Common use of The Guaranteed Maximum Price Clause in Contracts

The Guaranteed Maximum Price. The sum of the Cost of the Work and the CM/GC’s fee is guaranteed by the CM/GC not to exceed [ ] dollars ($[ ]), subject to additions and deductions by Change Order as provided in the Contract Documents. A. The Guaranteed Maximum Price is based on the following alternates, if any, which are described in the Contract Documents and are hereby accepted by the Owner: (State the numbers or other identification of accepted alternates. If the Owner is permitted to accept other alternates subsequent to the execution of this Amendment, attach a schedule of such other alternates showing the change in the Guaranteed Maximum Price for each and the deadline by which the alternate must be accepted.) B. Unit Prices, if any: (Identify item, state the unit price, and state any applicable quantity limitations.) Item Units and Limitations Price per Unit ($0.00) C. Assumptions, if any, on which the Guaranteed Maximum Price is based: (Identify any assumptions.) D. Allowances, if any, included in the Guaranteed Maximum Price: (Identify any allowances, including a description of the allowance and corresponding amount.) E. Notwithstanding any other provision in the Contract Documents, CM/GC represents that the Guaranteed Maximum Price and the time to achieve Substantial Completion and Final Completion take into account the current conditions of the COVID-19 (and any variant thereof) pandemic as of the date the CM/GC executes this Amendment, and that CM/GC shall not be entitled to adjustment in the Contract Time or the Guaranteed Maximum Price absent demonstrated proof of a change in the COVID-19 circumstances. This paragraph shall provide the CM/GC’s sole remedy for impacts related to the COVID-19 (or any variant thereof) pandemic. F. The Drawings, Specifications, and Addenda are described in Attachment 1 hereto. G. The Owner and CM/GC’s agreement with respect to “Potentially Time and Price-Impacted Materials” is Attachment 2 hereto.

The Guaranteed Maximum Price. The sum 7.6.1 Design-Builder guarantees that it shall not exceed the GMP of the Cost of the Work and the CM/GC’s fee is guaranteed by the CM/GC not to exceed [ ] dollars ($[ ])“To be determined during Phase 1, subject to additions proposal acceptance and deductions by Change Order contract amendment.” Dollars ($TBD). Documents used as a basis for the GMP shall be identified in the Contract Price Amendment to this Agreement. Design-Builder does not guarantee any specific line item provided as part of the GMP, and has the sole discretion to apply payment due to overruns in one line item to savings due to underruns in any other line item. Design-Builder agrees, however, that it will be responsible for paying all costs of completing the Work which exceed the GMP, as adjusted in accordance with the Contract Documents. A. 7.6.2 The Guaranteed Maximum Price GMP includes a Contingency in the amount of “To be determined during Phase 1, subject to proposal acceptance and contract amendment.” Dollars ($TBD) which is based on available for Design-Builder’s exclusive use for unanticipated costs it has incurred that are not the following alternatesbasis for a Change Order under the Contract Documents. By way of example, if anyand not as a limitation, which are described such costs may include: (a) trade buy-out differentials; (b) overtime or acceleration; (c) escalation of materials; (d) correction of defective, damaged or nonconforming Work, design errors or omissions, however caused; (e) Subcontractor defaults; or (f) those events under Section 8.2.2 of the General Conditions of Contract that result in an extension of the Contract Time but do not result in an increase in the Contract Documents and are hereby accepted by the Owner: (State the numbers or other identification of accepted alternatesPrice. If the The Contingency is not available to Owner is permitted to accept other alternates subsequent to the execution of this Amendment, attach a schedule of such other alternates showing the change in the Guaranteed Maximum Price for each and the deadline by which the alternate must be accepted.) B. Unit Prices, if any: (Identify item, state the unit price, and state any applicable quantity limitations.) Item Units and Limitations Price per Unit ($0.00) C. Assumptions, if any, on which the Guaranteed Maximum Price is based: (Identify any assumptions.) D. Allowances, if any, included in the Guaranteed Maximum Price: (Identify any allowancesreason, including a description of the allowance and corresponding amount.) E. Notwithstanding changes in scope or any other provision in item which would enable Design-Builder to increase the GMP under the Contract Documents. Design-Builder shall provide Owner notice of all anticipated charges against the Contingency, CM/GC represents that the Guaranteed Maximum Price and the time to achieve Substantial Completion and Final Completion take into account the current conditions shall provide Owner as part of the COVID-19 (and any variant thereof) pandemic as status report required by Section 2.1.2 of the date General Conditions of Contract an accounting of the CM/GC executes this AmendmentContingency, and that CM/GC shall not be entitled to adjustment including all reasonably foreseen uses or potential uses of the Contingency in the Contract Time or the Guaranteed Maximum Price absent demonstrated proof of a change in the COVID-19 circumstancesupcoming three (3) months. This paragraph shall provide the CM/GC’s sole remedy for impacts related to the COVID-19 (or any variant thereof) pandemic. F. The Drawings, Specifications, and Addenda are described in Attachment 1 hereto. G. The Owner and CM/GC’s agreement Design-Builder agrees that with respect to “Potentially Time and Priceany expenditure from the Contingency relating to a Subcontractor default or an event for which insurance or bond may provide reimbursement, Design-Impacted Materials” Builder will in good faith exercise reasonable steps to obtain performance from the Subcontractor and/or recovery from any surety or insurance company. Design-Builder agrees that if Design-Builder is Attachment 2 heretosubsequently reimbursed for said costs, then said recovery will be credited back to the Contingency.