Total Project GMP Clause Samples
The 'Total Project GMP' clause establishes the Guaranteed Maximum Price (GMP) for the entire project, setting a cap on the total amount the owner will pay the contractor for all work performed. This clause typically details what costs are included in the GMP, such as labor, materials, overhead, and profit, and may outline procedures for adjusting the GMP if changes to the project scope occur. Its core function is to provide cost certainty for the owner while allocating the risk of cost overruns to the contractor, thereby preventing unexpected budget increases.
Total Project GMP. The sum of all GMPs for all portions of the entire Project shall be considered the ‘Total Project GMP.’ The Total Project GMP shall not exceed One Hundred Ninety-Three Million Four Hundred Thirteen Thousand Two Hundred Ninety-Four and No/100 Dollars ($193,413,294.00), which shall include: (i) a reasonable amount to be established as CMR Contingency; and (ii) the amount of the TFC Controlled Contingency set forth in Section 4.3.5, above. Unless an Amendment to this Contract or a Change Order is executed by TFC that expressly increases to Total Project GMP with respect to TFC's election to use TFC Controlled Contingency for TFC-directed changes, the total of all amounts to be paid to CMR in connection with all GMPs for all portions of the Project shall not exceed the Total Project GMP. All provisions, terms and conditions of the Contract not expressly amended herein shall remain in full force and effect.
Total Project GMP. The sum of all GMPs for all portions of the entire Project shall be considered the ‘Total Project GMP.’ The Total Project GMP shall not exceed Two Hundred One Million Eight Hundred Thirty-One Thousand Nine Hundred Ninety-Seven and No/100 Dollars ($201,831,997.00), which shall include: (i) a reasonable amount to be established as CMR Contingency; and (ii) the amount of the TFC Controlled Contingency set forth in Section 4.3.5, above. Unless an Amendment to this Contract or a Change Order is executed by TFC that expressly increases to Total Project GMP with respect to TFC's election to use TFC Controlled Contingency for TFC-directed changes, the total of all amounts to be paid to CMR in connection with all GMPs for all portions of the Project shall not exceed the Total Project GMP.
5. Article VI, Acknowledgements, Covenants, and Agreements, Section 6.2, Acknowledgements, Covenants, and Agreements of CMR, is amended by deleting subsection 6.2.19, Prohibition Against Boycotting Israel, and replacing it with subsection 6.2.19, Entities that Boycott Israel, and by adding subsections 6.2.21 through 6.2.25, as follows:
Total Project GMP. The sum of all GMPs for all portions of the entire Project shall be considered the “Total Project GMP.” The Total Project GMP shall not exceed Twenty Million Ninety-Six Thousand One Hundred Eighty-Five and No/100 Dollars ($20,096,185.00). Unless it is increased by an amendment to this Contract or by a Change Order with respect to the TFC’s election to use TFC Controlled Contingency, the total of all amounts to be paid to CMR in connection with the Project shall not exceed the amount of the GMP established in the executed GMP Amendment. Except as expressly amended above, the Contract remains in full force and effect.
Total Project GMP. The sum of all GMPs for all portions of the entire Project shall be considered the “Total Project GMP.” The Total Project GMP shall not exceed Eighty- Eight Million Six Hundred Forty-Eight Thousand Three Hundred Fifty-Nine and No/100 Dollars ($88,648,359.00), which shall include: (i) a reasonable amount to be established as CMR Contingency; and (ii) the amount of the TFC Controlled Contingency set forth in Section 4.3.5, above. Unless an Amendment to this Contract or a Change Order is executed by TFC that expressly increases to Total Project GMP with respect to TFC’s election to use TFC Controlled Contingency for TFC-directed changes, the total of all amounts to be paid to CMR in connection with all GMPs for all portions of the Project shall not exceed the Total Project GMP.
4. The Parties agree to amend ARTICLE VI – ACKNOWLEDGEMENTS, COVENANTS, AND AGREEMENTS, Section 6.2, Acknowledgements, Covenants, and Agreements of CMR, by adding the following three (3) clauses as Subsections 6.2.24, 6.2.25, and 6.2.26: