Final GMP Sample Clauses
The "Final GMP" clause establishes the definitive Guaranteed Maximum Price (GMP) for a construction project, setting the upper limit on the amount the owner will pay the contractor. This clause typically comes into effect after the design is sufficiently developed and all major project costs are identified, ensuring that the contractor cannot charge more than the agreed GMP except for approved changes. By locking in the final project cost, the clause provides financial certainty for both parties and helps prevent cost overruns, thereby allocating the risk of budget excesses to the contractor.
Final GMP. At the completion of the Project, the Final GMP shall not include unused Contingency, Sales Tax Savings, or Owner-direct purchases.
Final GMP. The Parties shall establish the Final GMP, which shall supersede and replace the Initial GMP, by Contract amendment at the end of the 50% Design Development Milestone.
Final GMP. 8.1.3.1 At the end of the 50% Design Development Milestone, DBE shall prepare and submit to District for negotiation a proposed Final GMP, with all backup and subject to the open book policy set forth in Section 8.4.
8.1.3.2 The proposed Final GMP values for each of the Selected Subtrades shall not exceed the corresponding Initial GMP values for the Selected Subtrades.
8.1.3.3 If the Parties agree upon a Final GMP, the Parties shall execute a Contract amendment for the Final GMP. The Final GMP shall supersede and replace the Initial GMP.
8.1.3.4 Other than the Design Fee, which shall be compensated pursuant to Section 8.2, any fees or costs incurred by DBE prior to the Final GMP, including without limitation all construction labor and materials subcontracts, are subject to District’s prior written approval, and will only be reimbursable by and/or enforceable against District contingent upon Board approval of the Final GMP.
Final GMP. Within 45 days after the date the Architect issues the Interior Build-Out Package (constituting the final and complete set of Drawings). The CM will submit to the Owner the final GMP Proposal for approval. When approved by the Owner, the Contract amount will be adjusted by Change Order.
§ 2.2.4 In preparing the Construction Manager’s Preliminary and Final Guaranteed Maximum Price proposal, the Construction Manager shall include its contingency for the Construction Manager’s exclusive use to cover those costs considered reimbursable as the Cost of the Work but not included in a Change Order. Any contingency costs over or projected to be over 50K requires owner approval. Contractor to maintain a contingency draw log for all contingency line items in the schedule of values that will be submitted with each monthly pay application.
§ 2.2.5 The Construction Manager shall meet with the Owner and Architect to review the Guaranteed Maximum Price proposal. In the event that the Owner and Architect discover any inconsistencies or inaccuracies in the information presented, they shall promptly notify the Construction Manager, who shall make appropriate adjustments to the Guaranteed Maximum Price proposal, its basis, or both.
.1 The Preliminary GMP based on Items 1 – 4 above is $61,137,053.00.
.2 Liquidated Damages in the amount of $10,000/day will be assessed against the Construction Manager starting 2/15/12, if Phase 1A is not substantially complete by 2/15/12.
§ 2.2.6 If the Owner notifies the Construction Manager that the Owner has accepted the Preliminary Guaranteed Maximum Price proposal in writing before the date specified in the Preliminary Guaranteed Maximum Price proposal, the Preliminary Guaranteed Maximum Price proposal shall be deemed effective without further acceptance from the Construction Manager. Following acceptance of a Preliminary Guaranteed Maximum Price, the Owner and Construction Manager shall execute the Preliminary Guaranteed Maximum Price Amendment amending this Agreement, a copy of which the Owner shall provide to the Architect. The Preliminary Guaranteed Maximum Price Amendment shall set forth the agreed upon Preliminary Guaranteed Maximum Price with the information and assumptions upon which it is based.
§ 2.2.7 The Construction Manager shall not incur any cost to be reimbursed as part of the Cost of the Work prior to the commencement of the Construction Phase, unless the Owner provides prior written authorization for such costs.
§ 2.2.8 Th...
Final GMP. The final Total Guaranteed Maximum Price (GMP) of the Contract is $4,985,434.54 and includes the initial GMP amount contained in Subarticle 7.05 as revised by the First Early Work Amendment.”
E. Delete Subarticle 7.03 and replace with the following:
Final GMP. The Final GMP shall be $624,375,494. This sum is comprised of:
a. Trade Costs of $583,000,000; b. Reimbursable Costs of $31,375,494; and c. Contingency of $10,000,000. The Parties have agreed to the Final GMP based upon the Anticipated Cost Report dated June 17, 1998, rev.1 ("ACR"), which report is attached hereto as Appendix 10 for the specific purpose set forth in Paragraph 11, herein, and the primary components of which are summarized in Appendix 1, attached hereto.
Final GMP. There shall be a final, guaranteed, not-to-exceed amount payable by the Authority to the DB Contractor for performance of all Work on the Project (the “FGMP”), which shall be in the amount necessary for the proper completion of the Work in accordance with the Contract Documents. The FGMP shall be determined in accordance with Subsection 4.1.5 (Work Package Authorizations and GMP Development) and shall be established pursuant to the FGMP Amendment issued in accordance with Subsection 4.1.5.8 (FGMP Amendment). The Contract Sum is guaranteed by the DB Contractor not to exceed the FGMP set out in the FGMP Amendment, subject to additions and deductions to the Contract Sum and FGMP by subsequent Modification as provided in the Contract Documents.
Final GMP. The purpose and intent of the three reviews is to allow KCAD and the Airlines to benefit in any cost savings to the Program that materializes throughout the design and bidding process. It is contemplated that six (6) months after Notice to Proceed (“NTP”) from City to Developer, design documents will be mutually agreed to be adequately complete to procure lump sum bids from the major trade contractors. Those trade packages that are procured prior to that time shall be procured in an effort to facilitate the Program schedule. Trade packages procured prior to the Revised GMP are contemplated to be the parking garage structure, enclosure, mechanical electrical and plumbing, baggage handling, and site/civil work. The schedule will also be updated, if needed, to reflect and accommodate (1) design evolution; (2) estimated impacts of identified exposures; (3) progress update of activities to date and; (4) activity adjustment required as a result of trade package purchasing negotiations.
Final GMP. It is contemplated that twelve (12) months following NTP, the overall design will be sufficient to issue for construction a set of documents mutually agreed to be substantially complete as necessary to procure lump sum bids from trade contractors for the majority of the Program scopes for the remaining unpurchased trade packages. The remaining unpurchased trade packages are contemplated to be drywall and ceilings, miscellaneous metals, applied finishes, flooring, landscaping, signage, etc. It is expected that a few packages will remain unpurchased until such time as the Developer considers it prudent to procure, such as: final cleaning, etc. The schedule shall be updated, if needed, to reflect and accommodate (1) design evolution; (2) estimated impacts of identified exposures; (3) progress update of activities to date and; (4) activity adjustment required as a result of trade package purchasing negotiations.