Common use of Target GMP Clause in Contracts

Target GMP. The Department has established a budget of [ ] Dollars ($[ ]) for the Project (such budget, the “Target GMP”). Unless and until the GMP Amendment is executed and approved by the Council for the District of Columbia, this Contract has a not-to-exceed amount equal to the Target GMP. In no event shall the Design-Builder be entitled to recover more than such amount unless the Design-Builder is authorized to exceed such amount by the Department in advance and in writing. Prior to expending or committing any portion of the Target GMP, the Contractor shall obtain the Department’s written approval of such expenditure or commitment.

Target GMP. The Department has established a budget of [ ] Dollars ($[ ]) for the Project (such budget, the “Target GMP”). Unless and until the GMP Amendment is executed and approved by the Council for the District of Columbia, this Contract has a not-to-exceed amount equal to the Target GMP. In no event shall the Design-Design- Builder be entitled to recover more than such amount unless the Design-Builder is authorized to exceed such amount by the Department in advance and in writing. Prior to expending or committing any portion of the Target GMP, the Contractor shall obtain the Department’s written approval of such expenditure or commitment.

Target GMP. The Department has established a budget of [ ] Eight Million Five Hundred Thousand Dollars ($[ ]) for the Project (such budget, the “Target GMP”). Unless and until the GMP Amendment is executed and approved by the Council for the District of Columbia, this Contract has a not-to-exceed amount equal to the Target GMP. In no event shall the Design-Builder be entitled to recover more than such amount unless the Design-Builder is authorized to exceed such amount by the Department in advance and in writing. Prior to expending or committing any portion of the Target GMP, the Contractor shall obtain the Department’s written approval of such expenditure or commitment.