Construction Services Fee. For the Performance of the Design/Build Entity’s Architect/Engineer Basic Services and CM/GC’s Construction Services after the execution of the first amendment establishing and accepting the Guaranteed Maximum Price of the Work with the addition of the second Amendment incorporating the first Bid Package and subsequent Amendments incorporating subsequent Bid Packages, the fee therefore as set forth in paragraphs 6.1.1 shall be paid monthly as described in the General Conditions with the total payment not to exceed the fee for such services as set forth in paragraph 6.1.1. and the portion of the fee to be paid shall be equivalent to the ratio of the dollar value of each Bid Package to the Guaranteed Maximum Price including the premiums for the Performance and Labor and Materials Payment Bonds with coverage up to the value of the Contract Sum. GUARANTEED MAXIMUM PRICE At the conclusion of the Design Development Phase, the Design/Build Entity shall deliver to the Principal Representative, a Guaranteed Maximum Price proposal which shall agree to perform all of the Work even though all of the Construction Documents have not all been finalized and released for construction, and guarantee the maximum price to the Principal Representative for the entire cost of the Work, as adjusted by deductive alternates required to maintain the Guaranteed Maximum Price below the Fixed Limit of Design & Construction Cost which have been previously approved by the Principal Representative pursuant to paragraph 3.1.1. The Guaranteed Maximum Price shall include all of the Design/Build Entity's obligations to be performed pursuant to the terms of the Contract Documents and may include, but not be limited to, the total of the following: The total of all prices already received for all items bid before the establishment of the Guaranteed Maximum Price; The Design/Build Entity’s estimate of the cost of all other Work to be performed but not yet bid, excluding the approved deductive alternates unless said Work can be incorporated into the Contract Documents by application of the contingency per the provisions of paragraphs 3.3.1 through 3.3.5, with the consent of the Design/Build Entity which consent shall not be unreasonably withheld; The installation cost of items to be procured by the Principal Representative and assigned to the Design/Build Entity for installation, as defined in the Contract Documents; The estimated maximum cost of all Work to be performed by the Design/Build Entity; Design/Build Entity's Fee as provided under this Agreement; The cost of all Performance and Labor and Material Payment Bonds furnished by the Design/Build Entity pursuant to the Contract General Conditions, Article 16; The premiums for insurance to protect the Project pursuant to the Contract General Conditions, Article 25; and Authorized adjustments as set forth elsewhere in this Agreement, to include but may not be limited to: taxes; fees for licenses, and royalties; special conditions, commissioning, start-up services, and warranty support; and contingencies. The Guaranteed Maximum Price proposal as set forth in paragraph 6.3.1 shall: Set forth a stated not to exceed dollar amount; Set forth the Schedule of Values therefore which shall be consistent with previously approved Schedules of Values, and as adjusted as required pursuant to Design Development cost estimating; Contain no conditions or exceptions; Not exceed the Fixed Limit of Design & Construction Cost; Contain no allowances except for those set forth in Exhibit H.4, Allowance Schedule of which all allowances are to be a not-to-exceed dollar amount; and Be substantiated with complete supporting documentation acceptable to the Principal Representative, to clearly define the anticipated Work to be performed by the Design/Build Entity and facilitate a determination thereafter when final drawings and specifications are released for construction, as to whether or not there has been an increase in the Work required of the Design/Build Entity in the documents released for construction from the Design Development documents on which the Guaranteed Maximum Price was based. If at any time thereafter, any Claim is asserted by the Design/Build Entity for an increase to the Contract Sum or Guaranteed Maximum Price and/or extension of the Contract Time because of an alleged increase in the Work to be performed by the Design/Build Entity as contained in the drawings or specifications released for construction, the Design/ Build Entity shall be required to satisfactorily demonstrate the increase in the Work; otherwise the Design/Build Entity shall be entitled to no increase in the Contract Sum, Guaranteed Maximum Price or extension of the Contract Time. If, through no fault on the part of the Design/Build Entity, and after receiving reasonable cooperation by the Principal Representative, the Design/Build Entity submits a Guaranteed Maximum Price proposal contrary to the provisions of paragraph 6.3.2 and 6.3.3, the proposal may be rejected by the Principal Representative; the Principal Representative shall be under no obligation to award subsequent Bid Packages; the Principal Representative may declare the Design/Build Entity to be in default; and payment may be withheld from the Design/Build Entity, excepting the Design/Build Entity's reasonable costs incurred, up and until a Guaranteed Maximum Price is furnished in accordance with the foregoing. If, in developing a Guaranteed Maximum Price, the Design/Build Entity believes any documentation or information, consistent with the Design Development level of documentation, is not sufficiently complete to clearly define the anticipated Work, the Design/Build Entity shall be responsible for making all necessary inquires and requests to establish the same. When the Guaranteed Maximum Price is agreed upon and accepted by the Principal Representative, it shall be made a part of the Contract Documents by Amendment, shall supersede updated summaries, and all documents relating to Schedules of Values and Estimates of Design & Construction; and shall be subject to modification for Changes in the Work as provided in the General Conditions Article 35. If the Design/Build Entity, in good faith, furnishes the Principal Representative with a Guaranteed Maximum Price proposal which meets the criteria of paragraphs 6.4.1, 6.4.2, and 6.4.3 and the parties fail to mutually agree to that number as set forth above, the parties expressly agree that default termination of the Design/Build Entity shall not be a remedy therefore under this Agreement, and, the Principal Representative shall be entitled to proceed with the Project and Work as set forth elsewhere in this Agreement. When the Design/Build Entity provides a Guaranteed Maximum Price, the trade contracts for the Work shall either be with the Design/Build Entity or shall contain the necessary provisions to allow the Design/Build Entity to control the performance of the Work. The Principal Representative shall also authorize the Design/Build Entity to take all steps necessary in the name of the Principal Representative to assure that any separate contractors, having separate contracts with the Principal Representative for the Project, perform their contracts in accordance with their terms. CONTRACT SUM Subject to the provisions of Article 3, Article 6 of the Agreement and Article 50 of the General Conditions of the Design/Build Guaranteed Maximum Price (GMP) Agreement (SC-9.1, the Contract Sum shall equal the total of:
Appears in 1 contract
Sources: Design/Build Guaranteed Maximum Price (Gmp) Agreement
Construction Services Fee. For the Performance of the Design/Build Entity’s Architect/Engineer Basic Services and CM/GC’s Construction Services after the execution of the first amendment establishing and accepting the Guaranteed Maximum Price of the Work with the addition of the second Amendment incorporating the first Bid Package and subsequent Amendments incorporating subsequent Bid Packages, the fee therefore as set forth in paragraphs 6.1.1 shall be paid monthly as described in the General Conditions with the total payment not to exceed the fee for such services as set forth in paragraph 6.1.1. and the portion of the fee to be paid shall be equivalent to the ratio of the dollar value of each Bid Package to the Guaranteed Maximum Price including the premiums for the Performance and Labor and Materials Payment Bonds with coverage up to the value of the Contract Sum. GUARANTEED MAXIMUM PRICE At the conclusion of the Design Development Phase, the Design/Build Entity shall deliver to the Principal Representative, a Guaranteed Maximum Price proposal which shall agree to perform all of the Work even though all of the Construction Documents have not all been finalized and released for construction, and guarantee the maximum price to the Principal Representative for the entire cost of the Work, as adjusted by deductive alternates required to maintain the Guaranteed Maximum Price below the Fixed Limit of Design & Construction Cost which have been previously approved by the Principal Representative pursuant to paragraph 3.1.1. The Guaranteed Maximum Price shall include all of the Design/Build Entity's obligations to be performed pursuant to the terms of the Contract Documents and may include, but not be limited to, the total of the following: The total of all prices already received for all items bid before the establishment of the Guaranteed Maximum Price; The Design/Build Entity’s estimate of the cost of all other Work to be performed but not yet bid, excluding the approved deductive alternates unless said Work can be incorporated into the Contract Documents by application of the contingency per the provisions of paragraphs 3.3.1 through 3.3.5, with the consent of the Design/Build Entity which consent shall not be unreasonably withheld; The installation cost of items to be procured by the Principal Representative and assigned to the Design/Build Entity for installation, as defined in the Contract Documents; The estimated maximum cost of all Work to be performed by the Design/Build Entity; Design/Build Entity's Fee as provided under this Agreement; The cost of all Performance and Labor and Material Payment Bonds furnished by the Design/Build Entity pursuant to the Contract General Conditions, Article 16; The premiums for insurance to protect the Project pursuant to the Contract General Conditions, Article 25; and Authorized adjustments as set forth elsewhere in this Agreement, to include but may not be limited to: taxes; fees for licenses, and royalties; special conditions, commissioning, start-up services, and warranty support; and contingencies. The Guaranteed Maximum Price proposal as set forth in paragraph 6.3.1 shall: Set forth a stated not to exceed dollar amount; Set forth the Schedule of Values therefore which shall be consistent with previously approved Schedules of Values, and as adjusted as required pursuant to Design Development cost estimating; Contain no conditions or exceptions; Not exceed the Fixed Limit of Design & Construction Cost; Contain no allowances except for those set forth in Exhibit H.4, Allowance Schedule of which all allowances are to be a not-to-exceed dollar amount; and Be substantiated with complete supporting documentation acceptable to the Principal Representative, to clearly define the anticipated Work to be performed by the Design/Build Entity and facilitate a determination thereafter when final drawings and specifications are released for construction, as to whether or not there has been an increase in the Work required of the Design/Build Entity in the documents released for construction from the Design Development documents on which the Guaranteed Maximum Price was based. If at any time thereafter, any Claim is asserted by the Design/Build Entity for an increase to the Contract Sum or Guaranteed Maximum Price and/or extension of the Contract Time because of an alleged increase in the Work to be performed by the Design/Build Entity as contained in the drawings or specifications released for construction, the Design/ Build Entity shall be required to satisfactorily demonstrate the increase in the WorkWork to the satisfaction of the Principal Representative; otherwise the Design/Build Entity shall be entitled to no increase in the Contract Sum, Guaranteed Maximum Price or extension of the Contract Time. If, through no fault on the part of the Design/Build Entity, and after receiving reasonable cooperation by the Principal Representative, the Design/Build Entity submits a Guaranteed Maximum Price proposal contrary to the provisions of paragraph 6.3.2 and 6.3.3, the proposal may be rejected by the Principal Representative; the Principal Representative shall be under no obligation to award subsequent Bid Packages; the Principal Representative may declare the Design/Build Entity to be in default; and payment may be withheld from the Design/Build Entity, excepting the Design/Build Entity's reasonable costs incurred, up and until a an acceptable Guaranteed Maximum Price is furnished in accordance with the foregoing. If, in developing a Guaranteed Maximum Price, the Design/Build Entity believes any documentation or information, consistent with the Design Development level of documentation, is not sufficiently complete to clearly define the anticipated Work, the Design/Build Entity shall be responsible for making all necessary inquires and requests to establish the same. When the Guaranteed Maximum Price is agreed upon and accepted by the Principal Representative, it shall be made a part of the Contract Documents by Amendment, shall supersede updated summaries, and all documents relating to Schedules of Values and Estimates estimates of Design design & Constructionconstruction; and shall be subject to modification for Changes in the Work as provided in the General Conditions Article 35. If the Design/Build Entity, in good faith, furnishes the Principal Representative with a Guaranteed Maximum Price proposal which meets the criteria of paragraphs 6.4.1, 6.4.2, and 6.4.3 and the parties fail to mutually agree to that number as set forth above, the parties expressly agree that default termination of the Design/Build Entity shall not be a remedy therefore under this Agreement, and, the Principal Representative shall be entitled to proceed with the Project and Work as set forth elsewhere in this Agreement. When the Design/Build Entity provides a Guaranteed Maximum Price, the trade contracts for the Work shall either be with the Design/Build Entity or shall contain the necessary provisions to allow the Design/Build Entity to control the performance of the Work. The Principal Representative shall also authorize the Design/Build Entity to take all steps necessary in the name of the Principal Representative to assure that any separate contractors, having separate contracts with the Principal Representative for the Project, perform their contracts in accordance with their terms. CONTRACT SUM Subject to the provisions of Article 3, Article 6 of the Agreement and Article 50 of the General Conditions of the Design/Build Guaranteed Maximum Price (GMP) Agreement (SC-9.1, the Contract Sum shall equal the total of:
Appears in 1 contract
Sources: Contractor's Agreement Design/Build Guaranteed Maximum Price (Gmp) Agreement