Form Of Contract - Fixed Guaranteed Maximum Price (Page 4 of 5) in pdf

Form Of Contract - Fixed Guaranteed Maximum Price Page 4

incurred by the Owner shall be less than the sum which would have been payable under

the contract, if it had been completed by said Construction Manager at Risk, then the said

Construction Manager at Risk and surety shall be entitled to receive the difference, but in

case such expense shall exceed the sum which would have been payable under the

contract, then the Construction Manager at Risk and the surety shall be liable and shall

pay to the Owner the amount of said excess.

It is further mutually agreed between the parties hereto that if at any time after the

execution of this agreement and the surety bonds hereto attached for its faithful

performance, the Owner shall deem the surety or sureties upon such bonds to be

unsatisfactory, or if, for any reason, such bonds cease to be adequate to cover the

performance of the work, the Construction Manager at Risk shall, at its expense, within

five (5) days after the receipt of notice from the Owner so to do, furnish an additional

bond or bonds in such form and amount, and with such surety or sureties as shall be

satisfactory to the Owner. In such event no further payment to the Construction Manager

at Risk shall be deemed to be due under this agreement until such new or additional

security for the faithful performance of the work shall be furnished in manner and form

satisfactory to the Owner.

Fixed Guaranteed Maximum Price

Cost of the Work

Construction Management Fee

Construction Manager’s Bonds and Insurance

Construction Manager’s Construction Contingency

$ _______________

Total Fixed Guaranteed Maximum Price

Form Of Contract - Fixed Guaranteed Maximum Price Page 4