GMP Proposal and Amendment Clause Samples

The GMP Proposal and Amendment clause defines the process by which a Guaranteed Maximum Price (GMP) is initially proposed and subsequently modified during a project. Typically, this clause outlines the requirements for submitting the original GMP proposal, including supporting documentation and cost breakdowns, as well as the procedures for requesting and approving amendments if project scope or conditions change. Its core function is to ensure transparency and control over project costs, providing a structured method for adjusting the GMP to reflect agreed-upon changes and thereby minimizing disputes over budget increases.
GMP Proposal and Amendment. 4.4.1 The Criteria A/E shall receive from the Contracting Authority and promptly review a copy of the Contractor’s GMP Proposal. 4.4.2 Within 7 days after receiving a copy of the Contractor’s GMP Proposal, the Criteria A/E shall review and analyze it in detail and submit a written report to the Contracting Authority and Owner through which the Criteria A/E shall individually address each of the following topics at a minimum as appropriate for the Stage in the Project when the Contractor submits the GMP Proposal: 4.4.2.1 clarity of the GMP Proposal; 4.4.2.2 completeness of the GMP Proposal; 4.4.2.3 coordination of the documents comprising the GMP Proposal; 4.4.2.4 whether the Work described in the GMP Proposal appears consistent with the Final Concept and Design Criteria Documents; 4.4.2.5 whether the Work described in the GMP Proposal appears consistent with the Construction Budget; and 4.4.2.6 whether the Work described in the GMP Proposal appears consistent with the Project Schedule. 4.4.3 If it is the Criteria A/E’s opinion that the clarity, completeness, or coordination of the Contractor’s GMP Proposal is deficient, the Criteria A/E shall also describe and identify in its report specific examples of the deficiencies. If the Criteria A/E finds that the Work described in the Contractor’s GMP Proposal appears inconsistent with the Final Concept and Design Criteria Documents, Construction Budget, or Project Schedule, the Criteria A/E shall also describe and identify in its report specific examples of the inconsistencies. 4.4.4 If the Contracting Authority requests, the Criteria A/E shall meet with the Contracting Authority, Owner, and Contractor to review the Criteria A/E’s report. 4.4.5 If the Contracting Authority requests, the Criteria A/E shall assist the Contracting Authority and Owner with negotiation of the Contractor’s GMP Amendment.
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GMP Proposal and Amendment. 4.4.1 The Criteria A/E shall receive from the Contracting Authority and promptly review a copy of the Contractor’s GMP Proposal.
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GMP Proposal and Amendment. 2.5.1 The AOR shall prepare conformed drawings, specifications, and other design-related documents to be included in the GMP Amendment.
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Related to GMP Proposal and Amendment

  • Modifications; Amendment This Agreement shall not be modified, cancelled or terminated except by an instrument in writing signed by each Noteholder. Additionally, for as long as any Note is contained in a Securitization Trust, the Noteholders shall not amend or modify this Agreement without first receiving a Rating Agency Confirmation; provided that no such confirmation from the Rating Agencies shall be required in connection with a modification or amendment (i) to cure any ambiguity, to correct or supplement any provisions herein that may be defective or inconsistent with any other provisions herein or with the Servicing Agreement, (ii) entered into pursuant to Section 32 of this Agreement or (iii) to correct or supplement any provision herein that may be defective or inconsistent with any other provisions of this Agreement.

  • Modification, Amendment and Waiver The authority of the Trustees hereunder to authorize the Trust to enter into contracts or other agreements or arrangements shall include the authority of the Trustees to modify, amend, waive any provision of supplement, assign all or a portion of, novate, or terminate such contracts, agreements or arrangements. The enumeration of any specific contracts in this Section 5.12 shall in no way be deemed to limit the power and authority of the Trustees as otherwise set forth in this Declaration of Trust to authorize the Fund to engage, contract with or make payments to such Persons as the Trustees may deem desirable for the transaction of the business of the Fund.

  • Modification and Amendment This Agreement may not be amended or modified, except by a written instrument signed by Class Counsel and counsel for Defendant and, if the Settlement has been approved preliminarily by the Court, approved by the Court.

  • Review and Amendment 1. The Council for TRIPS shall review the implementation of this Agreement after the expiration of the transitional period referred to in paragraph 2 of Article 65. The Council shall, having regard to the experience gained in its implementation, review it two years after that date, and at identical intervals thereafter. The Council may also undertake reviews in the light of any relevant new developments which might warrant modification or amendment of this Agreement. 2. Amendments merely serving the purpose of adjusting to higher levels of protection of intellectual property rights achieved, and in force, in other multilateral agreements and accepted under those agreements by all Members of the WTO may be referred to the Ministerial Conference for action in accordance with paragraph 6 of Article X of the WTO Agreement on the basis of a consensus proposal from the Council for TRIPS.

  • First Amendment The Administrative Agent shall have received multiple counterparts as requested of the this First Amendment from each Lender.