Common use of Lump Sum Price Clause in Contracts

Lump Sum Price. CM shall guarantee the Contract Amount for the Project not to exceed the Lump Sum, as set forth in the Agreement. CM shall support the Lump Sum by a line item cost breakdown for each trade contractor, including contingency on overall cost of the Work, and based on multiple trade contractor bids for each trade contract obtained as provided in the Contract General Conditions and these Supplementary General Conditions. The Lump Sum shall be subject to additions and deductions by change order as provided in Article 6, Change Orders. If the cost of the Work, together with CM’s fee, exceeds the Lump Sum, adjusted from time to time by change order, CM shall pay the overrun without reimbursement by the Trustees. If the actual cost of the Work, plus CM’s fee, is less than the Lump Sum, as adjusted from time to time by change order, then CM shall retain the difference.

Lump Sum Price. The CM shall guarantee the Contract Amount for the Project not to exceed the Lump Sum, as set forth in the Agreement. The CM shall support the Lump Sum by a line item cost breakdown for each trade contractor, including contingency on overall cost of the Work, and based on multiple trade contractor bids for each trade contract obtained as provided in the Contract General Conditions and these Supplementary General Conditions. The Lump Sum shall be subject to additions and deductions by change order as provided in Article 6, Change Orders. If the cost of the Work, together with the CM’s fee, exceeds the Lump Sum, adjusted from time to time by change order, the CM shall pay the overrun without reimbursement by the Trustees. If the actual cost of the Work, plus the CM’s fee, is less than the Lump Sum, as adjusted from time to time by change order, then the CM shall retain the difference.