CHANGES REQUIRING A DECREASE IN GMP Sample Clauses

CHANGES REQUIRING A DECREASE IN GMP. IF THE CHANGE IN THE WORK WILL RESULT IN A DECREASE IN THE GMP, INCLUDING THE RETURN OF ALLOWANCES TO THE OWNER, THE OWNER MAY REQUEST A QUOTATION BY THE CM OF THE AMOUNT OF SUCH DECREASE, INCLUDING ANY PROPOSED DEDUCTION TO THE CM’S FEE AND/OR GENERAL CONDITIONS, FOR USE IN PREPARING A CHANGE ORDER. THE CM'S QUOTATION SHALL BE FORWARDED TO THE OWNER WITHIN TEN (10) DAYS OF THE OWNER'S REQUEST AND, IF ACCEPTABLE TO THE OWNER, SHALL BE INCORPORATED IN THE CHANGE ORDER. IF NOT ACCEPTABLE, THE PARTIES SHALL MAKE EVERY REASONABLE EFFORT TO AGREE AS TO THE AMOUNT OF SUCH DECREASE, WHICH MAY BE BASED ON A LUMP SUM PROPERLY ITEMIZED, ON UNIT PRICES STATED IN THE CONTRACT DOCUMENTS AND/OR ON SUCH OTHER BASIS AS THE PARTIES MAY MUTUALLY DETERMINE. IF THE PARTIES ARE UNABLE TO SO AGREE, THE AMOUNT OF SUCH DECREASE SHALL BE THE TOTAL OF THE ESTIMATED REDUCTION IN ACTUAL COST OF THE WORK, AS DETERMINED BY THE OWNER IN ITS REASONABLE JUDGMENT. THE CM’S ACCEPTANCE OF PAYMENT FOLLOWING A UNILATERAL DECISION BY THE OWNER SHALL NOT CONSTITUTE A WAIVER OF ANY CLAIM THE CM MAY HAVE FOR ADDITIONAL COMPENSATION. HOWEVER, ANY CLAIM THE CM MAY HAVE SHALL BE FILED IN STRICT CONFORMANCE WITH THE CONTRACT DOCUMENTS.
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CHANGES REQUIRING A DECREASE IN GMP. If the Change in the Work will result in a decrease in the Guaranteed Maximum Price, Owner may request a quotation by Contractor of the amount of such decrease for use in preparing a Change Order. Contractor’s quotation should itemize and include, without limitation, the decrease associated with the corresponding decrease in insurance and bond costs of the sub tiers affected by the Change in the Work. Contractor’s quotation shall be forwarded to Owner within ten (10) calendar days of Owner’s request and, if acceptable to Owner, shall be incorporated in the Change Order. If not acceptable, the parties shall make every reasonable effort to agree as to the amount of such decrease, which may be based on a lump sum properly itemized, on unit prices stated in the Contract Documents and/or on such other basis as the parties may mutually determine. If the parties are unable to so agree, then Owner may submit the matter to the Architect/Engineer for determination. In that event, the amount of such decrease shall be the total of the Architect/Engineer’s estimate of the reduction in actual Cost of the Work, as determined by the Architect/Engineer in its reasonable judgment, plus TBD percent (___%) thereof as overhead and profit. When both additions and credits covering related or unrelated Work or substitutions are involved in a change, the markup shall be figured on the basis of the net change, if any, for that Change Order.
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Related to CHANGES REQUIRING A DECREASE IN GMP

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