Examples of GMP Agreement in a sentence
In the event Owner and Design-Builder do not successfully finalize the GMP Exhibit and execute a GMP Agreement for this project, this Agreement will be terminated and Design-Builder will be paid the value of its services to the date of termination, not to exceed the Contract Price, and will not be entitled to any other compensation, damages, loss of profits or payment of any other kind.
In entering into this Agreement, Owner and Design-Builder recognize that they may not be able to finalize the GMP Exhibit and execute a GMP Agreement for this Project.
The terms of this Agreement shall terminate upon finalization of the GMP Exhibit and execution of the GMP Agreement by both parties.
During the Construction Documents stage, the CM and the A/E shall jointly deliver a monthly status report to the Owner describing the progress on the incorporation into the Construction Documents of all qualifications, assumptions, clarifications, exclusions, value engineering issues and all other matters relevant to the GMP Agreement.
The CM shall be entitled to an equitable adjustment of the GMP if it is required to pay or bear the burden of any new federal, state, or local tax, or any rate increase of an existing tax, except taxes on income, adopted through statute, court decision, written ruling, or regulation taking effect after incorporation of the GMP Agreement.