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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 Chance 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 />32 <br />costs in accordance with the terns 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: RESOLUTE BUILDING COMPANY, INC. <br />P.O. BOX 3656 <br />Chapel Hill, NC 27515 <br />By: <br />Title: <br />(President) (Manager) <br />Attest: <br />By: <br />Title: <br />(Secretary) (Manager) (Witness) <br />OWNER: ORANGE COUNTY <br />P. O. Box 8181 <br />Hillsborough, N.C. 27278 <br />By: <br />Barry Jacobs <br />Chair <br />Orange County Board of Commissioners <br />Attest: <br />Clerk to the Board <br />This Instrument has been preaudited In the manner required <br />'by the local Government Budget and Fiscal Control Act. <br />Orange County Finance Officer <br />This instrument Is approved as to Form. <br />Orange County Attorney <br />F•H.isaVom®Uhange County, Agent for Conatnrfon Mgr form rev by GEG <br />91207.doo <br />