Common use of GMP Amendment Clause in Contracts

GMP Amendment. Upon acceptance by the Department of the GMP Proposal, the Guaranteed Maximum Price and its basis shall be set forth in the Guaranteed Maximum Price Amendment (“GMP Amendment”). The GMP Amendment shall be in substantially the form of Exhibit A hereto. In the event an acceptable Guaranteed Maximum Price Proposal is not developed, the Contract will be terminated and the provision of Section 3.12 shall apply. In such event, the Design-Builder shall forfeit Fifty Percent of the portion of the Base Design-Build Fee allocated to the Design and Preconstruction Phase, as set forth in more detail in Section 6.1.1 of this Agreement. In the event the Contract is terminated pursuant to this Section 3.7, the Department shall be free to use any of the information developed during the Design and Preconstruction Phase to retain a new contractor to complete the Project.