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12.1.1. Documentation <br />The Guaranteed Maximum Price documentation shall be <br />prepared by the CMAR and submitted to the Owner with the <br />Guaranteed Maximum Price Proposal. The documentation <br />shall at a minimum describe the Contract Documents on which <br />the Guaranteed Maximum Price Proposal is based, and set <br />forth the cost elements of the Guaranteed Maximum Price in <br />detail. The documentation may include drawings, sketches, <br />specifications, calculations or other data used to identify the <br />basis of the Guaranteed Maximum Price. Documentation of the <br />Guaranteed Maximum Price was developed by the CMAR from <br />the design Drawings and Specifications and • such other <br />documents as may be described in the Proposal. <br />12.1.2 Budget Items <br />The documentation of the Guaranteed Maximum Price shall <br />include a detailed cost tabulation with at least the elements <br />described in the Listing of Cost Elements in Appendix B. <br />12.1.3 CMAR Contingency <br />The Guaranteed Maximum Price shall include a contingency <br />amount (the Contingency) for the use of the CMAR. The <br />Contingency shall be included in the Guaranteed Maximum <br />Price. The Contingency is for the use of the CMAR to defray <br />costs in excess of the Cost of the Work for which the CMAR is <br />not otherwise entitled to an increase in the Guaranteed <br />Maximum Price under the terms of this Agreement. <br />12.1.4 Construction Contract Price Savings and Overruns <br />The CMAR shall as part of cost control under its Basic Services <br />report the adjusted final actual price of each item or division of <br />the Work the price of which was based on estimated quantities, <br />allowances or other conditional pricing and, when the final price <br />is determined, adjust the Guaranteed Maximum Price as <br />follows: <br />12.1.4.1 If the final adjusted price of any item or division of the <br />Work is less than the amount reflected in the approved <br />Guaranteed Maximum Price, as determined in accordance with <br />the terms of this Agreement, the amount indicated in the <br />Guaranteed Maximum Price for the cost of such item shall be <br />reduced by an amount equal to the difference between the final <br />adjusted cost and the original amount indicated in the <br />Guaranteed Maximum Price for the cost of such item, and the <br />Contingency shall be increased by the same difference. <br />12.1.4.2 If the final adjusted price of any item or division of the <br />Work is greater than the amount reflected in the approved <br />Guaranteed Maximum Price, as determined in accordance with <br />the terms of this Agreement, to the extent that the Contingency <br />is sufficient, the amount indicated in the Guaranteed Maximum <br />Price for the cost of such item shall be increased by an amount <br />equal to the difference between the final adjusted cost and the <br />original amount indicated in the Guaranteed Maximum Price for <br />the cost of such item, and the Contingency shall be decreased <br />by the same difference. <br />12.1.4.3 Regardless of the final adjusted price of any item or <br />division of the Work that differs from the amount reflected in the <br />approved Guaranteed Maximum Price, the Guaranteed <br />Maximum Price shall not be adjusted, except pursuant to an <br />approved change order. <br />12.1.5 Chanoe of Contractor Ordered by Owner <br />If the Owner directs the CMAR to award a contract to a bidder <br />other than the lowest responsible and responsive pre-qualified <br />bidder for any potion of the Project, the Guaranteed Maximum <br />Price shall be increased by the amount of the difference <br />between the award price and the price submitted by the lowest <br />responsible and responsive bidder. <br />12.1.6 Costs in Excess of Guaranteed Maximum Price <br />In the event that the sum of the Cost of the Work exceeds the <br />Guaranteed Maximum Price and any adjustments therein as <br />may be due pursuant to the terms hereof, the CMAR shall <br />continue to perform at no additional cost to the Owner until the <br />Project, defined by this Agreement and all Attachments hereto, <br />is complete. The CMAR shall be responsible for paying all <br />costs in accordance with the terms of this Agreement that may <br />be necessary to complete the Project, even if such amounts <br />are in aggregate in excess of the Guaranteed Maximum Price. <br />This Agreement is executed the day and year first written <br />above. <br />CMAR: Clancy & Theys Construction Company <br />516 West Cabarrus Street <br />R leigh, N 27F03 <br />By: c <br />Joel T. Clancy <br />Executive Vice President <br />32 <br />