Guaranteed Maximum Price Contract. The Issuers shall use their reasonable best efforts to enter into with the General Contractor, as promptly as practicable after the date hereof, a change order under the Construction Contract which adds to the Construction Contract a guaranteed maximum price (the “GMP” and, such change order, the “GMP Change Order”) of no greater than $22.0 million (the “Maximum GMP”).
Guaranteed Maximum Price Contract. The Guaranteed Maximum Price Contract, together with that Guarantee of Performance dated as of February 5, 2004 by the GMP Guarantor in favor of Borrower (the “GMP Guaranty”), each of which shall be in form and substance satisfactory to Agent, shall have been duly executed and delivered by the parties thereto, shall be in full force and effect and Agent shall have received a certified copy thereof. The General Contractor shall have duly executed and delivered to Agent a consent to the collateral assignment of the Guaranteed Maximum Price Contract and the GMP Guarantor shall have duly executed and delivered to Agent a consent to the collateral assignment of the GMP Guaranty, in form and substance satisfactory to Agent.
Guaranteed Maximum Price Contract. (i) A true, correct and complete copy of the Guaranteed Maximum Price Contract and the GMP Guaranty have been delivered to Agent; (ii) the Guaranteed Maximum Price Contract and the GMP Guaranty are in full force and effect and enforceable in all respects (subject to the effects of bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally); (iii) Borrower is in full compliance with its obligations under the Guaranteed Maximum Price Contract and, to the Knowledge of Borrower, General Contractor is in full compliance with its obligations under the Guaranteed Maximum Price Contract and the GMP Guarantor is in full compliance with its obligations under the GMP Guaranty; and (iv) the work to be performed by General Contractor under the Guaranteed Maximum Price Contract is in all respects the construction work called for by the Public Project Agreements and the Plans and Specifications.
Guaranteed Maximum Price Contract. The Landlord and the Tenant shall hereafter work together and cooperate in a concerted effort to cause an Acceptable Construction Company to enter into, as soon after the date hereof as is reasonably practicable, a Guaranteed Maximum Price Construction Contract (herein called the "Master Construction Contract") with the Tenant in a form reasonably acceptable to the Tenant pursuant to which such Acceptable Construction Company shall (a) be obligated to construct and complete the Initial Project in accordance with the set of 70% Plans prepared and delivered pursuant to the provisions of Section 501 hereof by the Architect and (b) guarantee that the total sum of all Hard Costs will not exceed a specified amount (such amount being herein called the "guaranteed maximum price" or "GMP"). In furtherance of the foregoing, the Landlord shall have the right to participate in negotiations with such Acceptable Construction Company with respect to (i) the amount of the GMP to be included in the Master Construction Contract, (ii) the payment by such Acceptable Construction Company of liquidated damages to the Tenant in the event that Substantial Completion does not occur on or before the Completion Deadline and (iii) such other provisions, to the extent reasonably acceptable to the Tenant, which may be necessary to provide reasonable checks and protections to the Landlord in relation to the risks undertaken by it pursuant to the contractual provisions of Section 520 hereof. It is hereby understood, recognized and acknowledged that such Acceptable Construction Contractor has the ultimate right to propose the amount of the GMP in its sole discretion and neither the Landlord nor the Tenant can control the amount so proposed. Amounts may be included in the GMP by such Acceptable Construction Company, in its discretion, for (i) substitution of scarce or otherwise difficult to obtain materials or (ii) acceleration of the work schedule to meet the completion deadline. Any such amounts so included as a part of the GMP shall not be treated as being caused by any Pre-GMP Design Changes, unless, and only to the extent that, such amounts are directly attributable to the existence of a design element added by the Pre-GMP Design Changes. The GMP ultimately contained in the Master Construction Contract shall be herein referred to as the "Final GMP Amount." The Master Construction Contract shall give the Landlord the right, but not the obligation, to assume the Tenant's obligations and...
Guaranteed Maximum Price Contract. Landlord shall have the right to select the contractors and workmen performing Landlord's Work but shall use good faith efforts to select the lowest bid submitted by a qualified responsible contractor. Upon completion of the Bidding Process, the Construction Manager shall promptly provide Tenant with a statement of all Construction Costs (as hereafter defined) necessary to complete the Premises in accordance with Tenant's Plans (a "Construction Cost Statement"). The Construction Cost Statement shall be submitted to Tenant within 30 days after finalization of the Tenant's Plans. Tenant shall notify Landlord in writing within seven (7) days of Tenant's receipt of such Construction Cost Statement, of either its approval thereof and its authorization to Landlord to proceed with construction in accordance with Tenant's Plans or any changes in Tenant's Plans. In the event Tenant elects the latter alternative (namely, to change Tenant's Plans), Landlord shall within seven (7) days of receipt of said changes in Tenant's Plans quote to Tenant all changes in Construction Costs resulting from the changes in Tenant's Plans in the form of a revised Construction Cost Statement. Tenant shall, on or before the seventh (7th) day following the receipt by Tenant of the revised Construction Cost Statement, give written authorization to Landlord to proceed with the construction in accordance with Tenant's Plans and the Construction Cost Statement as modified. Tenant shall reimburse Landlord, for OBS Costs (as said term is hereafter defined) in the manner hereafter set forth. Landlord and Tenant hereby agree that the changes to Tenant's Plans by Tenant as contemplated by this paragraph (provided that they are made within the required time periods) shall not be construed as "Tenant's Delays" pursuant to Section 4.4(a)(iii) hereof.
Guaranteed Maximum Price Contract. The Guaranteed Maximum Price Contract to be attached to the Construction Management Agreement, in form and substance reasonably satisfactory to Agent, shall have been duly executed and delivered by the parties thereto and Borrower shall cause the Payment and Performance Bonds with dual obligee riders naming Agent with respect to the obligations of Construction Manager under the Construction Management Agreement (including the Guaranteed Maximum Price Contract that is to be attached thereto).
Guaranteed Maximum Price Contract. The GMP shall be in the form of an AIA guaranteed maximum price contract (as the same may be amended through negotiation of the parties) for the hard costs of construction of the Public Improvements. The parties presently anticipate establishing the guaranteed maximum price and entering into the GMP upon receipt of bids based upon completion of 80% drawings for the Public Improvements.
Guaranteed Maximum Price Contract. This is a Guaranteed Maximum Price Contract as stated in the Contract Documents. Variations in the work may occur to some degree but will not be grounds for an increase in contract price. If such variations occur, the work will be performed at no additional cost to the District or to Contractor unless said changes are deemed by Contractor and the District to be a material change in scope. In the event of a material change to the contract, the added work will in fact be paid for by the District in the form of a change order according to and as specifically defined by the contract documents. It is the responsibility of the Supplier to assist and notify the Contractor of potential issues before they occur so as to prevent an increase in cost to your scope or the scope of others as these costs will be not be recouped/repaid by the Contractor or the District. No scope letters, clarifications, or exclusions shall be incorporated into the subcontract agreement. All requirements associated with the contents of the CD provided to subcontractor (XXXXX) shall be agreed to by the subcontractor, as well as any and all requirements associated with the spec section(s) listed in the subcontract agreement – No Exceptions. CONTRACTORS ARE REQUIRED BY LAW TO BE LICENSED AND REGULATED BY THE CONTRACTORS STATE LICENSE BOARD. ANY QUESTIONS CONCERNING A CONTRACTOR MAY BE REFERRED TO THE REGISTRAR OF THE BOARD, WHOSE ADDRESS IS: CONTRACTORS STATE LICENSE BOARD 0000 XXXXXXXX XXXX POST OFFICE BOX 26000 SACRAMENTO, CA 95826. ALTEN CONSTRUCTION, INC. SUBCONTRACTOR NAME By: By: Dated: Dated: 000 00xx Xxxxxx (Xxxxxxx) Xxxxxxxx, XX 00000
Guaranteed Maximum Price Contract. The Entertainment Venue Construction Contract shall name the Authority as a third-party beneficiary pursuant to language approved by the Authority and shall provide that such contract may not be amended without the approval of the Authority. The guaranteed maximum price thereunder must be approved in writing by the Authority. The Condominium Unit Construction Contract shall name the Authority as a third-party beneficiary with respect to any Public Improvements to be constructed thereunder pursuant to language approved by the Authority and shall provide that such contract may not be amended without the approval of the Authority. The guaranteed maximum price for any Public Improvements to be constructed thereunder must be approved in writing by the Authority. The Authority shall pay the costs of Contractors and Specialists and Consultants retained pursuant to this Section 5 with respect to the Public Facilities in accordance with the provisions of the Construction Addendum, except as provided in Section 5.2.1(b) with respect to the Pre-Development Phase.
Guaranteed Maximum Price Contract. A Guaranteed Maximum Price (also known as GMP, Not-To-Exceed Price, NTE, or NTX) contract is a cost- type contract where the contractor is compensated for actual costs incurred plus a fixed fee subject to a ceiling price. The contractor is responsible for cost overruns, unless the GMP has been increased via formal change order (only as a result of additional scope from the client, not price overruns, errors, or omissions). Savings resulting from cost underruns are returned to the owner. This is different from a lump-sum contract where cost savings are typically retained by the contractor and essentially become additional profits. Sometime, savings are shared between the owner and the contractor as an incentive to keep costs down.
