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10 <br /> Orange County, NC I CONSTRUCTION MANAGER AT RISK CONTRACT I CONFIDENTIAL DRAFT <br /> (b) A detailed cost breakdown organized by trade, CSI division, and subcontract package, showing each <br /> anticipated subcontract amount and General Conditions line items; <br /> (c) A basis-of-estimate narrative describing all assumptions, qualifications, and clarifications; <br /> (d) A list of identified scope gaps, design allowances, and items of uncertainty with the CMAR's <br /> recommended allowance for each; <br /> (e) The proposed CMAR-GMP Contingency amount and basis; <br /> (f) The fixed CMAR Fee for Phase 2; <br /> (g) The proposed General Conditions budget, itemized by category; <br /> (h) A certified bid tabulation for any scope pre-bid prior to GMP submission; <br /> (i) A Phase 2 construction schedule with all major milestones; <br /> (j) The proposed Performance and Payment Bond amounts. <br /> (k) Any other documents or information Owner deems necessary after giving reasonable notice to CMAR. <br /> 5.2 Owner's Review Period <br /> The Owner, with assistance from the Project Designer, shall have thirty (30) days following receipt of the <br /> complete GMP submission to review, accept, reject, or request revision. The Owner may request additional <br /> supporting data, and the CMAR shall respond within five (5)business days. The Owner's review period restarts <br /> upon receipt of any substantive revision. <br /> 5.3 GMP Negotiation <br /> If the GMP exceeds the Total Construction Budget, or if the Owner identifies concerns with the GMP, the parties <br /> shall meet and negotiate in good faith to achieve a mutually acceptable GMP. During negotiation, the CMAR <br /> shall work with the Owner and Project Designer to identify scope adjustments, alternative systems, or other <br /> modifications that reduce cost without materially compromising the project program. The CMAR shall perform <br /> this work without additional compensation. <br /> 5.4 Owner's Right to Reject <br /> The Owner may reject the GMP as submitted or as revised. If the parties cannot reach agreement on a GMP <br /> within forty-five (45) days of the Owner's initial rejection, either party may terminate this Contract. Upon such <br /> termination, the CMAR shall receive the Pro-Rata Pre-Construction Fee for services performed but shall have <br /> no further entitlement. <br /> 5.5 GMP Amendment <br /> Upon the Board's approval of the GMP, the parties shall execute the GMP Amendment substantially in the form <br /> of Exhibit D attached hereto. The GMP Amendment shall: <br /> (a) Identify the approved GMP amount; <br /> (b) Incorporate the construction schedule with all milestones; <br /> (c) Confirm the fixed CMAR Fee, General Conditions budget, and CMAR-GMP Contingency; <br /> (d) Establish the Substantial Completion and Final Completion dates; <br /> (e) Set forth Liquidated Damages per Article 12; <br /> (f) Confirm the Performance and Payment Bond amounts; <br /> (g) List all Construction Documents forming the GMP basis. <br /> 5.6 Bonds Upon GMP Execution <br /> Within ten (10)days of executing the GMP Amendment,the CMAR shall deliver to the Owner Performance and <br /> Payment Bonds each in the amount of one hundred percent (100%) of the GMP plus the Owner's allowance, <br /> executed by a surety company authorized to do business in North Carolina with an A.M. Best rating of A- or <br /> better. Bond forms shall conform to N.C. Gen. Stat. § 44A-33 or such other forms as the Owner approves in <br /> writing. Each time a new GMP is established and approved by the Owner, the CMAR shall increase the amount <br /> Page 7 of 35 <br />