Guaranteed Maximum Price Proposal and Contract Time Sample Clauses
The "Guaranteed Maximum Price Proposal and Contract Time" clause establishes a cap on the total cost that a contractor can charge for a project, as well as defining the timeframe within which the work must be completed. In practice, this means the contractor submits a proposal specifying the highest price the owner will pay, covering all labor, materials, and overhead, and also commits to a schedule for project completion. This clause protects the owner from unexpected cost overruns and delays by setting clear financial and temporal boundaries for the project.
Guaranteed Maximum Price Proposal and Contract Time. § 2.2.1 At a time to be mutually agreed upon by the Owner and the Construction Manager and in consultation with the Architect, the Construction Manager shall prepare a Guaranteed Maximum Price proposal for the Owner’s review and acceptance. The Guaranteed Maximum Price in the proposal shall be the sum of the Construction Manager’s estimate of the Cost of the Work, including contingencies described in Section 2.2.4, and the
§ 2.2.2 To the extent that the Drawings and Specifications are anticipated to require further development by the Architect, the Construction Manager shall provide in the Guaranteed Maximum Price for such further development consistent with the Contract Documents and reasonably inferable therefrom. Such further development does not include such things as changes in scope, systems, kinds and quality of materials, finishes or equipment, all of which, if required, shall be incorporated by Change Order.
§ 2.2.3 The Construction Manager shall include with the Guaranteed Maximum Price proposal a written statement of its basis, which shall include the following:
.1 A list of the Drawings and Specifications, including all Addenda thereto, and the Conditions of the Contract;
.2 A list of the clarifications and assumptions made by the Construction Manager in the preparation of the Guaranteed Maximum Price proposal, including assumptions under Section 2.2.2, to supplement the information provided by the Owner and contained in the Drawings and Specifications;
.3 A statement of the proposed Guaranteed Maximum Price, including a statement of the estimated Cost of the Work organized by trade categories or systems, allowances, contingency, and the Construction Manager’s Fee;
Guaranteed Maximum Price Proposal and Contract Time. § 2.2.1 When the Drawings and Specifications are sufficiently complete for the design package identified in Exhibit C, attached, and incorporated herein by reference, as determined by the Design Profession, CM/GC, and the Owner, the CM/GC shall issue invitations to bid within fourteen (14) days of written authorization by the Owner to the Subcontractors and suppliers. All construction work, materials and equipment shall be competitively bid and opened publicly in the presence of the Owner and shall be awarded to the lowest responsive and qualified bidders in accordance with Section 54-4511, Idaho Code.
§ 2.2.2 The CM/GC may bid on subcontract work that it customarily performs. If the CM/GC intends to bid on any of the Work identified pursuant to this Section, it shall advise the Owner in writing prior to issuing invitations to bid and is required to submit a bid in accordance with this provision and Section 2.2.3. Notice of the CM/GC’s intention to bid shall be clearly indicated in the solicitation for that portion of the Work. Whenever the CM/GC competes with other bidders, the Owner’s representative shall receive, open, and read bid publicly.
§ 2.2.3 The CM/GC shall require in the invitation to bid that subcontractors and suppliers will hold bid prices and that bid prices shall remain effective for no less than forty-five (45) days.
§ 2.2.4 At a time to be mutually agreed upon by the Owner and the CM/GC, but in no case, later than thirty (30) days after the last bid is received, and in consultation with the Design Professional, the CM/GC shall prepare a Guaranteed Maximum Price (GMP) proposal for the Owner’s review and acceptance. The Guaranteed Maximum Price in the proposal shall be the sum of the CM/GC’s estimate of the Cost of the Work, including contingencies described in Section 6.2.4, and the CM/GC’s Fee.
§ 2.2.5 To the extent that the Drawings and Specifications are anticipated to require further development by the Design Professional, the CM/GC shall provide in the Guaranteed Maximum Price for such further development consistent with the Contract Documents and reasonably inferable therefrom. Such further development does not include such things as changes in scope, systems, kinds, and quality of materials, finishes or equipment, all of which, if required, shall be incorporated by Change Order.
§ 2.2.6 The CM/GC shall include with the Guaranteed Maximum Price proposal a written statement of its basis, which shall include the following:
.1 A list o...
Guaranteed Maximum Price Proposal and Contract Time. § 2.2.1 At a time to be mutually agreed upon by the Owner and the Construction Manager and in consultation with the Architect, the Construction Manager shall prepare a Guaranteed Maximum Price proposal for the Owner’s review and acceptance. The Guaranteed Maximum Price in the proposal shall be the sum of the Construction Manager’s estimate of the Cost of the Work, including contingencies described in Section 1892.2.4,1902.2.2, the General Requirements (defined below) and the Construction Manager’s Fee.
2.2.1.1 The "General Requirements" are those costs charged that are not direct construction costs but relate to the management and administration of the Work, such as the rates for the Construction Manager’s personnel or the cost of fencing. The Construction Manager shall describe each of elements comprising the General Requirements in detail. Any supervisory or personnel positions not identified in the General Requirements shall be deemed included in the Construction Manager’s Fees. Upon acceptance of the Guaranteed Maximum Price, the General Requirements shall not exceed the total amount allocated to this line item unless the Construction Manager can demonstrate that the Work described in a Change Order directly increases these costs, provided, however, the Contract Time and the Contract Sum, including General Requirements, shall be equitably adjusted in the case of a significant change in the Scope of the Work. The Construction Manager’s Contingency cannot be allocated to pay additional General Requirements.
§ 2.2.2 192To the extent that193The "Construction Manager’s Contingency" shall initially be an amount equal to Five Percent (5%) of the Cost of the Work and shall cover the cost resulting from (a) further development of the Drawings and Specifications 194are anticipated to require further development by the Architect195, the196 Construction Manager shall provide 197in the Guaranteed Maximum Price for such further development consistent with the Contract Documents and reasonably inferable therefrom198. Such further development199 and consistent with industry standards, (b) unfavorable bidding from Subcontractors, vendors or suppliers, (c) Subcontractor defaults or incorrect performance, (d) costs of corrective Work not provided elsewhere herein, (e) labor disputes, or (f) any other reimbursable Costs of the Work for which a Change Order is not explicitly permitted hereunder, provided however, the Construction Manager’s Contingency does not include such...
Guaranteed Maximum Price Proposal and Contract Time. 3.10.1 When the Construction Documents are 98% complete, Construction Manager will propose a GMP, which is the total not-to-exceed estimate of the cost of Work and the Construction Manager’s fee, and which is attached hereto as Exhibit “C.” The GMP shall include all labor, materials, equipment, tools, construction equipment and machinery, water, heat, utilities, transportation, and any other services necessary for the proper execution and completion of the Work. Except as provided in this Article 3 and Exhibit “C”, the Cost of the Work shall not include:
3.10.1.1 Salaries and other compensation of the Construction Manager’s personnel stationed at the Construction Manager’s principal office or offices other than the site office.
3.10.1.2 Expenses of the Construction Manager’s principal office and offices other than the site office.
3.10.1.3 Off-site overhead and general expenses
3.10.1.4 The Construction Manager’s capital expenses, including interest on the Construction Manager’s capital employed for the Work.
3.10.1.5 Any costs not specifically and expressly described in this Article 3 or Exhibit “C”.
3.10.2 After the Construction Manager proposes a GMP, the Architect shall not modify the Construction Documents to include such things as changes in scope, systems, kinds and quality of materials, finishes or equipment. If these modifications are required, all of which, if required, shall be incorporated by change order
3.10.3 The GMP cost of Work shall include the Construction Manager’s contingency, which is defined as a sum estimated by the Construction Manager to cover unforeseen costs during construction. The Owner retains exclusive use of the contingency, and all expenditures must be approved in writing by the Owner.
Guaranteed Maximum Price Proposal and Contract Time. When the Intermediate Design Documents are approved by the Owner, the Construction Manager shall propose a Guaranteed Maximum Price, which shall be the sum of the estimated Cost of the Work and the Construction Manager’s Fee. As the Drawings and Specifications may not be finished at the time the Guaranteed Maximum Price proposal is prepared, the Construction Manager shall provide in the Guaranteed Maximum Price for further development of the Drawings and Specifications by the Architect that is consistent with the Contract Documents and reasonably inferable therefrom. Such further development does not include such things as changes in scope, systems, kinds and quality of materials, finishes or equipment, all of which, if required, shall be incorporated by Change Order. The estimated Cost of the Work shall include the Construction Manager’s contingency, a sum established by the Construction Manager for the Construction Manager’s exclusive use to cover costs arising under Subparagraph 2.2.2 and other costs which are properly reimbursable as Cost of the Work but not the basis for a Change Order.
Guaranteed Maximum Price Proposal and Contract Time. 2.2.1 At a time to be mutually agreed upon by County and ▇▇▇▇ and in consultation with A/E, ▇▇▇▇ shall prepare a GMP proposal for County's review and acceptance. The GMP in the proposal shall be the sum of ▇▇▇▇'▇ estimate of the Cost of the Work, ▇▇▇▇’▇ Fee, and Owner’s Contingency.
2.2.2 To the extent that the Drawings and Specifications are anticipated to require further development by A/E, ▇▇▇▇ shall provide in the GMP for such further development consistent with the Contract Documents and reasonably inferable therefrom. Such further development does not include such things as changes in scope, systems, kinds and quality of materials, finishes or equipment, all of which, if required, shall be incorporated by Change Order.
2.2.3 ▇▇▇▇ shall include with the GMP proposal a written statement of its basis, which shall include the following:
.1 A list of the Drawings and Specifications, including all Addenda thereto, and the Conditions of this Contract;
.2 A list of the clarifications and assumptions made by ▇▇▇▇ in the preparation of the GMP proposal, including assumptions under Paragraph 2.2.2, to supplement the information provided by County and contained in the Drawings and Specifications;
.3 A statement of the proposed GMP, including a statement of the estimated Cost of the Work organized by trade categories or systems, allowances, and ▇▇▇▇'▇ Fee;
Guaranteed Maximum Price Proposal and Contract Time. 3.10.1 When the Construction Documents are 98% complete, Construction Manager will propose a GMP, which is the total not-to-exceed estimate of the cost of Work and the Construction Manager’s fee, and which is attached hereto as Exhibit “C.” The GMP shall include all labor, materials, equipment, tools, construction equipment and machinery, water, heat, utilities, transportation, and any other services necessary for the proper execution and completion of the Work. Such GMP Proposal will be subject to modification for changes in the Project; however, the actual price paid for the Work by the Owner shall be the actual cost of all Work plus the Construction Manager’s fees or the GMP Proposal, whichever is less when the work is complete. Except as provided in this Article 3 and Exhibit “C,” the Cost of the Work shall not include:
3.10.1.1 Salaries and other compensation of the Construction Manager’s personnel stationed at the Construction Manager’s principal office or offices other than the site office and any compensation in the nature of incentives or bonuses of any such personnel at any office or site.
3.10.1.2 Expenses of the Construction Manager’s principal office and offices other than the site office.
3.10.1.3 Off-site overhead and general expenses
3.10.1.4 The Construction Manager’s capital expenses, including interest on the Construction Manager’s capital employed for the Work.
3.10.1.5 Any costs not specifically and expressly described in this Article 3 or Exhibit “C.”
3.10.2 After the Construction Manager proposes a GMP, the Architect shall not modify the Construction Documents to include such things as changes in scope, systems, kinds and quality of materials, finishes or equipment. If these modifications are required, all of which, if required, shall be incorporated by change order
3.10.3 The GMP cost of Work shall include the Construction Manager’s contingency, which is defined as a sum estimated by the Construction Manager to cover unforeseen costs during construction. The Owner retains exclusive use of the contingency, and all expenditures must be approved in writing by the Owner.
Guaranteed Maximum Price Proposal and Contract Time. 2.2.1 When the Drawings and Specifications are sufficiently complete, the Construction Manager shall propose a Guaranteed Maximum Price, which shall be the sum of the estimated Cost of the Work and the Construction Manager’s Fee.
2.2.2 As the Drawings and Specifications may not be finished at the time the Guaranteed Maximum Price proposal is prepared, the Construction Manager shall provide in the Guaranteed Maximum Price for further development of the Drawings and Specifications by the Architect that is consistent with the Contract Documents and reasonably inferable therefrom. Such further development does not include such things as changes in scope, systems, kinds, and quality of materials, finishes, or equipment, all of which, if required, shall be incorporated by Change Order.
Guaranteed Maximum Price Proposal and Contract Time. 2.2.1 When the Drawings and Specifications are sufficiently complete, the Construction Manager shall propose a GMP, which shall be the sum of the estimated Cost of Work, Construction Manager’s Fee, and Construction Contingency.
2.2.2 As the Drawings and Specifications may not be finished at the time the GMP proposal is prepared, the Construction Manager shall provide in the GMP for further development of the Drawings and Specifications by the Designer that is consistent with the Contract Documents and reasonably inferable therefrom. Such further development does not include such things as changes in scope, systems, kinds, and quality of materials, finishes or equipment, all of which, if required, shall be incorporated by Change Order.
2.2.3 The estimated Cost of Work shall include the Construction Contingency, a sum established by the Construction Manager for the Construction Manager’s exclusive use to cover costs arising under Section 2.2.2, above and other costs which are properly reimbursable as Cost of Work but not the basis for a Change Order. The Construction Manager shall notify the City as to the items of Work and cost thereof prior to any and each use of the contingency, and shall maintain a statement of the contingency costs.
2.2.4 At the time of the GMP amendment to the Agreement, a Substantial Completion date and Final Completion date shall be agreed upon. Liquidated damages for Construction shall be as set forth in the Agreement
Guaranteed Maximum Price Proposal and Contract Time. 2.2.1 When the Drawings and Specifications are sufficiently complete, the Construction Manager shall propose a Guaranteed Maximum Price, which shall be the sum of the estimated Cost of the Work and the Construction Manager's Fee for the construction and post-construction phase work, including all sales, use, consumer and other taxes required by law; all other fees, general conditions, bonds, required permits and insurance; tools, construction equipment and machinery, and temporary facilities required at the construction site; and all other facilities and services necessary for the proper execution and completion of the Work, whether temporary or permanent, and whether or not incorporated in the Work. The Guaranteed Maximum Price and project completion time shall not exceed the Owner’s maximum budget and schedule for the Project, as shown in the Exhibits A and B attached to this Contract.