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.K 410 Owner requests that the contingency within the GMP be adjusted, then 10% of the contingency within the GMP will be removed from the GMP by Change Order. 7.4 At the time of submission of a Guaranteed Maximum Price, the Contractor will verify the time schedule for activities and work which were adopted by the Construction Team and used to determine the Contractor's cost of work. In addition to the cost of work, a GMP will include an agreed upon sum as the Construction Contingency which is included for the purpose of defraying the expenses due to unforeseen circumstances relating to construction. The Contractor will be required to furnish documentation evidencing expenditures charged to this contingency prior to the release of funds by the Owner. Documentation for use of the Contingency shall be determined by the Construction Team, included in the Project Manual and displayed monthly in the PMIS. The Architect -Engineer shall verify the actual costs. If bids are not received for a portion of the work at or below the applicable line item amount in the GMP, the Contractor reserves the right to perform that portion of the work or negotiate for its performance for the specified line item lump sum amount or less. ARTICLE 8 CONTRACTOR'S FEE 8.1 In consideration of the performance of the contract, the Owner agrees to pay the Contractor as compensation for his services, fees as set forth in Subparagraphs 8.1.1, 8.1.2 and 8.1.3. 8.1.1 Pre -Construction Fee Amount of $22,000 paid in three (3) payments of $5,500 each, and one (1) final payment of $5,500. The first payment shall be due thirty (30) days following the issuance of contract. 8.1.2 Construction Phase Fee Prior to commencement of the Construction Phase, the Owner may direct the Contractor in writing to proceed into the Construction Phase. The Contractor's compensation for work or services performed during the Construction Phase shall be a fee of S TBD . (However, the Owner retains the right to review the need and effectiveness of any employee or employees assigned by the Contractor, should the Project Manager question the need for the employee or employees.) The Construction Phase Fee shall be paid in payments of $ each and one final monthly payment of S The first monthly payment shall become due thirty (30) days following the issuance of the first Construction Authorization by the Project Manager and the final monthly payment shall be paid only when construction of the Project is finally completed and occupancy of the Project accepted by the Owner. If construction is authorized only for a part of the Project, the fee paid shall be proportionate to the amount of work authorized by the Owner. (1) Adjustments in Fee For changes in the Project as provided in Article 10, the Construction Phase Fee shall be adjusted as follows: (a) The Contractor shall be paid an additional fee subject to negotiation if the Contractor is placed in charge of reconstruction of an insured or uninsured loss excluding any condition that may have been caused from negligent acts by the Contractor. (b) Should the duration of the construction stipulated herein for Final Completion extend beyond _Mp months after the Notice -To -Proceed, receipt of final drawings and specifications, or receipt of all necessary permits, whichever is later, due to no fault of the Contractor, the Contractor's Additional Construction Phase Fee will be $--ALper working day, for each day or portion thereof. The Contractor's staff during such time extensions will be reduced to that shown in Exhibit H. (c) The Contractor will not be due any additional Overhead and Profit on increases in the Guaranteed Maximum Price (GMP) that do not exceed $100.000. Should the GMP be increased by more than S 11092— under the terms of Article 10 hereinafter due to no fault of the Contractor, the Contractor's additional Overhead and Profit for the Construction Phase will be five percent (5%) of that portion of the accumulative increases in the GMP that exceeds the GMP by more than S 100-000, Contractor's Exclusive Remedy: In the event the Construction Substantial or Final Completion Date is extended, regardless of whether delay is caused by any act or neglect of the Owner or the Architect - 18