Common use of Termination Subsequent to Establishing Guaranteed Maximum Price Clause in Contracts

Termination Subsequent to Establishing Guaranteed Maximum Price. Following execution of the Guaranteed Maximum Price Amendment and subject to the provisions of Sections 15.2.1 and 15.2.2 below, the Contract may be terminated as provided in Section 15.6. § 15.2.1 In the event of a termination by the Owner under Section 15.6.3 the CM/GC must submit a termination claim in accordance with Section 12. If the CM/GC has submitted the termination claim but there is no agreement between the Owner and the CM/GC to the amount due to the CM/GC, the amount payable to the CM/GC shall be calculated as follows: .1 Take the Cost of the Work incurred by the CM/GC; .2 Add the CM/GC’s Fee computed upon the Cost of the Work to the date of termination at the rate stated in Section 6.1.1 or, if the CM/GC’s Fee is stated as a fixed sum in that Section, an amount that bears the same ratio to that fixed-sum Fee as the Cost of the Work at the time of termination bears to a reasonable estimate of the probable Cost of the Work upon its completion; and .3 Subtract the aggregate of previous payments made by the Owner for Construction Phase services. § 15.2.2 If the Owner terminates the Contract after execution of the Guaranteed Maximum Price Amendment, the amount payable to the CM/GC pursuant to Sections 15.6.2 and 15.6.3 shall not exceed the amount the CM/GC would otherwise have received pursuant to Sections 15.1.2 and 15.1.3 of this Agreement. § 15.2.3 If the CM/GC terminates the Contract after execution of the Guaranteed Maximum Price Amendment, the amount payable to the Construction Manager under Section 10.4.1 shall not exceed the amount the Construction Manager would otherwise have received under Sections 15.2.1 and 15.1.3 above.

Termination Subsequent to Establishing Guaranteed Maximum Price. Following execution of the Guaranteed Maximum Price Amendment and subject to the provisions of Sections 15.2.1 Section 13.2.1 and 15.2.2 13.2.2 below, the Contract may be terminated as provided in Section 15.6Article 13.6. § 15.2.1 13.2.1 In the event of a termination by the Owner under Section 15.6.3 13.6.3 the CM/GC must submit a termination claim in accordance with Section 12. If the CM/GC has submitted the termination claim but there is no agreement between the Owner and the CM/GC to the amount due to the CM/GC, the amount payable to the CM/GC shall be calculated as follows: .1 Take the Cost of the Work incurred by the CM/GC; .2 Add the CM/GC’s Fee computed upon the Cost of the Work to the date of termination at the rate stated in Section 6.1.1 6.1 or, if the CM/GC’s Fee is stated as a fixed sum in that Section, an amount that bears the same ratio to that fixed-sum Fee as the Cost of the Work at the time of termination bears to a reasonable estimate of the probable Cost of the Work upon its completion; and .3 Subtract the aggregate of previous payments made by the Owner for Construction Phase services. § 15.2.2 13.2.2 If the Owner terminates the Contract after execution of the Guaranteed Maximum Price Amendment, the amount payable to the CM/GC pursuant to Sections 15.6.2 13.6.2 and 15.6.3 13.6.3 shall not exceed the amount the CM/GC would otherwise have received pursuant to Sections 15.1.2 13.1.2 and 15.1.3 13.1.3 of this Agreement. § 15.2.3 13.2.3 If the CM/GC terminates the Contract after execution of the Guaranteed Maximum Price Amendment, the amount payable to the Construction Manager under Section 10.4.1 shall not exceed the amount the Construction Manager would otherwise have received under Sections 15.2.1 13.2.1 and 15.1.3 13.1.3 above.

Termination Subsequent to Establishing Guaranteed Maximum Price. Following execution of the Guaranteed Maximum Price Amendment and subject to the provisions of Sections 15.2.1 13.2.1 and 15.2.2 13.2.2 below, the Contract may be terminated as provided in Section 15.613.6. § 15.2.1 13.2.1 In the event of a termination by the Owner under Section 15.6.3 13.6.3 the CM/GC must submit a termination claim in accordance with Section 12. If the CM/GC has submitted the termination claim but there is no agreement between the Owner and the CM/GC to the amount due to the CM/GC, the amount payable to the CM/GC shall be calculated as follows: .1 Take the Cost of the Work incurred by the CM/GC; .2 Add the CM/GC’s Fee computed upon the Cost of the Work to the date of termination at the rate stated in Section 6.1.1 or, if the CM/GC’s Fee is stated as a fixed sum in that Section, an amount that bears the same ratio to that fixed-sum Fee as the Cost of the Work at the time of termination bears to a reasonable estimate of the probable Cost of the Work upon its completion; and .3 Subtract the aggregate of previous payments made by the Owner for Construction Phase services. § 15.2.2 13.2.2 If the Owner terminates the Contract after execution of the Guaranteed Maximum Price Amendment, the amount payable to the CM/GC pursuant to Sections 15.6.2 13.6.2 and 15.6.3 13.6.3 shall not exceed the amount the CM/GC would otherwise have received pursuant to Sections 15.1.2 13.1.2 and 15.1.3 13.1.3 of this Agreement. § 15.2.3 13.2.3 If the CM/GC terminates the Contract after execution of the Guaranteed Maximum Price Amendment, the amount payable to the Construction Manager under Section 10.4.1 shall not exceed the amount the Construction Manager would otherwise have received under Sections 15.2.1 13.2.1 and 15.1.3 13.1.3 above.