GUARANTEED MAXIMUM PRICE FOR CONSTRUCTION Sample Clauses
GUARANTEED MAXIMUM PRICE FOR CONSTRUCTION. 7.1 When the construction design documents are sufficiently complete to establish the scope of work for the project or any phase or portion thereof, as generally defined by a design document listing to be provided by the Architect-Engineer and Construction Manager upon execution of this Agreement, which is to be used only as a guide in developing the specifications and plan data necessary to establish a Guaranteed Maximum Price, or at such time thereafter designated by the Owner, the Construction Manager will establish and submit in writing to the Owner for his approval a Guaranteed Maximum Price as described in the completed Exhibit B of the Request for Proposal Document, guaranteeing the maximum price to the Owner, for the construction cost of the project or designated part thereof.
7.2 The GMP will only include those taxes in the cost of the project, which are legally enacted at the time the GMP is established.
7.3 When the project is bid and 100% of the Trade Contracts have been executed, the contingency within the GMP may be decreased in proportion to the percent of the work completed. In other words, if 10% of the work has been completed and the Owner requests that the contingency within the GMP be adjusted, then 10% of the contingency within the GMP will be removed from the GMP by change order.
7.4 At the time of submission of a Guaranteed Maximum Price, the Construction Manager will verify the time schedule for activities and work which were adopted by the Construction Team and used to determine the Construction Manager’s cost of work. In addition to the cost of work, a GMP will include an agreed upon sum as the construction contingency which is included for the purpose of defraying the expenses due to unforeseen circumstances relating to construction. The Construction Manager will be required to furnish documentation evidencing expenditures charged to this contingency prior to the release of funds by the Owner. Documentation for use of the Contingency shall be determined by the Construction Team, included in the Project Manual and displayed monthly in the PMIS. The Architect- Engineer shall verify the actual costs. If bids are received below the applicable line items in the GMP, the surplus will be added to the contingency.
GUARANTEED MAXIMUM PRICE FOR CONSTRUCTION. 7.1 When the construction documents are sufficiently complete to establish the scope of work for a Project or any portion thereof, the Construction Manager will establish and submit in writing to the Owner for his approval a Guaranteed Maximum Price, guaranteeing the maximum price to the Owner, for the construction of the Project or designated part thereof.
7.2 The Guaranteed Maximum Price will be subject to modification for changes in the Project as provided in Article 10. However, the actual price paid for the work by the Owner shall be the actual cost of all work subcontracts, supply contracts, direct labor costs, direct supervision costs, and direct job costs as defined under Article 9, plus the Construction Manager's fees or the GMP, whichever is less when the Project is complete.
7.3 The GMP will only include taxes for items in the Direct Cost of the Work that are legally enacted at the time the GMP is established. Pursuant to Florida Statutes, the Owner is exempt from sales tax on the purchase of certain construction material. The Owner has elected to exercise this right by directly purchasing various construction material, supplies and equipment that shall be made a part of each Project.
7.4 The Construction Manager shall facilitate the direct purchases without any additional cost to Owner. The Construction Manager and Subcontractors shall include the items eligible for direct purchase in their GMP including applicable sales tax. Upon execution of the GMP the Construction Manager shall prepare a credit change order with sufficient backup to allow the Owner to purchase the materials from the vendors selected by the Subcontractors at the price originally negotiated by the Subcontractors. The coordination, delivery, storage, handling, installation, startup, warranty, and all other obligation related to said purchase shall remain that of the Subcontractors as if they purchased the materials directly. The GMP shall include a good faith estimate of the estimated sales tax recovery/savings.
7.5 In addition to the Direct Cost of Work, a GMP will include an agreed upon sum as the construction contingency. The Construction Manager will be required to furnish documentation evidencing expenditures charged to this contingency prior to the release of funds by the Owner. Use of the Contingency shall be approved by Owner, documented on the appropriate DCPS form and displayed in the monthly report. The Owner’s Representative and Architect/Engineer shall verify the ...
GUARANTEED MAXIMUM PRICE FOR CONSTRUCTION. 6.1 After the scope and design of the Project is defined by the City Commission and CRA, the Developer will establish and submit in writing to the City for its approval a Guaranteed Maximum Price guaranteeing the maximum price to the City for the construction cost of the Project.
6.2 The Guaranteed Maximum Price for Construction (“GMP”) shall include all costs necessarily incurred in the Work sometime referred to as the costs for the Project during the construction phase for construction services and paid or to be paid by the Developer. Such costs shall include but not be limited to the items set forth below:
(a) Wages paid for labor (as opposed to wages paid to management or supervisory personnel) in the direct employ of the Developer in the performance of its work at the job site, times a multiple of 1.52 to cover all taxes, burden, insurance, workers’ compensation, or other benefits. Temporary help or leased employees shall not be considered labor in the direct employ of Developer, and such costs will be addressed as Sub-Contractors costs.
(b) Payments to Sub-Contractors for work performed on the Project.
(c) Cost of all materials, supplies and equipment substantially consumed or incorporated in the Project, including costs of transportation and reasonable storage thereof.
(d) Cost including transportation and maintenance of all materials, supplies, equipment, temporary facilities and tools not owned by the workmen, which are employed or consumed in the performance of the work, cost of such items used but not consumed which may be turned over to the City at the end of the project in accordance with instructions to be furnished by the City, and cost less salvage value on such items used but not consumed which remain the property of the Developer.
(e) Rental charges on all necessary machinery and equipment, exclusive of personal tools used at the site of the Project, including installation, dismantling, removal, costs of lubrication, transportation and delivery costs thereof, which are used in the support of a Sub- Contractor of the Developer’s own forces in the performance of the work, at rental charges consistent with those prevailing in the area.
(f) Cost of the premiums for all insurance and cost of premiums for the performance and payment bonds which the Developer will be required to procure which are specifically attributable to the construction Project.
(g) Sales, use, gross receipts or similar taxes related to allowable direct costs of the Project...
GUARANTEED MAXIMUM PRICE FOR CONSTRUCTION. 7.1 Guaranteed Maximum Price (GMP) Proposal - The Guaranteed Maximum Price, guarantees the maximum price to the DEPARTMENT, for the construction cost of the project or designated part thereof. Such Guaranteed Maximum Price will be subject to modification for changes in the project as provided in Article 10. However, the actual price paid for the work by the DEPARTMENT shall be the actual cost of all work subcontracts supply contracts, direct labor costs, direct supervision costs, and direct job costs as defined under Article 9, plus the PROVIDER's overhead and profit and fees or the GMP, whichever is less when the work is complete. The Guaranteed Maximum Price (GMP) is $2,500,000.00.
GUARANTEED MAXIMUM PRICE FOR CONSTRUCTION. The entirety of Article 7 has been removed from this Agreement.
GUARANTEED MAXIMUM PRICE FOR CONSTRUCTION