Common use of Revision or Redrafting, GMP Cost Limitation Clause in Contracts

Revision or Redrafting, GMP Cost Limitation. (a) After the award of the CM/GC Contract, the GMP Cost Limitation may be increased to include any additional costs for services required of the CM/GC not included in the GMP Cost Limitation, and shall become the GMP Cost Limitation. It shall be the responsibility of the Design Professional to design the Project so that the GMP or lump sum fixed price will not exceed the GMP Cost Limitation. It is in the best interest of the public, and the intent of the Owner is, that the entire Project be constructed within the funds allocated in the preliminary budget. Notwithstanding this overriding public policy, in the event that the Design Professional finds, in its opinion, that the price will potentially exceed the GMP Cost Limitation, the Design Professional shall immediately stop work and give written notice to the Owner, who will either revise the budget to increase the GMP Cost Limitation or direct the Design Professional to reduce the scope of the Project. If so directed by the Owner in writing, the Design Professional shall, at no additional cost to the Owner, revise or redraft any and all documents necessary for the construction award of the reduced scope project so as to bring the probable GMP within the GMP Cost Limitation and maintain the Preliminary Design and Construction Schedule; provided, however, if the cost of redesign is extensive, and the budget changes are the result of unexpected market forces, the Design Professional shall be equitably reimbursed for such design services.

Revision or Redrafting, GMP Cost Limitation. (a) After the award of the CM/GC Contract, the GMP Cost Limitation may be increased to include any additional costs for services required of the CM/GC not included in the GMP Cost Limitation, and shall become the GMP Cost Limitation. It shall be the responsibility of the Design Professional to design the Project so that the GMP or lump sum fixed price will not exceed the GMP Cost Limitation. It is in the best interest of the public, and the intent of the Owner is, that the entire Project be constructed within the funds allocated in the preliminary budget. Notwithstanding this overriding public policy, in the event that the Design Professional finds, in its opinion, that the price will potentially exceed the GMP Cost Limitation, the Design Professional shall immediately stop work and give written notice to the Owner, who will either revise the budget to increase the GMP Cost Limitation or direct the Design Professional to reduce the scope of the Project. If so directed by the Owner in writing, the Design Professional shall, at no additional cost to the Owner, revise or redraft any and all documents necessary for the construction award of the reduced scope project so as to bring the probable GMP within the GMP Cost Limitation and maintain the Preliminary Design and Construction Schedule; provided, however, if the cost of redesign is extensivematerial, and the budget changes are the result of unexpected market forces, the Design Professional shall be equitably reimbursed for such design services.