ESTABLISHMENT OF GUARANTEED MAXIMUM PRICE “GMP Clause Samples

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ESTABLISHMENT OF GUARANTEED MAXIMUM PRICE “GMP. 5.1 Guaranteed Maximum Price (GMP) is the amount agreed upon between the District and Contractor that shall not be exceeded for the Construction of the Project within the Contract Time based on Contractor’s thorough review of the Contract Documents, Due Diligence in investigation of all aspects of the Project. The GMP includes the costs for the Sublease Payments being paid by the District as Progress Payments and Retention Payment during construction in accordance with the terms of this Construction Services Agreement. Any references to Progress Payments shall also mean Sublease Payments. A Construction Contingency (Article 5.2.1) and an Errors and Omissions Contingency (Article 5.2.2) is contained within the GMP. Costs that are outside of the GMP shall be as follows: 5.1.1 Owner requested additional work (See Article 8) to be paid under the District Contingency. 5.1.2 Unforeseen underground soil conditions or unforeseen hazardous materials that meet the requirements of Article 13.15.5 and 18.4 to be paid under the Unforeseen Allowance.
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ESTABLISHMENT OF GUARANTEED MAXIMUM PRICE “GMP. A. The preliminary "Estimated GMP" for the Project shall be $ ($ ). The Estimated GMP shall be subject to modification when the Construction Documents are finalized and approved by the Division of the State Architect ("Final GMP"). The Estimated GMP is based upon plans and specifications existing and reviewed by the Contractor at the time this Construction Services Agreement is entered into as more fully described and referenced in the Scope of Work set forth in Exhibit "A." Sublease Payments and/or Sublease Prepayments by the District pursuant to the Sublease and Section 26 hereof shall be commensurate with the GMP. The Final GMP shall be subject to adjustments for Extra Work/Modifications in accordance with the provisions of Section 9 and adjustments for reductions in the Scope of Work pursuant to the provisions of Section 4(B), below. The Estimated GMP includes, and the Final GMP shall include, the cost of all labor, materials, equipment, general conditions, overhead, profit and Contractor contingency in an amount to be negotiated upon the finalization of the GMP. (1) The District hereby creates an owner contingency fund (“Contingency Fund”) for the District’s benefit which shall originally consist of $ . The Contingency Fund may be increased by the District, in its sole discretion, from any Savings as set forth in Article 6 herein. This Contingency Fund is a line item within the GMP. The Contingency Fund shall be utilized for the payment of: (1) any unforeseen costs which are within the scope of work for the Project which are not caused by the acts, errors, or omissions of the Contractor; or (2) additional work desired by the District pursuant to Article 9 of these Construction Provisions. Prior to commencing any work which would result in the utilization of the Contingency Fund, the District and Contractor shall agree in writing singularly, or by way of approved construction meeting minutes, upon the cost of such work. In the event that Contractor commences such work without the District and Contractor agreeing upon the cost for such work or mutually acceptable method for determining the cost for such work, Contractor shall, for all purposes, be deemed to have waived any rights to compensation with respect to such work. Any funds remaining in the Contingency Fund after completion of the Project shall remain with the District and will not be payable to the Contractor, unless otherwise agreed to by the parties in writing. B. The District at all times sh...
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ESTABLISHMENT OF GUARANTEED MAXIMUM PRICE “GMP. 5.1 Guaranteed Maximum Price (GMP) is the amount agreed upon between the District and Contractor that shall not be exceeded for the Construction of each Project within the Contract Time based on Contractor’s thorough review of the Contract Documents, Due Diligence in investigation of all aspects of the Project, as set forth in Exhibit J for each Project. The GMP includes the costs for the Sublease Payments being paid by the District as Progress Payments and Retention Payment during construction in accordance with the terms of this Master Construction Services Agreement. Any references to Progress Payments shall also mean Sublease Payments. A Construction Contingency (Article 5.2.1) and an Errors and Omissions Contingency (Article 5.2.2) is contained within the GMP. Costs that are outside of the GMP shall be as follows: 5.1.1 Owner requested additional work (See Article 8) to be paid under the District Contingency. 5.1.2 Unforeseen underground soil conditions or unforeseen hazardous materials that meet the requirements of Article 13.15.5 and 18.4 to be paid under the Unforeseen Allowance.
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ESTABLISHMENT OF GUARANTEED MAXIMUM PRICE “GMP. A. The estimated GMP for the Project shall be Dollars ($ ), as further described in Exhibit "C" of the Sublease. The final GMP shall be based upon the approved plans and specifications existing and reviewed by Contractor at the time the amended Construction Services Agreement is entered into as more fully described and referenced in the Scope of Work set forth in Exhibit “A.” Contractor’s detailed line item costing of the Project, or Master Budget, totaling the GMP is attached hereto as Exhibit “B.” Furthermore, District represents and warrants that the GMP consists of the Tenant Improvement Payments plus the Sublease Payments to be paid as a portion of the rental of the Project and Site under the terms of the Sublease. District represents and warrants that (1) the total amount of Sublease Payments includes the total rental for the Project, which total does not exceed the fair market value for the Project; (2) said rental amount has been incorporated into the GMP in consideration and inducement of this Construction Services Agreement, the Site Lease, the Sublease, the uses and purposes which may be served by the Project, and the benefits therefrom which will accrue to District and the general public; and
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ESTABLISHMENT OF GUARANTEED MAXIMUM PRICE “GMP. A. The preliminary "Estimated GMP" for the Project shall be $[INSERT AMOUNT OF ESTIMATED GMP]. The Estimated GMP shall be subject to modification when the Construction Documents are finalized and approved by the Division of the State Architect ("Final GMP"). The Estimated GMP is based upon plans and specifications existing and reviewed by the Contractor at the time this Construction Services Agreement is entered into as more fully described and referenced in the Scope of Work set forth in Exhibit "A," Sublease Payments and/or Sublease Prepayments to be made by the District pursuant to the Sublease and Section 26 hereof shall be commensurate with the GMP. The Final GMP shall be subject to adjustments for Extra Work/Modifications in accordance with the provisions of Section 9 and adjustments for reductions in the Scope of Work pursuant to the provisions of Section 4(B), below. The Estimated GMP includes, and the Final GMP shall include, the cost of all labor, materials, equipment, general conditions, overhead, profit, District Contingency and Contractor contingency in an amount to be negotiated upon the finalization of the GMP.
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ESTABLISHMENT OF GUARANTEED MAXIMUM PRICE “GMP 
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ESTABLISHMENT OF GUARANTEED MAXIMUM PRICE “GMP 
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Related to ESTABLISHMENT OF GUARANTEED MAXIMUM PRICE “GMP

  • Guaranteed Maximum Price (GMP Construction Manager guarantees that it shall not exceed a Guaranteed Maximum Price (GMP) of One Million, Twenty-One Thousand, One Hundred Twenty- Four Dollars and Ninety-Seven Cents ($1,021,124.97) for the identified Sub-Project.

  • Guaranteed Maximum Price The total monies payable to Developer under the terms and conditions of the Contract Documents.

  • GUARANTEED MAXIMUM PRICE PROPOSAL 7.1 At the conclusion of the Design Development phase the Contractor shall prepare and submit a Guaranteed Maximum Price Proposal to Owner based on the Design Development phase documents and review comments. The GMP shall be delivered to the Owner within three (3) weeks of the Design Development review meeting or a date established by the Owner. The GMP Proposal must be prepared in accordance with the guidelines established by Owner and delivered in the format specified by Owner in Exhibit “E” attached to this Agreement. Owner, at its sole option and discretion, may specify different requirements for the GMP Proposal. Contractor shall not withdraw its Guaranteed Maximum Price Proposal for ninety (90) days following submission to Owner. 7.2 In developing the GMP Proposal, Contractor shall coordinate efforts with A/E to identify qualifications, clarifications, assumptions, exclusions, value engineering and any other factors relevant to establishment of a GMP. Contractor shall review development of the GMP Proposal with Owner on an ongoing basis to address clarifications of scope and pricing, distribution of contingencies, schedule, assumptions, exclusions, and other matters relevant to the establishment of a GMP. 7.3 The GMP Proposal must include a written description of how it was derived that specifically identifies the clarifications and assumptions made by Contractor in the GMP and the monetary amounts attributable to them. The GMP Proposal shall include, without limitation, a breakdown of Contractor’s estimated General Conditions Costs and estimated Cost of the Work organized by trade and Masterformat 2004; contingency amounts; the Construction Phase Fee; and the proposed Contract Time, including dates for Notice to Proceed, Substantial Completion and Final Completion. Notwithstanding the breakdown of Contractor’s estimated costs, there are no line item guaranteed maximum amounts except for general conditions. 7.4 The Guaranteed Maximum Price Proposal shall allow for reasonably expected changes and refinements in the Drawings and Specifications through completion of the Construction Documents, except for material changes in scope. 7.5 The GMP Proposal shall include a Contractor’s Contingency amount. 7.6 Included with its GMP Proposal, Contractor shall provide three complete, bound sets of the drawings, specifications, plans, sketches, instructions, requirements, materials, equipment specifications and other information or documents that fully describe the Project as developed at the time of the GMP Proposal and that are relevant to the establishment of the GMP. The bound supporting documents shall be referenced in and incorporated into the GMP Proposal. 7.7 The GMP Proposal and all supporting documents shall identify and describe all items, assumptions, costs, contingencies, schedules and other matters necessary and relevant for proper execution and completion of the Work and for establishment of the GMP. The GMP Proposal and the supporting documents are complementary and, in the event of an irreconcilable conflict between or among them, the interpretation that provides for the higher quality or quantity of material and/or workmanship shall prevail over all other interpretations. 7.8 In submitting the GMP Proposal, Contractor represents that it will provide every item, system or element of performance that is identified, shown or specified in the GMP Proposal or the supporting documents, along with those necessary or ancillary materials that are reasonably inferable and equipment for their complete operating installation, unless specifically accepted in writing by Owner. Upon Owner’s written acceptance of the GMP Proposal, Contractor shall not be entitled to any increase in the GMP due to the continued refinement of the Construction Documents or the absence or addition of any detail or specification that may be required in order to complete the construction of the Project as described in and reasonably inferable from the GMP Proposal or the supporting documents used to establish the GMP. 7.9 The GMP Proposal shall adopt and incorporate all of the terms and conditions of this Agreement and all attachments to this Agreement. Any proposed deviation from the terms and conditions of this Agreement must be clearly and conspicuously identified to Owner in writing and specifically accepted in writing by Owner. In the event of a conflict between any term of the GMP Proposal that was not clearly and conspicuously identified and approved by Owner and the terms of this Agreement and its attachments, the terms of the Agreement and its attachments shall control. 7.10 Owner may accept or reject the Guaranteed Maximum Price Proposal or attempt to negotiate its terms with Contractor. Upon acceptance by Owner of the GMP Proposal in writing, both parties shall execute the GMP Proposal which shall become part of this Agreement. If Owner rejects the GMP Proposal or the parties are unable or unwilling to agree on a GMP, Owner may terminate this Agreement. 7.11 Following Owner’s acceptance of the GMP Proposal, Contractor shall continue to monitor the development of the Construction Documents so that, when complete, the Construction Documents adequately incorporate and resolve all qualifications, assumptions, clarifications, exclusions and value engineering issues identified in the GMP Proposal. During the Construction Documents stage, Contractor and A/E shall jointly deliver a monthly written status report to Owner describing the progress on the incorporation of all qualifications, assumptions, clarifications, exclusions, value engineering issues and all other matters relevant to the establishment of the GMP into the Construction Documents. 7.12 Contractor 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 acceptance of the GMP Proposal. This equitable adjustment does not apply to tax increases borne solely by Subcontractors. 7.13 The parties may agree to convert the GMP to a lump sum contract amount at any time after Contractor has received bids or proposals from trade Contractors or Subcontractors for the performance of all major elements of the Project. In proposing a lump sum amount, Contractor shall consider the buyout savings, any unused contingency amounts and the trade package contracts that have not been finalized. In preparing a lump sum conversion proposal, Contractor must provide the following information: 7.13.1 The stage of completion of the Project; 7.13.2 The trade packages that have been completely bought out; 7.13.3 The trade packages remaining that have not been bought out; 7.13.4 A complete line item breakdown of the calculations used to establish a lump sum amount based on the GMP Schedule of Values; 7.13.5 An accounting of all savings amounts that are to be returned to Owner as part of the lump sum calculation; and 7.13.6 Any other Project information requested by Owner. 7.14 Contractor shall document the actual Cost of the Project at buyout as compared to the Guaranteed Maximum Price Proposal and shall report this information to Owner monthly and with Contractor’s recommendation for selection of a bid/proposal for each subcontracting package. 7.15 Notwithstanding anything to the contrary herein, Contractor shall have no liability for delay or liquidated damages if the parties are unable to reach an agreement on the GMP.

  • Guaranteed Maximum Costs The City’s payment obligation to Contractor cannot at any time exceed the amount certified by City’s Controller for the purpose and period stated in such certification. Absent an authorized Emergency per the City Charter or applicable Code, no City representative is authorized to offer or promise, nor is the City required to honor, any offered or promised payments to Contractor under this Agreement in excess of the certified maximum amount without the Controller having first certified the additional promised amount and the Parties having modified this Agreement as provided in Section 11.5, “Modification of this Agreement.”

  • C1 Contract Price In consideration of the Contractor’s performance of its obligations under the Contract, the Authority shall pay the Contract Price in accordance with clause C2 (Payment and VAT).