Common use of Guaranteed Maximum Price Clause in Contracts

Guaranteed Maximum Price. 8.1 The Guaranteed Maximum Price shall consist of those applicable costs and fees set forth in 8.5 below, which shall include the cost of the work required by the Construction Documents, and the Construction Manager’s fee. The total Guaranteed Maximum Price is set forth in Article 9, herein. The GMP shall show these items separately, and all changes to the GMP made under the authority of other provisions of this Agreement shall also show these items separately. The GMP shall be established based on construction documents prepared by the Architect. The GMP is subject to modification for changes in the Work as provided in Article 11, herein. 8.2 The GMP will only include those taxes in the Cost of the Work which are legally enacted at the time the GMP is established. 8.3 If the Cost of the Work is such that the GMP is exceeded, the Construction Manager shall incur all such costs and there shall be no additional cost to, or reimbursement by, the Owner. 8.4 By execution of this Agreement, the Construction Manager certifies that all factual unit costs (supporting the fees specified in this Agreement) are accurate, complete, and current at the time of negotiations; and that any other factual unit costs that may be furnished the Owner in the future, to support any additional fees that may be authorized, will also be accurate and complete. The fees specified in this Agreement, and any additional fees that may be authorized in the future, shall be adjusted to exclude any significant sums which the Owner determines the fee was increased due to inaccurate, or non-current factual unit cost. 8.5 The Guaranteed Maximum Price (GMP) Proposal shall consist of the Cost of Work in the following: 8.5.1 Direct costs for performing construction, the actual cost of all subcontracts, materials and supply contracts, general conditions, fee, and any agreed to Owner’s Project contingency.

Guaranteed Maximum Price. 8.1 9.3.1 At the conclusion of the Design Development Phase, the Construction Manager shall deliver to the Principal Representative, a Guaranteed Maximum Price proposal which shall agree to perform all of the work even though all of the Construction Documents have not all been finalized and released for construction, and guarantee the maximum price to the Principal Representative for the entire cost of the Work, as adjusted by deductive alternates required to maintain the Guaranteed Maximum Price below the Fixed Limit of Construction Cost which have been previously approved by the Principal Representative pursuant to paragraph 3.2. 9.3.2 The Guaranteed Maximum Price shall consist include all of those applicable costs and fees set forth in 8.5 below, which shall include the cost of the work required by the Construction Documents, and the Construction Manager’s fee. The total Guaranteed Maximum Price is set forth in Article 9, herein. The GMP shall show these items separately, and all changes 's obligations to be performed pursuant to the GMP made under the authority of other provisions of this Agreement shall also show these items separately. The GMP shall be established based on construction documents prepared by the Architect. The GMP is subject to modification for changes in the Work as provided in Article 11, herein. 8.2 The GMP will only include those taxes in the Cost terms of the Work which are legally enacted at the time the GMP is established. 8.3 If the Cost of the Work is such that the GMP is exceededContract Documents and may include, but not be limited to, the Construction Manager shall incur all such costs and there shall be no additional cost to, or reimbursement by, the Owner. 8.4 By execution total of this Agreement, the Construction Manager certifies that all factual unit costs (supporting the fees specified in this Agreement) are accurate, complete, and current at the time of negotiations; and that any other factual unit costs that may be furnished the Owner in the future, to support any additional fees that may be authorized, will also be accurate and complete. The fees specified in this Agreement, and any additional fees that may be authorized in the future, shall be adjusted to exclude any significant sums which the Owner determines the fee was increased due to inaccurate, or non-current factual unit cost. 8.5 The Guaranteed Maximum Price (GMP) Proposal shall consist of the Cost of Work in the following: 8.5.1 Direct costs .1 The total of all prices already received for performing construction, all items bid before the actual establishment of the Guaranteed Maximum Price; .2 The Construction Manager's estimate of the cost of all subcontractsother work to be performed but not yet bid, materials excluding the approved deductive alternates unless said work can be incorporated into the Contract Documents by application of the contingency per the provisions of paragraphs 3.4.1 through 3.4.5, with the consent of the Construction Manager which consent shall not be unreasonably withheld; .3 The installation cost of items to be procured by the Principal Representative and supply contractsassigned to the Construction Manager for installation, general conditionsas defined in the Contract Documents; .4 The estimated maximum cost of all work to be performed by the Construction Manager; .5 Construction Manager's fee as provided under this Agreement and General Condition costs, fee, as provided under this Agreement; .6 The cost of all Performance and any agreed Labor and Material Payment Bonds furnished by the Construction Manager pursuant to Owner’s Article 13; .7 The premiums for insurance to protect the Project contingency.pursuant to paragraph 11.2; and

Guaranteed Maximum Price. 8.1 The Contractor’s Guaranteed Maximum Price shall consist (“GMP”) for performance of those applicable costs and fees set forth in 8.5 below, which shall include the cost of the all work required by the Construction DocumentsContract for the Project shall be $4,374,000.00, and based upon the Construction Manager’s fee. The total Guaranteed Maximum Price is Scope of Work set forth in Article 9Exhibits A and B of this Agreement. Except as otherwise provided in the Gen- eral Conditions, hereinthe Contractor shall assume the risk of all costs in excess of the GMP in the performance of such work and shall not be entitled to additional payments because of such excess costs. The Should the Con- tractor believe that it is entitled to an increase in the GMP shall show these items separatelyor a time extension for completion, and all changes it must re- quest it pursuant to the GMP made under procedures in the authority of other provisions of this Agreement shall also show these items separately. The GMP shall be established based on construction documents prepared by the ArchitectGeneral Conditions for change orders and claims. The GMP is subject also referred to modification for changes in the Work Contract as provided in Article 11, hereinthe “Contract Sum. 8.2 ” The GMP will only include those taxes in the Cost Contractor’s cost breakdown of the Work which are legally enacted at the time the GMP is established. 8.3 If at- tached (see Exhibit D) as Contractor’s schedule of values for the Cost Project, as required by Section 9.2.1.A of the Work is such General Conditions. Contractor shall finance the cost of construction of the Project, which costs shall not exceed the GMP, except as otherwise provided in the Contract. The Owner shall pay Contractor sublease payments pursuant to the terms and conditions of Section 6 of the Sublease (the "Sublease Payments"), which terms and conditions include the retention described in Section 6 of the Sublease (the “retention”). The sum of the Sublease Payments shall not exceed the GMP established under this Article 4. Retention or release of the Sublease Payments shall be in accordance with the General Conditions. To the extent that the GMP is exceededincludes any amounts for contingencies or allowances, the Construction Manager shall incur use of such funds is entirely at the discretion, and only with the advanced written approval, of the Owner. At the completion of the Project, all such costs funds that are unspent and there unencumbered shall be no additional cost to, or reimbursement by, remain the Owner. 8.4 By execution property of this Agreement, the Construction Manager certifies that all factual unit costs (supporting the fees specified in this Agreement) are accurate, complete, and current at the time of negotiations; and that any other factual unit costs that may be furnished the Owner in the future, and Contractor shall have no claim to support any additional fees that may be authorized, will also be accurate and complete. The fees specified in this Agreement, and any additional fees that may be authorized in the future, shall be adjusted to exclude any significant sums which the Owner determines the fee was increased due to inaccurate, or non-current factual unit costsuch funds. 8.5 The Guaranteed Maximum Price (GMP) Proposal shall consist of the Cost of Work in the following: 8.5.1 Direct costs for performing construction, the actual cost of all subcontracts, materials and supply contracts, general conditions, fee, and any agreed to Owner’s Project contingency.