Conversion to Lump Sum Clause Samples
The "Conversion to Lump Sum" clause allows for the transformation of a payment structure from periodic or milestone-based payments to a single, consolidated lump sum payment. In practice, this clause outlines the conditions under which such a conversion can occur, such as mutual agreement between parties or upon the occurrence of specific events, and may detail how the lump sum amount is calculated, including any adjustments for work completed or outstanding obligations. Its core function is to provide flexibility in payment arrangements, simplifying financial transactions and potentially resolving disputes or administrative burdens associated with ongoing payments.
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Conversion to Lump Sum. The Parties may agree to convert the GMP to a lump sum contract amount at any time after the CM has received bids or proposals from trade contractors or subcontractors for the performance of all major elements of the Work. In proposing a lump sum amount, the CM shall consider the buyout savings, any unused contingency amounts and the trade package contracts that have not been finalized. In preparing a lump sum conversion proposal, the CM must provide the following information:
a. The stage of completion of the Project;
b. The trade packages that have been completely bought out;
c. The trade packages remaining that have not been bought out;
d. A complete line item breakdown of the calculations used to establish a lump sum amount based on the GMP Schedule of Values;
e. An accounting of all savings amounts that are to be returned to the Owner as part of the lump sum calculation; and
f. Any other Project information requested by the Owner.
7.13.1 The parties may agree to convert to a lump sum the general conditions portion of the GMP once the CM has determined a value that is appropriate to support general conditions activities for the remaining duration of the Project. The CM shall provide detailed supporting documentation to the ODR, through the approval of the ODSR, for consideration and approval.
Conversion to Lump Sum. ¨ Notwithstanding anything herein to the contrary , if the Participant’s vested Account at the time such Account becomes payable to him hereunder does not exceed $ distribution of the Participant’s vested Account shall automatically be made in the form of a single lump sum at the time prescribed in Section 1.07(c)(1).
Conversion to Lump Sum. The Parties may agree to convert the GMP to a lump sum contract amount at any time after Construction Manager has received bids or proposals from trade Contractors or Subcontractors for the performance of all major elements of the Work. In proposing a lump sum amount, Construction Manager will consider the buyout savings, any unused contingency amounts, and the trade package contracts that have not been finalized. In preparing a lump sum conversion proposal, Construction Manager must provide the following information:
A. the stage of completion of the Project;
B. the trade packages that have been completely bought out;
C. the trade packages remaining that have not been bought out;
D. a complete line item breakdown of the calculations used to establish a lump sum amount based on the GMP Schedule of Values;
E. an accounting of all savings amounts that are to be returned to Owner as part of the lump sum calculation; and
F. any other Project information requested by Owner.
Conversion to Lump Sum. The Parties may agree to convert the GMP to a lump sum contract amount at any time after the Construction Manager has received bids or proposals from trade contractors or subcontractors for the performance of all major elements of the Work. In proposing a lump sum amount, the Contract Manager shall consider the buyout savings, any unused contingency amounts and the trade package contracts that have not been finalized.
Conversion to Lump Sum. The Parties may agree to convert the GMP to a lump sum contract amount at any time after the CM has received bids or proposals from Subcontractors for the performance of all major elements of the Work. In proposing a lump sum amount, the CM shall consider the buyout savings, any unused contingency amounts and the trade package contracts that have not been finalized.
7.13.1 In preparing a lump sum conversion proposal, the CM must provide the following information:.
7.13.1.1 The stage of completion of the Project;
7.13.1.2 The trade packages that have been completely bought out;
7.13.1.3 The trade packages remaining that have not been bought out;
7.13.1.4 A complete line item breakdown of the calculations used to establish a lump sum amount based on the GMP Schedule of Values;
7.13.1.5 An accounting of all savings amounts that are to be returned to the Owner as part of the lump sum calculation; and
7.13.1.6 Any other Project information requested by the Owner.
7.13.2 The parties may agree to convert to a lump sum the General Conditions Costs portion of the GMP once the CM has determined a value that is appropriate to support such activities for the remaining duration of the Project. The CM shall provide detailed supporting documentation to the ODR, through the approval of the ODSR, for consideration and approval.