Common use of PAYMENTS AND COST OF THE WORK Clause in Contracts

PAYMENTS AND COST OF THE WORK. 8.1 In full consideration of the full and complete performance of the Work and all other obligations of the CONTRACTOR hereunder, the CITY shall pay to the CONTRACTOR a sum of money not to exceed the contract price which is defined to be the total of: (i) the CONTRACTOR’s Direct Construction Cost, (ii) so much of the CONTRACTOR’s General Conditions as may have been expended, (iii) so much of the approved amount of the Construction Contingency as may have been expended, and (iv) the CONTRACTORS’s construction management fee. The contract price shall not exceed the sum shown in Article 1.0 as the Guaranteed Maximum Price, adjusted to take into account any approved Change Orders, which shall mean those costs necessarily incurred and paid by the CONTRACTOR in connection with the performance of all the work. 8.2 After completion and acceptance of the work, in the event that the Cost of the Work plus the CONTRACTOR’s fee are less than the Guaranteed Maximum Price after giving effect to adjustments to the GMP made in accordance with this Contract then the difference between the Cost of the Work plus the CONTRACTOR’s Fee on the one hand and the GMP on the other hand is the “savings”. Savings as described above shall be equally divided between CITY and CONTRACTOR. In the event that the CONTRACTOR’s total approved expenditures for the project shall exceed the Guaranteed Maximum Price, the CONTRACTOR shall pay such excess from its own funds, and the CITY shall not be required to pay any amount that exceeds the GMP; and the CONTRACTOR shall have no claim against the CITY on account thereof.

PAYMENTS AND COST OF THE WORK. 8.1 5.1 In full consideration of the full and complete performance of the Work and all other obligations of the CONTRACTOR hereunder, the CITY shall pay to the CONTRACTOR a sum of money not to exceed the contract price which is defined to be the total of: (i) the CONTRACTOR’s Direct Construction CostCost of the Work, (ii) so much of the CONTRACTOR’s General Conditions as may have been expended, (iii) so much of the approved amount of the Construction Contingency as may have been expended, and (iv) the CONTRACTORS’s construction management feeConstruction Management Fee, and (v) Profit/Overhead . The contract price shall not exceed the sum shown in Article 1.0 as the Guaranteed Maximum Price, adjusted to take into account any approved Change Orders, which and shall mean those costs necessarily incurred and paid by the CONTRACTOR in connection with the performance of all the work. 8.2 5.2 After completion and acceptance of the work, in the event that the Cost of the Work plus the CONTRACTOR’s fee are less than the Guaranteed Maximum Price after giving effect to adjustments to the GMP made in accordance with this Contract then the difference between the Cost of the Work plus the CONTRACTOR’s Fee on the one hand and the GMP on the other hand is the “savings”. Savings as described above Prior to making this calculation and for the purpose of this calculation only, the remaining balance of the CITY’s money shall be equally divided between CITY and CONTRACTORdeducted from the GMP. In the event that the CONTRACTOR’s total approved expenditures for the project Project shall exceed the Guaranteed Maximum Price, the CONTRACTOR shall pay such excess from its own funds, and the CITY shall not be required to pay any amount that exceeds the GMP; and the CONTRACTOR shall have no claim against the CITY on account thereof.

PAYMENTS AND COST OF THE WORK. 8.1 In full consideration of the full and complete performance of the Work WORK and all other obligations of the CONTRACTOR CMAR hereunder, the CITY shall pay to the CONTRACTOR CMAR a sum of money not to exceed the contract price CONTRACT PRICE which is defined to be the total of: : (i) the CONTRACTOR’s Direct Construction Cost, ▇▇▇▇’▇ direct construction cost; (ii) so much of the CONTRACTOR’s General Conditions ▇▇▇▇’▇ general conditions as may have been expended, ; (iii) so much of the approved amount of the Construction Contingency construction contingency as may have been expended, ; and (iv) the CONTRACTORS’s ▇▇▇▇’▇ construction management fee. The contract price CONTRACT PRICE shall not exceed the sum shown in Exhibit “D” and in accordance with Article 1.0 1 as the Guaranteed Maximum PriceGMP, adjusted to take into account any approved Change OrdersCHANGE ORDERS, which and shall mean those costs necessarily incurred and paid by the CONTRACTOR CMAR in connection with the performance of all the work. 8.2 After completion and acceptance of the work, in the event that the Cost cost of the Work WORK plus the CONTRACTOR’s ▇▇▇▇’▇ fee are less than the Guaranteed Maximum Price GMP after giving effect to adjustments to the GMP made in accordance with this Contract contract then the difference between the Cost cost of the Work WORK plus the CONTRACTOR’s Fee ▇▇▇▇’▇ fee on the one hand and the GMP on the other hand is the “savings”. Savings as described above Prior to making this calculation and for the purpose of this calculation only, the remaining balance of the CITY’s money shall be equally divided between CITY and CONTRACTORdeducted from the GMP. In the event that the CONTRACTOR’s ▇▇▇▇’▇ total approved expenditures for the project this PROJECT shall exceed the Guaranteed Maximum PriceGMP, the CONTRACTOR CMAR shall pay such excess from its own funds, and the CITY shall not be required to pay any amount that exceeds the GMP; and the CONTRACTOR ▇▇▇▇ shall have no claim against the CITY on account thereof.