Common use of Price Guarantees Clause in Contracts

Price Guarantees. Upon execution of Exhibit F the Design/Builder guarantees that the sum of the actual Cost of the Work, (i) Design/Builder’s Contingency, (ii) Design/Builder’s Staffing Costs, (iii) General Conditions Cost, and (iv) Design/Builder’s Overhead and Profit, shall not exceed the amount set forth in the agreed upon GMP. All costs or expenses that would cause this sum to exceed the GMP shall be borne by the Design/Builder unless adjusted by Owner approved change order. Upon execution of Exhibit F the Design/Builder guarantees that the actual Cost of the Work, Design/Builder’s Staffing Costs, General Conditions Cost and Design/Builder’s Overhead and Profit shall not exceed the guaranteed maximum for each such category and that all costs or expenses that would cause any of these individual categories to exceed the guaranteed maximum for each such category in the agreed upon GMP shall be borne by the Design/Builder unless adjusted by Owner approved change order. Upon execution of Exhibit F the Design/Builder certifies that all factual unit costs supporting the GMP proposal are accurate, complete and current at the time of negotiations; and that any other factual unit costs that may be furnished to the Owner in the future to support any additional amounts that may be authorized will also be accurate and complete. Payments to the Design/Builder shall be reduced if the Owner determines such amounts were originally included due to materially inaccurate, incomplete, or non-current factual unit costs.

Price Guarantees. Upon execution of Exhibit F D, the Design/Builder Construction Manager guarantees that the sum of (i) the actual Cost of the Work, (iii) Design/BuilderConstruction Manager’s Contingency, (iiiii) Design/BuilderConstruction Manager’s Staffing Costs, (iiiiv) General Conditions Cost, and (ivv) Design/BuilderConstruction Manager’s Overhead and Profit, shall not exceed the amount set forth in the agreed upon GMP. All costs or expenses that would cause this sum to exceed the GMP shall be borne by the Design/Builder Construction Manager unless adjusted by Owner approved change order. Upon execution of Exhibit F D, the Design/Builder Construction Manager guarantees that the actual Cost of the Work, Design/BuilderConstruction Manager’s Staffing Costs, General Conditions Cost and Design/BuilderConstruction Manager’s Overhead and Profit shall not exceed the guaranteed maximum for each such category and that all costs or expenses that would cause any of these individual categories to exceed the guaranteed maximum for each such category in the agreed upon GMP shall be borne by the Design/Builder Construction Manager unless adjusted by Owner approved change order. Upon execution of Exhibit F D, the Design/Builder Construction Manager certifies that all factual unit costs supporting the GMP proposal are accurate, complete and current at the time of negotiations; and that any other factual unit costs that may be furnished to the Owner in the future to support any additional amounts that may be authorized will also be accurate and complete. Payments to the Design/Builder Construction Manager shall be reduced if the Owner determines such amounts were originally included due to materially inaccurate, incomplete, or non-current factual unit costs. Upon execution of Exhibit D, the Construction Manager guarantees that to the extent the accepted GMP includes contingency, use of contingency shall be approved by Owner by change order prior to expenditure by the Construction Manager.