Common use of Stipulated Sum Clause in Contracts

Stipulated Sum. § 3.2.1 The Stipulated Sum shall be ($ ), subject to additions and deductions as provided in the Contract Documents. See Exhibit “B” for Contract Sum breakdown. Contractor's clarifications to the scope of Work are attached as Exhibit “C”. The Work shall be performed in accordance with the schedule attached as Exhibit “D”. For Change Orders or Construction Change Directive Work, the amount for overhead and for profit added or deducted shall be a total of ten percent (10%) of the Cost of the Work that is added or deducted, respectively (“Contractor's Fee”). Cost of the Work is defined in Exhibit “A”. Such Contractor's Fee includes all profit, overhead, general conditions costs, and insurance (but not additional bond costs, if applicable), except if a Change Order extends the Date of Substantial Completion, then Contractor's reasonable extended daily general conditions costs shall be added to the cost of the Change Order per §12.5 of the Master Agreement. Likewise, subcontractors shall not add general conditions costs, except that if the change includes an increase in the Contract Time, then extended daily general conditions costs may be added in accordance with §12.5 of the Master Agreement. However, fee shall not be reduced for deductive Change Orders arising as a result of the Sales Tax Savings Program of Article 21.12 of the Master Agreement, except fee on the amount of the sales tax saved shall be deducted. 1. For Change Order Work accomplished by the Contractor's own forces, acting in the role of a subcontractor, overhead and profit shall be a maximum of 10% of the Cost of the Work. 2. For Change Order Work accomplished by Subcontractors, Subcontractor's overhead and profit shall be a maximum of 10% of the Cost of the Work. 3. For each Subcontractor, for Work performed by that Subcontractor's sub- subcontractor, no overhead charges, but a 5% fee for overhead and profit on the amount due the sub-subcontractor shall be paid the Subcontractor. 4. For each Sub-subcontractor, for Work performed by that Sub-subcontractor, overhead and profit shall be a maximum of 10% of the Cost of the Work. 5. No further tiering of sub-subcontractors will be allowed mark up for fees, overhead, or profit. § 3.2.2 The Stipulated Sum is based upon the following alternates, if any, which are described in the Contract Documents and are hereby accepted by the Owner: Exhibit “B” § 3.2.3 Unit prices, if any: Exhibit “B”