2008-040 Purchasing - Clancy and Theys Animal Services Facility Phase II Building

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• required for the Project" shall mean "the services required to be performed by CMAR under this Agreement including the various parts of total construction to be performed under this Agreement." 5. Guaranteed Mazimnm Price. {a) The Parties acknowledge and agree that (i) all design phase, bidding, and other pre-construction obligations of CMAR, including Value Analysis, have been satisfactorily completed; (ii) a description of CMAR's Value Analysis, as accepted by Owner, is attached hereto as Exhibit "A" and incorporated herein by reference; (iii) Drawings and Specifications have been submitted by the Designer and accepted by the Owner, and (iv} the bidding process based on the Drawings and Specifications have been completed. Based on the foregoing, the Parties agree that the Guaranteed Maximum Price for the CMAR's Work as of the date hereof shall be the sum of $7,354,500.00 (the "GMP"), the components of which are set out and described on Exhibit "B" attached hereto and incorporated herein by reference. The Parties acknowledge and agree that there will likely be additional revisions to the Drawings and Specifications as a result of modifications made during the Value Analysis process. (b) Owner's Project budget includes contingency amounts spread throughout the Project budget. However, Exhibit B does not include a separate contingency and the Agreement Guaranteed Maximum Price does not contain a separate contingency. CMAR has • agreed to this First Amendment and its Guaranteed Maximum Price with the following understanding: Owner's Management staff will recommend approval to the Board of Comnuss2oners of Owner, at a meeting of that Board on August 19, 2008, a Second Amendment to the Agreement which Second Amendment will add a CMAR contingency line item totaling $104,000 and which Second Amendment will increase the Guaranteed Maximum Price by $104,000 to a total of $7,458,500. The Parties further agree that this $104,000 can be made available to CMAR for use by the CMAR under the following conditions: 1) that the contingency need is a condition communicated to the Owner by the CMAR and approved per the Agreement as a change order; 2) that the condition is not part of the CMAR's general conditions, profit or overhead; 3) that the condition is not a scope change directed by the Owner, and 4) that at the. completion of the Work, any amount of the $104,000 CMAR contingency not approved for CMAR contingencies will revert to Owner and will not be included in the request of CMAR for final payment In addition, if during the course of the Work, CMAR should require the use of additional contingency money in excess of $104,000 but not exceeding $ ] 75,000, Owner's Management staff shall use their best efforts to obtain authorization from the Board of Commissioners, as quickly as reasonably practicable, for an increase in the CMAR contingency line item, and, thus, the Guaranteed Maximum Price, by such required amount. b. Bonds and Insurance. CMAR shall promptly notify both its bonding company and Builders Risk insurance carrier that the Agreement has been amended and that the Guaranteed Maximum Price is now as set forth above, and shall obtain an updated or replacement Builders Risk Insurance Binder and updated or replacement Payment and Performance Bonds to reflect this Amendment all of which will be effective on the Execution Date and bear that date. CMAR shall promptly provide copies of these updates or replacements • to Owner following CMAR's receipt thereof. 2