Common use of Nature of the Lump Sum Price Clause in Contracts

Nature of the Lump Sum Price. The Contractor acknowledges and understands that the Lump Sum Price is based on the scope of work included with the Project Task Order. It is understood and agreed that the Lump Sum Price represents the Contractor’s offer to Fully Complete the Project. The parties acknowledge and agree that it is their intent to have the Contractor to construct and deliver a fully functional Project as contemplated in the Scope of Work for the Lump Sum Price and consistent with the Project Schedule. In furtherance of such intent, the Contractor hereby assumes the risks associated with and shall be responsible for (i) any changes in market conditions that affect the cost of labor or materials; (ii) coordination issues between any drawings for the Project; (iii) elements of work not shown on the Scope of Work, but which are reasonably inferable from the Scope of Work; (iv) cost associated with acceleration of the work and expediting of materials necessary to meet the Project Schedule which are the result of anything other than an Excusable Delay; and (v) the risk of subcontractor default.

Nature of the Lump Sum Price. The Contractor acknowledges and understands that the Lump Sum Price is based on the scope of work Drawings & Specifications included with the Project Task Order. as Exhibit A. It is understood and agreed that the Lump Sum Price represents the Contractor’s offer to Fully Complete the Project. The parties Parties acknowledge and agree that it is their intent to have the Contractor to construct and deliver a fully functional Project site as contemplated in the Scope of Work Construction Documents for the Lump Sum Price and consistent with the Project Schedule. In furtherance of such intent, the Contractor hereby assumes the risks associated with and shall be responsible for (i) any changes in market conditions that affect the cost of labor or materials; (ii) coordination issues between any drawings for the ProjectConstruction Documents; (iii) elements of work not shown on the Scope of WorkConstruction Documents, but which are reasonably inferable from the Scope of WorkConstruction Documents; (iv) cost associated with acceleration of the work and expediting of materials necessary to meet the Project Schedule which are the result of anything other than an Excusable Delay; and (v) the risk of subcontractor default.