Examples of Risk Fee in a sentence
In the case of Early Work, the Construction Manager at Risk Fee shall be the above percentage multiplied by the actual Cost of the Early Work, until such time as a GMP Amendment is executed, at which time such Construction Manager at Risk Fee payments shall be credited against the Construction Manager at Risk Fee fixed therein.
The GMP shall be determined in accordance with the formula set forth below and as described in Article 6.3. The Construction Manager at Risk Fee, Specified General Conditions and the Cost of the Work are defined in Articles 6.3 and 6.5. Costs in excess of the GMP shall be paid by the Construction Manager at Risk without reimbursement by Owner.
The Cost of the Work is the estimated cost to complete the Work for the Project as described in the plans and specifications and in the GMP Amendment including Construction Manager at Risk Contingency, but not including preconstruction services fee, the fixed cost for Specified General Conditions, Construction Manager at Risk Fee or New Mexico Gross Receipts Tax (NMGRT).
If the sum of the Preconstruction Fee, plus the Construction Manager at Risk Fee, plus the Specified General Conditions, plus the actual and final Cost of the Work is less than the GMP, the savings shall accrue to the Owner.
Merchant will be notified if the Risk Fee applies, in which case the fee will also appear on Xxxxxxxx’s monthly statements.
In making such calculation, the Cost of the Work shall exclude the Preconstruction Fee, the fixed cost for Specified General Conditions, the Construction Manager at Risk Fee itself, but shall include CM at Risk Field Work, Allowances, selected alternates, and reasonable Construction Manager at Risk contingencies as designated in the GMP Supporting Documents.
Therefore the Government will charge an appropriate Risk Fee for this risk transfer.
Based upon applications for payment submitted pursuant to Article 9 of the General Conditions, Owner shall make progress payments of the Preconstruction Fee, Cost of the Work, Specified General Conditions, and associated Construction Manager at Risk Fee, to the Construction Manager at Risk as provided below and elsewhere in the Contract Documents.
If Construction Manager at Risk terminates this Contract for Owner's material breach, the amount to be paid to Construction Manager at Risk shall not exceed the amount Construction Manager at Risk would have been entitled to receive under Article 13 above through the date of termination and demobilization from the Project, with the Construction Manager at Risk Fee prorated based on the actual Cost of the Work through the date of termination.
If a GMP Amendment or Early Work Amendment is executed, Owner shall pay the Construction Manager at Risk, as payment for the Work, the "Contract Sum" which shall equal the sum of the Preconstruction Fee, the Construction Manager at Risk Fee, the fixed Cost for Specified General Conditions Work, the actual Cost of the Work and NMGRT, but not exceeding the GMP or Early Work Amendments.