UGAA option to convert GMP to fixed Contract Price Sample Clauses

UGAA option to convert GMP to fixed Contract Price. Upon agreement of Design-Builder and UGAA, UGAA may issue a Change Order to convert the GMP to a fixed Contract Price. Upon execution of a Conversion Change Order (Supplement B3), the fixed Contract Price shall equal the then-current GMP – minus amounts remaining unallocated in the Design-Builder Contingency Account and minus unexpended Design-Builder Construction Overhead Costs (based on pro rata allocation determined by completion of the Work at the time of conversion). Upon conversion, all amounts paid by UGAA (exclusive of Design-Builder Preconstruction Fees and Design-Builder Preconstruction Overhead Costs) shall be fully credited to UGAA against the Contract Price. Changes to Contract Price thereafter will be addressed in the manner consistent with the way in which changes to GMP are addressed in Article VIII. UGAA may, but is not required to, demand and obtain from Design-Builder detailed back-up materials for Payment Applications subsequent to the conversion in the manner required hereunder for Payment Applications before conversion. After conversion, payments under the Contract Price format are strictly limited by the pro rata completion of the Work on a line-item basis, including the converted Design-Builder Construction Overhead and Design-Builder Construction Fee items, which shall be limited to pro rata completion of the overall Work. Attached as an Exhibit to the Conversion Change Order shall be a resultant Schedule of Values containing constituent line-items for various components of the Costs of the Work, as well as the adjusted Design- Builder Construction Fee, and adjusted Design-Builder Construction Overhead Costs, which are now included as components of the Contract Price. The sum of all line-items shall equal the initial fixed Contract Price.
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Related to UGAA option to convert GMP to fixed Contract Price

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