199 and consistent with industry standards, (b) unfavorable bidding from Subcontractors, vendors or suppliers, (c) Subcontractor defaults or incorrect performance, (d) costs of corrective Work not provided elsewhere herein, (e) labor disputes, or (f) any other reimbursable Costs of the Work for which a Change Order is not explicitly permitted hereunder, provided however, the Construction Manager’s Contingency does not include such things as changes in scope, systems, kinds and quality of materials, finishes or equipment, all of which, if required, shall be incorporated by Change OrderOrder.200 The201 Construction Manager shall provide 202advance written notice to the Owner of any use of the Construction Manager’s Contingency and the reason therefore. The Construction Manager’s Contingency shall be for the exclusive use of the Construction Manager for the above purposes but all unused amounts shall be returned to the Owner. § 2.2.3 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 2.2.2, to supplement the information provided by the Owner and contained in in203 the Drawings and Specifications, provided that none of the assumptions or the clarifications may contradict the requirements of the Drawings and Specifications; .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, allowances, contingency, and the Construction Manager’s FeeFee204 and General Requirements;

Guaranteed Maximum Price Proposal and Contract Time. § 2.2.1 When all design elements Upon the conclusion of the Drawings and Specifications are at least ninety percent (90%) complete design development phase of the Project, or such later time as determined may be allowed by the Architect and the Construction ManagerOwner, the Construction Manager shall propose prepare a Guaranteed Maximum Price, which Price proposal for the Owner’s review and acceptance. The Guaranteed Maximum Price in the proposal shall be the sum of the Construction Manager’s estimate of the Cost of the Work, including contingencies described in Section 2.2.4, the General Conditions and the Construction Manager’s Fee. If any Guaranteed Maximum Price proposal submitted to the Owner exceeds previously approved estimates or the Owner’s budget, the Construction Manager shall make appropriate recommendations to the Owner and Architect for cost reductions including, but not limited to, substitution of materials or revisions or alterations to the Construction Documents, in order to bring the Project within the Owner’s budget, but shall not delete necessary components of the Project without Owner’s consent. In the event that the quality or scope identified in the proposal are unacceptable or exceed the Owner’s budget, the Construction Manager shall work with the Architect to develop options that are acceptable to the Owner, that areConstruction § 2.2.2 2.2.1.1 To the extent that the Drawings and Specifications are anticipated to require further development by following the Architectpreparation of the Construction Manager’s Guaranteed Maximum Price proposal, the Construction Manager shall provide has provided in the proposed Guaranteed Maximum Price for such further development consistent with the Contract Documents and reasonably inferable therefrom. Such further development does not include such things as changes in scope, systems, kinds and quality of materials, finishes or equipmentequipment following the submission of such proposal to the Owner. The Construction Manager’s Guaranteed Maximum Price proposal will acknowledge that the Drawings and Specifications may be subject to further refinement and detailing (for example, all and not in limitation of whichthe foregoing, if required, shall be incorporated between a Design Development set of documents issued by Change Orderthe Architect for the preparation of the Construction Manager’s Guaranteed Maximum Price proposal and a Construction Documents set of documents issued for the performance of the Work and construction of the Project) without any increase in the Guaranteed Maximum Price or any extension of the Substantial Completion deadline stated in such proposal. § 2.2.2 The Construction Manager’s Guaranteed Maximum Price proposal shall be based upon the Construction Manager’s most current cost estimate. The Guaranteed Maximum Price Proposal shall separately set forth the portion of the proposed Guaranteed Maximum Price that is allocated to contingency. The Construction Manager shall not include contingency amounts in other portions of the proposed Guaranteed Maximum Price, and the other portions of the proposed Guaranteed Maximum Price shall be based on the cost of actual bids, proposals, and § 2.2.3 The In addition to the information set forth in Section 2.2.2, 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 2.2.2, proposal to supplement the information provided by the Owner and contained in the Drawings and Specifications; .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, allowances, Alternates requested by the Architect or the Owner, contingency, and the Construction Manager’s Fee;