January 10, 2012 Mr. David McGirr Chief Financial Officer Cubist Pharmaceuticals
Exhibit 10.3
January 10, 2012
Xx. Xxxxx XxXxxx
Chief Financial Officer
Cubist Pharmaceuticals
00 Xxxxxx Xxxxxx
Lexington, MA 02421
Re: Amendment to November 1, 2010 Part 2 Agreement to Update GMP
Dear Xx. XxXxxx:
This letter shall serve to amend the Part 2 Agreement, to memorialize Cubist and The Richmond Group, Inc.’s agreement on an updated Guaranteed Maximum Price (GMP) for the TI Phase and the Parking Phase of the work covered by the Part 2 Agreement. Per the attached summary, The GMP for the TI Phase shall be adjusted to $12,597,801 including the Fixed A/E Costs of $356,270, Fixed Supervision Cost of $790,010, and Fixed General Conditions of $802,927 and Fixed Fee of $506,000. The GMP for the Parking Phase (Garage) shall be $ 5,380,446 including the Fixed A/E Costs of 285,900, Fixed Supervision Cost of $115,107, Fixed General Conditions Cost of $192,283 and Fixed Fee Cost of $195,000. The Richmond Group has absorbed $2,439,384 of additional work not originally contemplated, as requested by Xxxxxx throughout the project . These amounts are detailed on the attached document, and Cubist Agrees that these amounts shall be included in the total GMP. As a result the total GMP under the Part 2 Agreement including the $27,271,205 for the Core and Shell Phase shall be adjusted to $47,688,836.
Substantial Completion for the Garage and TI phase was achieved on December 16, 2011 for the North Building. Work remains ongoing within the South Building and shall be completed in accordance with the schedule as mandated by the availability of space once Cubist moves, the target occupancy for this Phase shall be May 18th, 2012. The Part 2 Agreement shall not be amended in any other way other than as explicitly set forth in this letter and shall remain in full force and effect as amended.
Please indicate your agreement to this amendment to the Part 2 Agreement by signing in the space indicated below.
Very truly yours,
The Richmond Group, Inc.
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By: |
/s/ Xxxxxxx X. Xxxxxxxxxx |
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Xxxxxxx X. Xxxxxxxxxx, Executive Vice President |
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Acknowledged and Accepted
16th day of December, 2011.
CUBIST PHARMACEUTICALS
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By: |
/s/ Xxxxx X. X. XxXxxx |
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Xxxxx XxXxxx, Chief Financial Officer |
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12/22/2011 |
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Description |
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Final Costs - Core |
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Final Costs - Garage |
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Final Costs - Fitout |
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Approximate Costs |
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Demolition |
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$ |
252,550 |
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$ |
— |
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$ |
7,211 |
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$ |
55,000 |
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Sitework |
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$ |
1,149,303 |
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$ |
616,914 |
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$ |
— |
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| |
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Landscaping |
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$ |
326,206 |
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$ |
— |
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$ |
— |
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| |
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Precast Structure |
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$ |
— |
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$ |
1,820,000 |
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$ |
— |
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| |
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Concrete Foundations |
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$ |
1,110,192 |
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$ |
494,721 |
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$ |
— |
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| |
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Masonry |
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$ |
— |
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$ |
168,781 |
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$ |
— |
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| |
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Structural Steel |
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$ |
2,886,959 |
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$ |
— |
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$ |
— |
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$ |
150,000 |
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Misc. Metals |
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$ |
636,843 |
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$ |
205,140 |
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$ |
— |
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$ |
20,000 |
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Carpentry/Millwork |
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$ |
6,490 |
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$ |
— |
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$ |
175,369 |
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$ |
14,000 |
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Roofing / Waterproofing |
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$ |
1,153,660 |
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$ |
70,055 |
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$ |
76,497 |
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| |
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Doors and Hardware |
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$ |
116,238 |
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$ |
27,116 |
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$ |
110,612 |
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$ |
70,000 |
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Exterior Facacde |
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$ |
3,384,226 |
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$ |
294,322 |
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$ |
— |
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| |
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Interior Glass and Glazing |
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$ |
109,189 |
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$ |
— |
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$ |
380,000 |
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Drywall |
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$ |
1,904,164 |
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$ |
79,444 |
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$ |
1,435,000 |
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$ |
350,000 |
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Tile |
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$ |
— |
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$ |
— |
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$ |
— |
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Acoustical Ceilings |
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$ |
— |
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$ |
— |
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$ |
208,196 |
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$ |
20,000 |
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Flooring |
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$ |
192,342 |
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$ |
— |
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$ |
685,136 |
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$ |
125,000 |
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Paint |
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$ |
91,415 |
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$ |
21,020 |
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$ |
128,150 |
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$ |
22,000 |
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Misc. Specialties |
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$ |
2,575 |
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$ |
— |
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$ |
154,095 |
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$ |
10,000 |
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Equipment - Cold Rooms Only |
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$ |
— |
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$ |
— |
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$ |
170,657 |
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$ |
93,000 |
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Lab Casework |
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$ |
— |
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$ |
— |
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$ |
790,000 |
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$ |
96,258 |
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Elevator |
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$ |
309,272 |
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$ |
115,028 |
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$ |
— |
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Fire Protection |
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$ |
324,617 |
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$ |
167,000 |
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$ |
223,408 |
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Plumbing |
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$ |
536,420 |
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$ |
113,659 |
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$ |
1,020,128 |
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$ |
32,126 |
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HVAC |
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$ |
6,906,206 |
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$ |
93,052 |
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$ |
3,285,203 |
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$ |
728,000 |
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Electrical |
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$ |
2,077,932 |
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$ |
243,392 |
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$ |
976,294 |
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$ |
654,000 |
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General |
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$ |
572,995 |
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$ |
62,512 |
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$ |
316,638 |
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Supervision |
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$ |
860,845 |
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$ |
115,107 |
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$ |
790,010 |
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GC’s/Permits/Insurance |
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$ |
585,665 |
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$ |
192,283 |
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$ |
802,927 |
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CA Engineering |
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$ |
403,850 |
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$ |
285,900 |
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$ |
356,270 |
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Insurance and Permits |
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$ |
440,445 |
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w/GC’s |
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w/GC’s |
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Contingency |
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$ |
— |
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$ |
— |
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$ |
— |
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Overhead and Profit |
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$ |
930,606 |
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$ |
195,000 |
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$ |
506,000 |
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Total Budget |
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$ |
27,271,205 |
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$ |
5,380,446 |
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$ |
12,597,801 |
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$ |
2,439,384 |
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Costs without Absorbed Extra Work |
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$ |
45,249,452 |
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Total Final Costs |
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$ |
47,688,836 |
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Budget summary of items comprising Absorbed work |
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$ |
187,826 |
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New Lab Modifications Requested by Cubist |
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$ |
319,019 |
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New Rackwasher - Level 1 |
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$ |
254,414 |
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NMR Room Rework Level 1 (Not in BOD) |
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$ |
387,810 |
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3rd Floor ACF (Not in BOD) |
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$ |
433,315 |
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New Trasformer and Switchgear for the Existing 3 Story Building |
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$ |
857,000 |
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Level 1 Modifications (Not in BOD) |
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$ |
2,439,384 |
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