GMP Amendment definition

GMP Amendment means an amendment to this Agreement, signed by Owner and Construction Manager, determined in accordance with Article 5, issued in the form of Exhibit D, establishing Construction Manager’s GMP and GMP Qualifications and Assumptions, for each Deliverable Portion of Work.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

GMP Amendment means an Amendment to the Contract, issued in the form of Exhibit B and executed by and between the parties, to establish the GMP and identify the GMP Supporting Documents for Construction Phase Services.

GMP Amendment shall have the same meaning as in the Agreement.

Examples of GMP Amendment in a sentence

• The Construction Manager will not be due any additional Overhead and Profit on increases in the Guaranteed Maximum Price (GMP) established in the GMP Amendment (i.e., the original GMP) that does not exceed $200,000.00.

• Schedule of Values – Schedule of Values means the breakdown of the GMP, as set forth in the GMP Amendment.

• Specifications – Specifications shall refer to any and all written requirements for materials, equipment, construction systems, standards and workmanship for the Work, identified as the Specifications in the GMP Amendment.

• The Construction Manager ’s compensation for all Work and services performed during the Construction Phase shall be determined in the GMP Amendment (however, the Owner retains the right to review the need and effectiveness of any employee or employees, and the Construction Phase Fee shall be reduced accordingly, if fewer hours and/or employees are utilized).

• Should the GMP established in the GMP Amendment (i.e., the original GMP) be increased by more than $200,000.00 under the terms of Article 10 below due to no fault of the Construction Manager, the Construction Manager’s additional Overhead and Profit for the Construction Phase will be five (5%) percent of that portion of the cumulative increases in the GMP established in the GMP Amendment (i.e., the original GMP) that exceed such original GMP by more than $200,000.00.

More Definitions of GMP Amendment

GMP Amendment means an amendment to the Design-Build Agreement, in the form of Amendment No. 1, to establish and memorialize the final guaranteed maximum price as part of the Design-Build Agreement executed on [ ].

GMP Amendment means the GMP Proposal, as may be amended and accepted by the City, at its sole discretion, which amendment shall automatically become incorporated herein upon the City and the Construction Manager’s execution of same, and shall establish, among other things, the GMP, the names of the Construction Manager’s on-site management and supervisory personnel for the Project, and the Agreement Time for the Construction Work.

GMP Amendment means the document based on the GMP Proposal and signed by CMR and TFC that establishes (i) the Guaranteed Maximum Price and its basis and (ii) all other requirements set forth in Section 5.3

GMP Amendment. GMP Amendment shall mean that certain GMP Amendment which shall automatically become a part hereof upon Owner’s and Construction Manager’s execution of same, and shall establish, among other things, the GMP, the Contract Time for the Project, and shall incorporate the Drawings, Specifications, the Schedule of Values, and the Construction Manager’s qualifications, exclusions, and allowances, if any. GMP Proposal – GMP Proposal shall mean a proposal for completing the Project, which Proposal shall include the proposed Guaranteed Maximum Price for the construction of the Project which is consistent with the Estimate and the Contract Documents. Master Project Schedule – Master Project Schedule shall be a written schedule prepared by Construction Manager and approved by the Owner.

GMP Amendment. GMP Submittal accepted by the Director and approved by City Council.

GMP Amendment means an amendment to this Contract that establishes the Guaranteed Maximum Price as described in Section 2.1.14 hereof for the Project; the GMP Amendment may be issued as a Work Order or an Amendment depending on the value thereof.

GMP Amendment as used herein means a GMP Proposal for any Project, accepted by the Owner, in its sole discretion, in the form attached hereto as Exhibit “C,” which Amendment shall automatically become a part hereof upon the Owner’s and Construction Manager’s execution, and shall establish the Project GMP, the names of the Construction Manager’s on site management and supervisory personnel for the Project, and the contract time and liquidated damages for such Project.