GMP Agreement definition
Examples of GMP Agreement in a sentence
In the event Owner and Design-Builder do not successfully finalize the GMP Exhibit and execute a GMP Agreement for this project, this Agreement will be terminated and Design-Builder will be paid the value of its services to the date of termination, not to exceed the Contract Price, and will not be entitled to any other compensation, damages, loss of profits or payment of any other kind.
In entering into this Agreement, Owner and Design-Builder recognize that they may not be able to finalize the GMP Exhibit and execute a GMP Agreement for this Project.
The provisions of this Article alter the preceding Articles or enlarge upon them as indicated (The General Conditions of the Design/Build Guaranteed Maximum Price (GMP) Agreement SC-9.1): The Principal Representative and or the State Buildings Program shall mark boxes and initial where applicable.
The CM shall be entitled to an equitable adjustment of the GMP if it is required to pay or bear the burden of any new federal, state, or local tax, or any rate increase of an existing tax, except taxes on income, adopted through statute, court decision, written ruling, or regulation taking effect after incorporation of the GMP Agreement.
When the CM’s initial CPM Schedule is approved by the ODR in connection with the GMP approval process, this updated schedule will become a part of the GMP Agreement that will be incorporated into this Agreement and shall become the baseline for evaluating performance of the CM.