Reso 2011-1749 - Laserfiche WebLink

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14.2 The Guaranteed Maximum Price may only be changed by a Change Order or by a Written Amendment. Any claim for an increase or decrease in the Guaranteed Maximum Price shall be based on written notice delivered to the other Party (but in no event later than ten (1 0) days) after the occurrence of the event giving rise to the amount of the claim, along with supporting data which shall be delivered within twenty (20) days after the occurrence of the event giving rise to the amount of the claim and shall be accompanied by claimant's written statement that the amount claimed covers all known amounts (direct, indirect and consequential) to which the claimant is entitled as a result of the occurrence of said event. No resolution of a claim for adjustment in the Guaranteed Maximum Price shall be effective until approved by the City Commission. No claim for an adjustment in the Guaranteed Maximum Price will be valid if not submitted in accordance with this Paragraph. The CONTRACTOR understands and agrees that the CITY shall have the right and discretion to deny the approval of any Change Order, for any reason, despite the CONTRACTOR'S compliance with this Paragraph and/or the existence of an executed written Work Change Directive. If the CITY decides not to approve a Change Order for the work, then the CONTRACTOR will not be entitled to receive compensation under any theory of recovery whether at law or in equity. 14.3 The value of any Work covered by a Change Order or of any claim for an increase or decrease in the Guaranteed Maximum Price shall be determined in one of the following ways: 14.3.1 Where the Work involved is covered by unit prices contained in the Contract Documents, by application of unit prices to the quantities of the items involved. 14.3.2 By mutual acceptance ofa lump sum (which may include an allowance for overhead and profit including any subcontractor fees). If the negotiated lump sum change order exceeds the percentages set forth for "Cost of Work," it must be accompanied by a detailed explanation justifying the increase. 14.4 Cost Breakdown Required. Whenever the cost of any Work is to be determined, CONTRACTOR will submit in form acceptable to City Manager an itemized cost breakdown together with supporting data. Whenever a change in the work is to be based upon mutual acceptance of a lump sum, whether the amount is an addition, credit, or no-change-in-cost, the CONTRACTOR shall submit an estimate substantiated by a complete itemized breakdown. The breakdown shall list quantities and unit prices for materials, labor, equipment and other items of cost. ARTICLE 15 - PAYMENTS TO CONTRACTOR AND COMPLETION OF WORK 15.1 Progress Payments during construction phase. 15.1.1 CONTRACTOR may requisition payments for Work completed during the project at intervals of not more than once a month. The CONTRACTOR shall submit a proposed schedule of values in a form acceptable to the CITY and which will be required to be approved by the CITY before any design Work on this Project can commence. The proposed schedule of values shall be 28 , 1 -.:) J ",. ',..,I G I