The Guaranteed. Maximum Price Proposal shall allow for reasonably expected changes and refinements in the BIM Model, Drawings and Specifications through completion of the Construction Documents, except for material changes in scope.
The Guaranteed. Maximum Price includes a Contingency of percent ( %) of the Cost of the Work as described in Section 2.1.1, 2.1.2, and 2.1.3 for potential additional construction costs for unforeseen conditions that occur over the course of construction and/or scope gaps between the subcontract categories of the Work.
The Guaranteed. Maximum Price for the Project shall include a Construction Manager’s Construction Contingency in an amount to be approved in writing by the Owner. This is intended to cover some risks assumed by the Construction Manager in providing the Guaranteed Maximum Price.
The Guaranteed. Maximum Price shall be submitted to the Owner not more than 30 days after receipt of the Owner’s request
The Guaranteed. Maximum Price proposal may not be based in any part on any subcontract or material supply contract which would require the Owner to compensate the Construction Manager on other than a maximum price basis.
The Guaranteed. Maximum Not-to-Exceed Compensation shall not be adjusted because of errors or omissions which are not the fault of the County in computing the Project costs which result in an increase in the cost of this Contract or because the time for completion varies from the original estimate, including completion or substantial completion of this Contract prior to the scheduled or Contract completion date or on account of County’s election to furnish any of the Work or Services. In addition, Contractor shall certify that the original Contract Price or Guaranteed Maximum Not-to-Exceed Compensation for a Project and any additions thereto shall be adjusted to exclude any significant sums by which the County determines the Contract Price or Guaranteed Maximum Not-to- Exceed Compensation was increased due to inaccurate, incomplete, or noncurrent wage rates and other factual unit costs.
The Guaranteed. Maximum Price agreed to by the parties under this Contract does not reflect a credit for the estimated construction cost savings to be realized as a result of the Owner’s furnishing of the insurance coverage’s provided under the OCIP. At the end of the Project, prior to Final Payment, the Guaranteed Maximum Price will be adjusted as a result of any variance between the actual savings amount and projected savings established by the foregoing credit amount, pursuant to the OCIP audit. Contractor shall use all best efforts to carefully review all Subcontractor and pricing information to ensure that Owner is not required to pay a second time as part of Cost of the Work, for insurance coverage’s Owner has already purchased under the OCIP. Contractor shall also ensure that any Change Orders entered into pursuant to this Contract are priced so as to define all insurance costs to the reasonable satisfaction of the OCIP Manager.
The Guaranteed. Maximum Price Proposal for this Project when accepted by the City and executed by the parties in a form to be prepared by the Contractor and approved by the City;
The Guaranteed. Maximum Price applies to the overall cost of the Project as a whole and not to specific Items of Work, line items or schedule of values. The Contractor may apply underruns in any Item of Work to overruns in any other Item and may exceed the estimated cost for any line item without penalty so long as the total Cost of the Work, plus Fee, on the entire Project does not exceed the finally adjusted GMP for all the Work.
The Guaranteed. Maximum Price agreed to by the parties under this Contract reflects a credit of $18,000,000.00 as provided in Column C of Exhibit F attached hereto, based upon the parties' best efforts to estimate the construction cost savings to be realized as a result of the Owner's furnishing of the insurance coverages provided under the OCIP. At the end of the Project, prior to Final Payment, the Guaranteed Maximum Price will be adjusted as a result of any variance between the actual savings amount and projected savings established by the foregoing credit amount, pursuant to the OCIP audit. Contractor shall use all best efforts to carefully review all Subcontractor and pricing information to ensure that Owner is not required to pay a second time as part of Cost of the Work, for insurance coverages Owner has already purchased under the OCIP. Contractor shall also ensure that any Change Orders entered into pursuant to this Contract are priced so as to define all insurance costs to the reasonable satisfaction of the OCIP Manager.
