Common use of Use Of Contingency Contained Within GMP Clause in Contracts

Use Of Contingency Contained Within GMP. At the time of submission of a Guaranteed Maximum Price, the Construction Manager will verify the time schedule for activities and Work, which were adopted by the Construction Team and used to determine the Construction Manager's GMP. In addition to the cost of Work and fee, a GMP will include an agreed upon sum as the construction contingency which is included for the purpose of defraying the expenses incurred by Contractor in performing the Work, due to unforeseen circumstances relating to construction. The Construction Manager will be required to furnish documentation evidencing expenditures charged to this contingency prior to the release of funds by the Owner. Documentation for use of the contingency shall be determined by the Construction Team, included in the Project Manual and displayed monthly in the PMIS. The Architect-Engineer shall verify the actual costs. If bids are received below the applicable line items in the GMP, the surplus will be added to the contingency. If bids are received above the applicable line item in the GMP the deficiency will be taken from the contingency, however such events shall not be cause to increase the GMP. If bids are not received for a portion of the work at or below the applicable line item amount in the GMP, the Construction Manager reserves the right to perform that portion of the Work as acknowledged by the Owner or negotiate for its performance for the specified line item lump sum amount or less. Any balance remaining at the end of the Construction Phase shall belong to the Owner.

Use Of Contingency Contained Within GMP. At the time of submission of a Guaranteed Maximum Price, the Construction Manager PROVIDER will verify the time schedule for activities and Work, work which were adopted by the Construction Team DESIGN-BUILD TEAM and used to determine the Construction ManagerPROVIDER's GMPcost of work. In addition to the cost of Work and feework, a GMP will include an agreed upon sum as the construction contingency which is included for the purpose of defraying the expenses incurred by Contractor in performing the Work, due to unforeseen circumstances relating to construction. The Construction Manager PROVIDER will be required to furnish documentation evidencing expenditures charged to this contingency prior to the release of funds by the Owner. Documentation for use of the contingency shall be determined by the Construction Team, included in the Project Manual and displayed monthly in the PMIS. The Architect-Engineer shall verify the actual costsDEPARTMENT. If bids are received below the applicable line items in the GMP, the surplus will be added to the contingency. If bids are received above the applicable line item in the GMP the deficiency will be taken from the contingency, however such events shall not be cause to increase the GMP. If bids are not received for a portion of the work at or below the applicable line item amount in the GMP, the Construction Manager PROVIDER reserves the right to perform that portion of the Work as acknowledged by the Owner work or negotiate for its performance for the specified line item lump sum amount or less. Any balance remaining at the end of the Construction Phase shall belong to the Owner.