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EXHIBIT C GUARANTEED MAXIMUM PRICE, COST OF WORK AND VOLUME 2 EXHIBITS ADDENDUM #1 Page 1EXHIBIT C GUARANTEED MAXIMUM PRICE, COST OF WORK AND FEE McKinley Water Vault Project No. X14010104 Transaction

How to fill out guaranteed maximum price agreement

How to fill out guaranteed maximum price agreement

1. Start by reviewing the contract documents, including the scope of work and specifications.
2. Understand the terms and conditions of the agreement, including the agreed-upon maximum price and any provisions for change orders.
3. Gather the necessary project information, such as cost estimates, subcontractor bids, and construction schedules.
4. Determine the allowances for labor, materials, and overhead costs.
5. Calculate the project contingency and determine how it will be managed.
6. Prepare the guaranteed maximum price agreement document, including all the necessary details and calculations.
7. Review the agreement with all relevant parties, including the owner, contractor, and legal counsel.
8. Make any necessary revisions or adjustments based on feedback and agreement from all parties involved.
9. Sign the agreement and ensure that all parties receive a copy for their records.
10. Throughout the construction process, compare actual costs to the guaranteed maximum price and manage any changes or variations to ensure compliance with the agreement.

Who needs guaranteed maximum price agreement?

1. Owners who want to have more control over the budget and cost of a construction project.
2. Construction contractors who want to provide a transparent and fixed cost to their clients.
3. Developers who want to minimize the risk of cost overruns and budget uncertainties.
4. Public agencies and institutions that require strict adherence to budget limitations.
5. Large-scale projects where cost management and budget control are critical.
6. Parties involved in complex construction projects with multiple stakeholders and financial considerations.
7. Any entity involved in a construction project that values financial stability and predictability.

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What is guaranteed maximum price agreement?

A guaranteed maximum price agreement is a contractual agreement between a client and a contractor where the contractor agrees to complete a project for a specified maximum price, providing protection against cost overruns.

Who is required to file guaranteed maximum price agreement?

Typically, the contractor or construction company is required to file the guaranteed maximum price agreement with the client or project owner.

How to fill out guaranteed maximum price agreement?

To fill out a guaranteed maximum price agreement, the contractor must specify the total cost of the project, any exclusions or allowances, payment schedule, and the maximum price that they are guaranteeing not to exceed.

What is the purpose of guaranteed maximum price agreement?

The purpose of a guaranteed maximum price agreement is to provide cost certainty to the client and protect against unexpected cost increases during the construction project.

What information must be reported on guaranteed maximum price agreement?

The guaranteed maximum price agreement must include details of the project, scope of work, payment terms, schedule, any allowances or excluded items, and the maximum price guaranteed by the contractor.