Common use of Conversion to Lump Sum Clause in Contracts

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.