Common use of BUDGETING AND GUARANTEED MAXIMUM PRICE Clause in Contracts

BUDGETING AND GUARANTEED MAXIMUM PRICE. 2.2.2.1 The CM@Risk shall provide the Pre-Construction Services for the Pre-Construction Phase Fee identified in the Agreement. That fee will be earned based upon the amount of Design Phase Work completed. That fee shall be billed and payable monthly as a percentage of completion of Pre-Construction Services. The Construction Phase Services of CM@Risk will be provided based upon an Open Book Cost of the Work, plus the separate Construction Phase Fee for CM@Risk identified in the Agreement, which together comprise the GMP as set forth in Section 2.2.2.2 below. 2.2.2.2 As provided for in Article 1.2 of the Agreement and when the design has sufficiently progressed, the CM@Risk shall propose a GMP for the construction that is to be based on the Cost of the Work. The CM@Risk shall attach to the GMP a list of the Drawings and Specifications used by the CM@Risk in preparing and setting the GMP and also a “Statement of All Clarifications and Assumptions” that the CM@Risk used to supplement the information contained in the Drawings and Specifications CM@Risk has listed. The “Statement of All Clarifications and Assumptions” may, at the discretion of CM@Risk, be shown in the form of Drawings or be in narrative form or a combination of both, but must in any event be complete and detailed. 2.2.2.3 The Owner will, at its sole discretion, have the option to accept the GMP submitted by CM@Risk, request that CM@Risk submit another GMP, or reject the GMP and terminate all contracts and agreements with the CM@Risk. In the event of such a termination the CM@Risk shall receive payment for services it has provided to date and other reasonable termination costs approved by Owner. In this situation, there shall be no amounts paid for any lost profits, lost opportunity or other similar costs. 2.2.2.4 Once accepted by the Owner, the GMP may be revised only by an approved amendment or change order. 2.2.2.5 For any Contingency within the GMP, the criteria for the development of that Contingency must be acceptable to the Owner. Thereafter, the CM@Risk must inform the Owner of any intended usage of the Contingency, with supporting itemized schedule and pricing documentation, to maintain complete records and confirm its appropriate use for the Project.

BUDGETING AND GUARANTEED MAXIMUM PRICE. 2.2.2.1 The CM@Risk 2.8.1 Design-Builder shall provide the Design and Pre-Construction Phase Services for the Design and Pre-Construction Phase Fee identified in the Agreement. That fee will be earned based upon the amount of Design Phase Work completed. That fee shall be billed and payable monthly as a percentage of completion of Pre-Construction Design Phase Services. The Construction Phase Services of CM@Risk Design-Builder will be provided based upon an Open Book Cost of the Work, plus the separate Construction General Conditions and Construction Phase Fee for CM@Risk Design-Builder identified in the Agreement, which together comprise the GMP as set forth in Section 2.2.2.2 Article 2.8.2 below. 2.2.2.2 2.8.2 As provided for in Article 1.2 1.3 of the Agreement and when the design has sufficiently progressed, the CM@Risk Design-Builder shall propose a GMP for the construction that is to be based on the Cost of the Work. The CM@Risk Design-Builder shall attach to the GMP a list of the Drawings and Specifications Design Submissions and/or Construction Documents used by the CM@Risk Design-Builder in preparing and setting the GMP and also a “Statement of All Clarifications and Assumptions” that the CM@Risk Design-Builder used to supplement the information contained in the Drawings and Specifications CM@Risk Design Submissions and/or Construction Documents Design-Builder has listed. The “Statement of All Clarifications and Assumptions” may, at the discretion of CM@RiskDesign-Builder, be shown in the form of Drawings or be in narrative form or a combination of both, but must in any event be complete and detailed. 2.2.2.3 2.8.3 The Owner will, at its sole discretion, have the option to accept the GMP submitted by CM@RiskDesign-Builder, request that CM@Risk Design-Builder submit another GMP, or reject the GMP and terminate all contracts and agreements with the CM@RiskDesign-Builder. In the event of such a termination the CM@Risk Design-Builder shall receive payment for services it has provided to date and other reasonable termination costs approved by Owner. In this situation, there shall be no amounts paid for any lost profits, lost opportunity or other similar costs. 2.2.2.4 2.8.4 Once accepted by the Owner, the GMP may be revised only by an approved amendment or change order. 2.2.2.5 2.8.5 For any Contingency within the GMP, the criteria for the development of that Contingency must be acceptable to the Owner. Thereafter, the CM@Risk Design-Builder must inform the Owner of any intended usage of the Contingency, with supporting itemized schedule and pricing documentation, to maintain complete records and confirm its appropriate use for the Project.

BUDGETING AND GUARANTEED MAXIMUM PRICE. 2.2.2.1 The CM@Risk shall provide the its Pre-Construction Services for the Pre-Construction Phase Fee identified in the Agreement. That fee will be earned based upon the amount of Design Phase Work completed. That fee shall be billed and payable monthly as a percentage of completion of Pre-Construction Services. The Construction Phase Services services of CM@Risk will be provided based upon an Open Book Cost of the Work, plus the separate Construction Phase Fee for CM@Risk identified in the Agreement, which together comprise the GMP as set forth in Section 2.2.2.2 below. 2.2.2.2 As provided for in Article 1.2 of the Agreement and when the design has sufficiently progressed, the CM@Risk shall propose a GMP for the construction that is to be based on the Cost of the Work. The CM@Risk shall attach to the GMP a list of the Drawings and Specifications Specification used by the CM@Risk in preparing and setting the GMP and also a “Statement of All Clarifications and Assumptions” that the CM@Risk used to supplement the information contained in the Drawings and Specifications CM@Risk has listed. The “Statement of All Clarifications and Assumptions” may, may at the discretion of CM@Risk, CM@Risk be shown in the form of Drawings or be in narrative form or a combination of both, but must in any event be complete and detailed. 2.2.2.3 The Owner will, at its sole discretion, have the option to accept the GMP submitted by CM@Risk, request that CM@Risk submit another GMP, or reject the GMP and terminate all contracts and agreements with the CM@Risk. In the event of such a termination the CM@Risk shall receive payment for services it has provided to date and other reasonable termination costs approved by Ownerdate. In this situation, there shall be no amounts paid for any termination cost, lost profits, lost opportunity or any other similar costssuch reason. 2.2.2.4 Once accepted by the Owner, the GMP may be revised only by an approved amendment or change order. 2.2.2.5 For any Contingency within the GMP, the criteria for the development of that Contingency must be acceptable to the Owner. Thereafter, the CM@Risk must inform the Owner of any intended usage of the Contingency, with supporting itemized schedule and pricing documentation, to maintain complete records and confirm its appropriate use for the Project.

BUDGETING AND GUARANTEED MAXIMUM PRICE. 2.2.2.1 The CM@Risk CMAR shall provide the Prepre-Construction Services construction phase services for the Pre-Construction Pre- construction Phase Fee identified in the Agreement. That fee Services Fee, which will be earned based upon the amount of Design Phase Work preconstruction phase design development work completed. That This fee shall be billed and payable monthly as a percentage of completion of Prethe pre-Construction Servicesconstruction phase services. The Construction Phase Services of CM@Risk construction phase services will be provided based upon an Open Book Cost of the Workconstruction Work as listed in Exhibit C included in the Final GMP Setting Modification (defined in Section 2.2.2.5 below), plus the separate Construction Phase Services Fee for CM@Risk identified in the Agreement, which together comprise completed Exhibit C also included in the Final GMP as set forth Setting Modification (defined in Section 2.2.2.2 2.2.2.5 below). In no event, shall the aggregate payments by Owner to Contractor for all pre-construction phase and construction phase Work exceed the Guaranteed Maximum Price. 2.2.2.2 As provided The CMAR shall assist the DP in evaluating the Owner’s preliminary Project Budget. The Owner shall furnish the ▇▇▇▇ the amount within the Owner’s Project Budget available for in Article 1.2 the construction Work. The ▇▇▇▇’▇ estimates of Construction Costs and the construction Work portion of the ▇▇▇▇’▇ proposed Guaranteed Maximum Price shall not exceed this amount. 2.2.2.3 The amount within the Owner’s Project Budget available for construction Work may be revised only by an Owner approved written modification of this Agreement or a Change Order. 2.2.2.4 As determined by the Owner and when the design has sufficiently progressed▇▇▇▇, and no later than the CM@Risk conclusion of the Design Development sub-phase the ▇▇▇▇ shall propose a GMP for the construction that is to be based Guaranteed Maximum Price by submitting a completed copy of Exhibit C, a cover letter executed on the Cost behalf of the Work. The CM@Risk shall attach to CMAR proposing the GMP to Owner, a list of the Drawings drawings and Specifications specifications used by the CM@Risk CMAR in preparing and setting the proposed GMP and also a “Statement list of All Clarifications clarifications and Assumptions” that assumptions made by the CM@Risk used CMAR in preparing the proposed GMP to supplement the information contained in the Drawings drawings and Specifications CM@Risk has listedspecifications. The “Statement CMAR and Owner acknowledge that the drawings and specifications will be subject to further development that is consistent with the then existing drawings and specifications and inferable therefrom. Therefore, in determining the proposed GMP the CMAR shall take into account such further development as is consistent with the drawings and specifications and is reasonably inferable therefrom. Although the Owner and the DP may discuss the two lists with the CMAR in evaluating the proposed GMP, the accuracy and completeness of All Clarifications the two lists are the sole responsibility of the CMAR, and Assumptions” may, at neither the discretion Owner nor the DP shall have any responsibility to review the lists or to advise the CMAR of CM@Risk, be shown in the form of Drawings any errors or be in narrative form or a combination of both, but must in any event be complete and detailed. 2.2.2.3 omissions. The Owner will, at its sole discretion, have the option to accept this GMP in writing, in which event the proposed GMP submitted by CM@Risk, request that CM@Risk submit another GMPin the completed Exhibit C will become the interim GMP and the Owner’s written acceptance will be a written modification and become part of this Agreement (“Interim GMP Setting Modification”), or reject to terminate this Agreement for convenience, per Section 12.1.1, with payment to ▇▇▇▇ for that portion of the Preconstruction Phase Services Fee earned. The interim GMP will include a “bidding contingency” in an amount agreed by CMAR and terminate all contracts Owner and agreements with included in the CM@Risk. In the event of such a termination the CM@Risk shall receive payment for services it has provided to date and other reasonable termination costs approved by Owner. In this situation, there shall be no amounts paid for any lost profits, lost opportunity or other similar costs. 2.2.2.4 Once accepted by the Owner, the Interim GMP may be revised only by an approved amendment or change orderSetting Modification. 2.2.2.5 For any Contingency No construction Work shall commence until a Guaranteed Maximum Price for the Scope of Work to be performed within the GMP is established. The final GMP will be determined as follows. The final GMP under (i) or (ii) will be modified as provided in this Agreement: (i) If the construction Work is not done in phases, the final Guaranteed Maximum Price for the entire Work will be established after acceptance by the CMAR of Subcontractor bids for the construction Work by the Owner and the ▇▇▇▇ each executing a written approval of a completed form of Exhibit C containing the final Guaranteed Maximum Price, which written approval and final, completed form of Exhibit C will be a written modification and part of this Agreement (“Final GMP Setting Modification”) and will supersede the Interim GMP Setting Modification. The final Guaranteed Maximum Price and the completed form of Exhibit C to be included in the Final GMP Setting Modification shall be determined as follows: (A) Start with the completed form of Exhibit C attached tothe Interim GMP Setting Modification. (B) To the extent that the aggregate amount included in the Subcontractor bids accepted by CMAR relating to any line item in the interim GMP is less than the amount in the line item in the interim GMP, move the criteria excess amount from the line item to the “construction contingency”. (C) To the extent that the aggregate amount included in the Subcontractor bids accepted by CMAR relating to any line item in the interim GMP is more than the amount in the line item in the interim GMP, move an amount from the “bidding contingency” to the line item sufficient to cover the deficiency in the line item to the extent the amount is available in the “bidding contingency”. (D) The revised Exhibit C is the copy of Exhibit C to be attached to the Final GMP Setting Modification and the amount in the revised Exhibit C is the final GMP;or (ii) If the construction Work is to be done in phases: (A) The Interim GMP Setting Modification will also be the Final GMP Setting Modification. (B) The final Guaranteed Maximum Price for the development Project will be the Guaranteed Maximum Price set forth in theInterim GMP Setting Modification and in a form, similar to Exhibit C attached thereto. Such final GMP shall be modified during the construction phase of that Contingency must the Work as provided in Section 7.14. (C) There will be acceptable no Guaranteed Maximum Price for any phase of the construction Work. (D) When referred to the Owner. Thereafterin other provisions in this Agreement, the CM@Risk must inform date of agreement by Owner and CMAR on the Owner of any intended usage final GMP will be the date of the ContingencyInterim GMP Setting Modification. (E) Notwithstanding the allocation of the final GMP among the phases, with supporting itemized schedule and pricing documentation, to maintain complete records and confirm its appropriate use ▇▇▇▇ shall have sole responsibility for completing the entire construction Work for all phases within the Contract Time(s) for the Projectentire Construction Work and for the final Guaranteed Maximum Price and ▇▇▇▇ shall absorb any costs in excess of the final Guaranteed Maximum Price.

BUDGETING AND GUARANTEED MAXIMUM PRICE. 2.2.2.1 The CM@Risk shall provide the Pre-Construction Services for the Pre-Construction Phase Fee identified in the Agreement. That fee will be earned based upon the amount of Design Phase Work completed. That fee shall be billed and payable monthly as a percentage of completion of Pre-Construction Services. The Construction Phase Services of CM@Risk will be provided based upon an Open Book Cost of the Work, plus the separate Construction General Conditions and Construction Phase Fee for CM@Risk identified in the Agreement, which together comprise the GMP as set forth in Section 2.2.2.2 below. 2.2.2.2 As provided for in Article 1.2 of the Agreement and when the design has sufficiently progressed, the CM@Risk shall propose a GMP for the construction that is to be based on the Cost of the Work. The CM@Risk shall attach to the GMP a list of the Drawings and Specifications used by the CM@Risk in preparing and setting the GMP and also a “Statement of All Clarifications and Assumptions” that the CM@Risk used to supplement the information contained in the Drawings and Specifications CM@Risk has listed. The “Statement of All Clarifications and Assumptions” may, at the discretion of CM@Risk, be shown in the form of Drawings or be in narrative form or a combination of both, but must in any event be complete and detailed. 2.2.2.3 The Owner will, at its sole discretion, have the option to accept the GMP submitted by CM@Risk, request that CM@Risk submit another GMP, or reject the GMP and terminate all contracts and agreements with the CM@Risk. In the event of such a termination the CM@Risk shall receive payment for services it has provided to date and other reasonable termination costs approved by Owner. In this situation, there shall be no amounts paid for any lost profits, lost opportunity or other similar costs. 2.2.2.4 Once accepted by the Owner, the GMP may be revised only by an approved amendment or change order. 2.2.2.5 For any Contingency within the GMP, the criteria for the development of that Contingency must be acceptable to the Owner. Thereafter, the CM@Risk must inform the Owner of any intended usage of the Contingency, with supporting itemized schedule and pricing documentation, to maintain complete records and confirm its appropriate use for the Project.

BUDGETING AND GUARANTEED MAXIMUM PRICE. 2.2.2.1 The CM@Risk ▇▇▇▇ shall provide the Prepre-Construction Services construction phase services for the Pre-Construction Pre- construction Phase Fee identified in the Agreement. That fee Services Fee, which will be earned based upon the amount of Design Phase Work preconstruction phase design development work completed. That This fee shall be billed and payable monthly as a percentage of completion of Prethe pre-Construction Servicesconstruction phase services. The Construction Phase Services of CM@Risk construction phase services will be provided based upon an Open Book Cost of the Workconstruction Work as listed in Exhibit C included in the Final GMP Setting Modification (defined in Section 2.2.2.5 below), plus the separate Construction Phase Services Fee for CM@Risk identified in the Agreement, which together comprise completed Exhibit C also included in the Final GMP as set forth Setting Modification (defined in Section 2.2.2.2 2.2.2.5 below). In no event, shall the aggregate payments by Owner to Contractor for all pre-construction phase and construction phase Work exceed the Guaranteed Maximum Price. 2.2.2.2 As provided The ▇▇▇▇ shall assist the DP in evaluating the Owner’s preliminary Project Budget. The Owner shall furnish the ▇▇▇▇ the amount within the Owner’s Project Budget available for in Article 1.2 the construction Work. The ▇▇▇▇’▇ estimates of Construction Costs and the construction Work portion of the ▇▇▇▇’▇ proposed Guaranteed Maximum Price shall not exceed this amount. 2.2.2.3 The amount within the Owner’s Project Budget available for construction Work may be revised only by an Owner approved written modification of this Agreement or a Change Order. 2.2.2.4 As determined by the Owner and when the design has sufficiently progressed▇▇▇▇, and no later than the CM@Risk conclusion of the Design Development sub-phase the ▇▇▇▇ shall propose a GMP for the construction that is to be based Guaranteed Maximum Price by submitting a completed copy of Exhibit C, a cover letter executed on the Cost behalf of the Work. The CM@Risk shall attach to ▇▇▇▇ proposing the GMP to Owner, a list of the Drawings drawings and Specifications specifications used by the CM@Risk ▇▇▇▇ in preparing and setting the proposed GMP and also a “Statement list of All Clarifications clarifications and Assumptions” that assumptions made by the CM@Risk used ▇▇▇▇ in preparing the proposed GMP to supplement the information contained in the Drawings drawings and Specifications CM@Risk has listedspecifications. The “Statement ▇▇▇▇ and Owner acknowledge that the drawings and specifications will be subject to further development that is consistent with the then existing drawings and specifications and inferable therefrom. Therefore, in determining the proposed GMP the ▇▇▇▇ shall take into account such further development as is consistent with the drawings and specifications and is reasonably inferable therefrom. Although the Owner and the DP may discuss the two lists with the ▇▇▇▇ in evaluating the proposed GMP, the accuracy and completeness of All Clarifications the two lists are the sole responsibility of the ▇▇▇▇, and Assumptions” may, at neither the discretion Owner nor the DP shall have any responsibility to review the lists or to advise the ▇▇▇▇ of CM@Risk, be shown in the form of Drawings any errors or be in narrative form or a combination of both, but must in any event be complete and detailed. 2.2.2.3 omissions. The Owner will, at its sole discretion, have the option to accept this GMP in writing, in which event the proposed GMP submitted by CM@Risk, request that CM@Risk submit another GMPin the completed Exhibit C will become the interim GMP and the Owner’s written acceptance will be a written modification and become part of this Agreement (“Interim GMP Setting Modification”), or reject to terminate this Agreement for convenience, per Section 12.1.1, with payment to ▇▇▇▇ for that portion of the Preconstruction Phase Services Fee earned. The interim GMP will include a “bidding contingency” in an amount agreed by ▇▇▇▇ and terminate all contracts Owner and agreements with included in the CM@Risk. In the event of such a termination the CM@Risk shall receive payment for services it has provided to date and other reasonable termination costs approved by Owner. In this situation, there shall be no amounts paid for any lost profits, lost opportunity or other similar costs. 2.2.2.4 Once accepted by the Owner, the Interim GMP may be revised only by an approved amendment or change orderSetting Modification. 2.2.2.5 For any Contingency No construction Work shall commence until a Guaranteed Maximum Price for the Scope of Work to be performed within the GMP is established. The final GMP will be determined as follows. The final GMP under (i) or (ii) will be modified as provided in this Agreement: (i) If the construction Work is not done in phases, the final Guaranteed Maximum Price for the entire Work will be established after acceptance by the ▇▇▇▇ of Subcontractor bids for the construction Work by the Owner and the ▇▇▇▇ each executing a written approval of a completed form of Exhibit C containing the final Guaranteed Maximum Price, which written approval and final, completed form of Exhibit C will be a written modification and part of this Agreement (“Final GMP Setting Modification”) and will supersede the Interim GMP Setting Modification. The final Guaranteed Maximum Price and the completed form of Exhibit C to be included in the Final GMP Setting Modification shall be determined as follows: (A) Start with the completed form of Exhibit C attached tothe Interim GMP Setting Modification. (B) To the extent that the aggregate amount included in the Subcontractor bids accepted by ▇▇▇▇ relating to any line item in the interim GMP is less than the amount in the line item in the interim GMP, move the criteria excess amount from the line item to the “construction contingency”. (C) To the extent that the aggregate amount included in the Subcontractor bids accepted by ▇▇▇▇ relating to any line item in the interim GMP is more than the amount in the line item in the interim GMP, move an amount from the “bidding contingency” to the line item sufficient to cover the deficiency in the line item to the extent the amount is available in the “bidding contingency”. (D) The revised Exhibit C is the copy of Exhibit C to be attached to the Final GMP Setting Modification and the amount in the revised Exhibit C is the final GMP;or (ii) If the construction Work is to be done in phases: (A) The Interim GMP Setting Modification will also be the Final GMP Setting Modification. (B) The final Guaranteed Maximum Price for the development Project will be the Guaranteed Maximum Price set forth in theInterim GMP Setting Modification and in a form, similar to Exhibit C attached thereto. Such final GMP shall be modified during the construction phase of that Contingency must the Work as provided in Section 7.14. (C) There will be acceptable no Guaranteed Maximum Price for any phase of the construction Work. (D) When referred to the Owner. Thereafterin other provisions in this Agreement, the CM@Risk must inform date of agreement by Owner and ▇▇▇▇ on the Owner of any intended usage final GMP will be the date of the ContingencyInterim GMP Setting Modification. (E) Notwithstanding the allocation of the final GMP among the phases, with supporting itemized schedule and pricing documentation, to maintain complete records and confirm its appropriate use ▇▇▇▇ shall have sole responsibility for completing the entire construction Work for all phases within the Contract Time(s) for the Projectentire Construction Work and for the final Guaranteed Maximum Price and ▇▇▇▇ shall absorb any costs in excess of the final Guaranteed Maximum Price.