Common use of Submission of Guaranteed Maximum Price Proposal Clause in Contracts

Submission of Guaranteed Maximum Price Proposal. After the completion of Design Development Documents and when the Project drawings and specifications are sufficiently complete, but not later than thirty (30) days after a Construction Documents Change Order, Design-Builder shall submit to the Owner a proposed GMP Change Order to establish the Guaranteed Maximum Price, which shall be inclusive of the Cost of the Work, the Construction Contingency (as defined in Section 4 Part 4) and Design-Builder's Fee (as defined in Section 4 Part 1). Under the GMP Change Order the Design-Builder shall propose (i) to perform the construction of the entire Project in accordance with the assumptions stated in the GMP Change Order or in accordance with the Construction Documents Change Order, as appropriate, for a Guaranteed Maximum Price, which shall be specified in the proposed GMP Change Order, and (ii) to achieve Material Completion of the Project by the Material Completion and Occupancy Date specified in the proposed GMP Change Order.

Submission of Guaranteed Maximum Price Proposal. After the completion of Design Development Documents and when the Project drawings and specifications are sufficiently complete, but not later than thirty (30) days after a Construction Documents Change Order, Design-Builder CM/GC shall submit to the Owner a proposed GMP Change Order to establish the Guaranteed Maximum Price, which shall be inclusive of the Cost of the Work, the Construction Contingency (as defined in Section 4 Part 4) and Design-BuilderCM/GC's Fee (as defined in Section 4 Part 1). Under the GMP Change Order the Design-Builder CM/GC shall propose (i) to perform the construction of the entire Project in accordance with the assumptions stated in the GMP Change Order or in accordance with the Construction Documents Change Order, as appropriate, for a Guaranteed Maximum Price, which shall be specified in the proposed GMP Change Order, and (ii) to achieve Material Completion of the Project by the Material Completion and Occupancy Date specified in the proposed GMP Change Order.