Common use of Guaranteed Maximum Price Proposal and Contract Time Clause in Contracts

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, and after the bids and responses of the subcontractors and trade contractors have been reviewed and evaluated by the Construction Manager and the Construction Manager has made its recommendations to the Owner of the bids and responses to be accepted, the Construction Manager shall propose a GMP, which shall be the sum of the estimated Cost of Work, the Work and the 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 Architect that is consistent with the Contract Documents and reasonably inferable therefromthere from. Such further development does not include such things as changes in scope, systems, kinds, 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 the Work shall include the Construction ContingencyManager’s 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 Subparagraph 2.2.2 and other costs which are properly reimbursable as Cost of the Work but not the basis for a Change Order. The Construction Manager contingency shall notify be included in 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 GMP. Any unused portion 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 retained by the AgreementOwner.

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 use, subject to prior approval by the City, 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