Guaranteed maximum cost definition
Guaranteed maximum cost means the total cost of the
Guaranteed maximum cost. ("GMC") shall have the meaning set forth in Section I.B.3.c. "Improvements" shall have the meaning set forth in Section I.A.1.
Guaranteed maximum cost means the Costs of the Work (as defined in Section 4.1), plus Contractor Controlled Contingency and Owner Controlled Contingency (as such terms are defined in Section 3.5), plus the Contractor’s Fixed Fee (as defined in Section 3.3) guaranteed by the Contractor not to exceed the amount stated in the applicable Work Authorization. Accordingly, after the date on which the Construction Documents for the subject Project Phase are eighty percent (80%) complete for filing with the appropriate Governmental Authority so as to commence the permit application process or are sufficiently complete to enable Contractor to award Subcontracts for the major trades (all as determined by Owner), Contractor shall submit to Owner a statement for the Guaranteed Maximum Cost for such Project Phase, which statement shall be broken down in such detail as Owner reasonably may request and shall include (i) the Subcontract Costs and Self Performed Work Costs to be incurred by Contractor for the proposed Work; (ii) all General Conditions Costs and Reimbursable Costs for the proposed Work; (iii) the Fixed Fee to be incurred; (iv) the Contingency in the amount set forth in Section 3.5 hereof; (v) the Progress Schedule as set forth in ARTICLE 6 (vi) the daily liquidated damages amount and cap; (vii) the OCIP reconciliation; and (viii) the Contractor’s list of assigned supervisory personnel and list of Subcontractors. Such submission shall be supported by a detailed estimate, clearly indicating and itemizing the cost and scope of each element of the proposed Work, consistent in format with previous submissions of the construction budget, anticipated cost reports and other cost estimates submitted to Owner and clearly indicating and justifying any changes thereto.
More Definitions of Guaranteed maximum cost
Guaranteed maximum cost means the Costs of the Work (as defined in Section 4.1) plus the Contractor’s Fixed Fee (as defined in Section 3.3) guaranteed by the Contractor not to exceed the amount stated in the applicable Work Authorization. Accordingly, after the date on which the Construction Documents for the subject Project Phase are eighty percent (80%) complete for filing with the appropriate Governmental Authority so as to commence the permit application process or are sufficiently complete to enable Contractor to award Subcontracts for the major trades (all as determined by Owner), Contractor shall submit to Owner a statement for the Guaranteed Maximum Cost for such Project Phase, which statement shall be broken down in such detail as Owner reasonably may request and shall include (i) the Subcontract Costs to be incurred by Contractor for the proposed Work; (ii) all General Conditions Costs and Reimbursable Costs for the proposed Work; (iii) the Fixed Fee to be incurred; (iv) the Contingency in the amount set forth in Section 3.5 hereof; the Progress Schedule as set forth in ARTICLE 6; the daily liquidated damages amount and cap; the OCIP reconciliation; and Contractor’s list of assigned supervisory personnel. Such submission shall be supported by a detailed estimate, clearly indicating and itemizing the cost and scope of each element of the proposed Work, consistent in format with previous submissions of the construction budget, anticipated cost reports and other cost estimates submitted to Owner and clearly indicating and justifying any changes thereto.