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What is a Guaranteed Maximum Price Amendment?
A guaranteed maximum price amendment is a contract between a contractor and client that sets a certain maximum price the client pays for construction services. This price is inclusive of all labor, material, and other incidental charges and only indicates the maximum amount a contractor can bill. Usually, the final bill comes out to be less than the guaranteed maximum price. However, even if the cost for labor and materials surges over the maximum, contractors cannot bill clients beyond this number.
The guaranteed maximum price amendment is intended to protect consumers from being surprised with unexpected charges. It also holds construction companies accountable for providing accurate estimates that aren't misleading to the general public.
Guaranteed Maximum Price Amendment Sample
Exhibit 10.1
AIA 133 – Attachment
Construction GMP
GUARANTEED MAXIMUM PRICE AMENDMENT
CONSTRUCTION GMP
Pursuant to Document A133 - 2009, dated the 1st day of December 2009 and the A201 General Conditions of the Contract attached thereto, between TD AMERITRADE Services Company, Inc (OWNER) and Kiewit Building Group Inc. (CONTRACTOR) for TD Ameritrade Omaha Campus (the Project), OWNER and CONTRACTOR establish the following Guaranteed Maximum Price and Contract Time for the Work.
ARTICLE I
Construction GMP
The Guaranteed Maximum Price for the Project shall be $197,000,000.00 in accordance with the GMP Manual dated November 15, 2011 and the Contract Documents. This Amendment supersedes Amendments 1-9, and those amendments are no longer valid.
Exhibit A | Construction GMP Manual dated November 15, 2011. |
ARTICLE II
CONTRACT TIME
Beneficial Occupancy of Comm / Data Rooms: December 31, 2012
Substantial Completion: April 2, 2013
Final Completion: June 19, 2013
The owner shall accept this Guaranteed Maximum Price Amendment by December 1, 2011 (the Effective Date).
AUTHORIZED AND APPROVED BY:
OWNER | CONTRACTOR | |||
TD AMERITRADE Services Company, Inc | KIEWIT BUILDING GROUP INC. | |||
/s/ William J. Gerber |
/s/ Ron Duce | |||
(Signature) | (Signature) | |||
William J. Gerber, EVP/CFO |
Ron Duce, Senior Vice President | |||
(Printed Name and Title) | (Printed Name and Title) |
Reference:
Security Exchange Commission - Edgar Database, EX-10.1 2 d263816dex101.htm GUARANTEED MAXIMUM PRICE AMENDMENT, Viewed September 16, 2022, View Source on SEC.
Who Helps With Guaranteed Maximum Price Amendments?
Lawyers with backgrounds working on guaranteed maximum price amendments work with clients to help. Do you need help with a guaranteed maximum price amendment?
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Ayelet F.
Ayelet G. Faerman knows what influencers mean to brands today. With experience as legal counsel for a beauty brand for over 5 years, and overseeing multiple collaborations, Ayelet has experienced the rise of influencer marketing. As the founder and managing partner of Faerman Law, PA her practice focuses on influencer relations including a specialization in contract negotiations.
Melissa G.
Melissa D. Goolsarran Ramnauth, Esq. is an experienced trial-winning trademark and business attorney. She has represented large businesses in commercial litigation cases. She now represents consumers and small businesses regarding federal trademarks, contracts, and more. Her extensive litigation knowledge allows her to prepare strong trademark applications and contracts to minimize the risk of future lawsuits.
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Ryan A. Webber focuses his practice primarily on Estate Planning, Elder Law, and Life Care Planning. His clients range from young families concerned about protecting their family as well as aging individuals. Ryan provides Estate Planning, Trust Planning, Special Needs Planning, Public Benefit Planning, and Estate Administration. Ryan focuses on the holistic approach to the practice of elder law which seeks to ensure clients are receiving good care when needed and that they preserve enough assets with which to pay for such care. Many families and individuals also come to Ryan for preparation of their wills, power of attorney, and healthcare guidance documents. Additionally, Ryan assists small and medium sized business owners with their organizational and planning needs. From starting or winding down a business, Ryan provides quality business advice.
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Benjamin is an attorney specializing in Business, Intellectual Property, Employment and Real Estate.
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I am a graduate of Cornell University and Rutgers University School of Law—Newark, and have been admitted to the state and federal bars for New Jersey, and have been engaged in the full- or part-time practice of law since my admission to the bar in 1991. My practice centers on civil litigation; wills, trusts, and estates; and ediscovery review and management. I have extensive experience in regulatory compliance in the financial services industry, as well as privacy laws in the U.S. and E.U.
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