GUARANTEED MAXIMUM PRICE FOR CONSTRUCTION. 7.1 When the construction design documents are sufficiently complete to establish the scope of work for the project or any phase or portion thereof, as generally defined by a design document listing to be provided by the Architect-Engineer and Construction Manager upon execution of this Agreement, which is to be used only as a guide in developing the specifications and plan data necessary to establish a Guaranteed Maximum Price, or at such time thereafter designated by the Owner, the Construction Manager will establish and submit in writing to the Owner for his approval a Guaranteed Maximum Price as described in the completed Exhibit B of the Request for Proposal Document, guaranteeing the maximum price to the Owner, for the construction cost of the project or designated part thereof. Such Guaranteed Maximum Price will be subject to modification for changes in the project as provided in Article 7 of Section 00700, General Conditions. However, the actual price paid for the work by the Owner shall be the actual cost of all work subcontracts, supply contracts, direct labor costs, direct supervision costs, and direct costs of the project as defined under Article 9 of the Agreement, plus the Construction Managers fees or the GMP, whichever is less when the work is complete.
GUARANTEED MAXIMUM PRICE FOR CONSTRUCTION. 7.1 When the construction documents are sufficiently complete to establish the scope of work for a project or any portion thereof, as generally defined by a design document which is to be used only as a guide in developing the specifications and plan data necessary to establish a Guaranteed Maximum Price, or at such time thereafter designated by the Owner, the Construction Manager will establish and submit in writing to the Owner for his approval a Guaranteed Maximum Price, guaranteeing the maximum price to the Owner, for the construction cost of the project or designated part thereof. Such Guaranteed Maximum Price will be subject to modification for changes in the project as provided in Article 10. However, the actual price paid for the work by the Owner shall be the actual cost of all work subcontracts, supply contracts, direct labor costs, direct supervision costs, and direct job costs as defined under Article 9, plus the Construction Manager's fees or the GMP, whichever is less when the work is complete.
GUARANTEED MAXIMUM PRICE FOR CONSTRUCTION. 7.1 When the Documents are sufficiently complete to establish the scope of work for a project or any portion thereof, as generally defined by a design document which is to be used only as a guide in developing the specifications and plan data necessary to establish a Guaranteed Maximum Price, or at such time thereafter designated by the Owner, Contractor will establish and submit in writing to the Owner for Owner’s approval a Guaranteed Maximum Price, guaranteeing the maximum price to the Owner, for the construction cost of the project or designated part thereof. Such Guaranteed Maximum Price will be subject to modification for changes in the project as provided herein. However, the actual price paid for the work by the Owner shall be the actual cost of all work subcontracts, supply contracts, direct labor costs, direct supervision costs, and direct job costs as defined herein, plus Contractor's fees or the GMP, whichever is less when the work is complete.
GUARANTEED MAXIMUM PRICE FOR CONSTRUCTION. Preparation of GMP - When the Drawings and Specifications are sufficiently complete to establish the scope of work for the Project or any portion thereof (which, in the absence of the Owner’s express, written consent, shall be when the Drawings and Specifications are 100% complete), the Construction Manager will establish and submit in writing to the Owner for his approval a Guaranteed Maximum Price, guaranteeing the maximum price to the Owner for the construction cost of the Project and the Construction Manager's fees. Such Guaranteed Maximum Price will be subject to modification for changes in the Project as provided in Article 10. However, any and all other provisions of this Contract (or any of the other Contract Documents) to the contrary notwithstanding, the actual price paid for the Work by the Owner shall be the actual cost of all Work subcontracts, supply contracts, direct labor costs, direct supervision costs, and direct costs as defined under Article 9, plus the Construction Manager’s fees, or the GMP, whichever is less when the Work is finally complete. Taxes Included in the GMP - The GMP will only include those taxes in the cost of the Project which are legally enacted at the time the GMP is established. Construction Contingency - At the time of submission of the Guaranteed Maximum Price, the Construction Manager will verify the time schedule for activities and Work which were adopted by the Construction Team and used to determine the Construction Manager’s cost of the Work. In addition to the cost of the Work, the GMP will include a separately stated agreed upon sum as the Construction Contingency which is included for the purpose of defraying the expenses due to unforeseen circumstances relating to construction, or for such other purposes as the Owner may choose. No Construction Manager Fee shall be charge against the construction contingency. This contingency shall reflect the estimated costs associated with unknown conditions that are common in remodeling projects. The use of the contingency is subject to the College’s prior written approval through the execution of Construction Change Directives. All contingency balances shall revert back to the College at the end of the project. The Construction Manager will be required to furnish documentation evidencing expenditures charged to the Construction Contingency prior to the release of funds by the Owner. Documentation necessary for use of the Construction Contingency by the Construction Mana...
GUARANTEED MAXIMUM PRICE FOR CONSTRUCTION. 7.1 When the construction documents are sufficiently complete to establish the scope of work for a Project or any portion thereof, the Construction Manager will establish and submit in writing to the Owner for his approval a Guaranteed Maximum Price, guaranteeing the maximum price to the Owner, for the construction of the Project or designated part thereof.
GUARANTEED MAXIMUM PRICE FOR CONSTRUCTION. 6.1 After the scope and design of the Project is defined by the City Commission and CRA, the Developer will establish and submit in writing to the City for its approval a Guaranteed Maximum Price guaranteeing the maximum price to the City for the construction cost of the Project.
GUARANTEED MAXIMUM PRICE FOR CONSTRUCTION. 7.1 At such time designated by the Owner, the Contractor will establish and submit in writing to the Owner for his approval, a Guaranteed Maximum Price, guaranteeing the maximum price to the Owner, for the construction cost of the Project or designated part thereof. Such Guaranteed Maximum Price shall only be subject to modification for changes in the Project as provided in Article 10. However, the actual price paid for the work by the Owner shall either be: (1) the actual cost of all subcontracts, supply contracts, general conditions fee and direct job costs, as defined under Article 9, plus the Contractor's fees, or (2) the GMP, whichever is the lesser when the work is finally complete.
GUARANTEED MAXIMUM PRICE FOR CONSTRUCTION. 7.1 Guaranteed Maximum Price (GMP) Proposal - The Guaranteed Maximum Price, guarantees the maximum price to the DEPARTMENT, for the construction cost of the project or designated part thereof. Such Guaranteed Maximum Price will be subject to modification for changes in the project as provided in Article 10. However, the actual price paid for the work by the DEPARTMENT shall be the actual cost of all work subcontracts supply contracts, direct labor costs, direct supervision costs, and direct job costs as defined under Article 9, plus the PROVIDER's overhead and profit and fees or the GMP, whichever is less when the work is complete. The Guaranteed Maximum Price (GMP) is $2,500,000.00.
GUARANTEED MAXIMUM PRICE FOR CONSTRUCTION
