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ARTICLE 5 BASIS FOR PAYMENT § 5.1 CONTRACT SUM § 5.1 .1 The Owner shall pay the Contractor the Contract Sum in current funds for the Contractor' s performance of the Contract. The Contract Sum is the Cost of the Work as defined in Article 7 plus the Contractor' s Fee. § 5.1 .2 The Contractor's Fee is: $27,278.00 (State a lump sum, percentage of Cost of the Work or other provision for determining the Contractor's Fee, and describe the method of adjustment of the Contractor's Fee far changes in the Work. ) Twenty seven thousand two hundred seventy eight dollars and 00/ 100 § 5.2 GUARANTEED MAXIMUM PRICE § 5.2.1 The sum of the Cost of the Work and the Contractor' s Fee is guaranteed by the Contractor not to exceed ($ $214, 128.00 ), subject to additions and deductions by Change Order as provided in the Contract Documents. Such maximum sum is referred to in the Contract Documents as the Guaranteed Maximum Price. Costs which would cause the Guaranteed Maximum Price to be exceeded shall be paid by the Contractor without reimbursement by the Owner. (Insert specific provisions if the Contractor is to participate in any savings. ) § 5.2.2 The Guaranteed Maximum Price is based on the following alternates, if any, which are described in the Contract Documents and are hereby accepted by the Owner: (State the numbers or other identification of accepted alternates. If decisions on other alternates are to be made by the Owner subsequent to the execution of this Agreement, attach a schedule of such other alternates showing the amount for each and the date when the amount expires. ) § 5.2.3 Unit prices, if any, are as follows: Description Units Price ($ 0.00) § 5.2.4 Allowances, if any, are as follows (Identify and state the amounts of any allowances, and state whether they include labor, materials, or both.) Allowance Amount ($ 0.00) Included items § 5.2.5 Assumptions, if any, on which the Guaranteed Maximum Price is based are as follows: § 5.2.6 To the extent that the Drawings and Specifications are anticipated to require further development by the Architect, the Contractor has provided in the Guaranteed Maximum Price for such further development consistent with the Contract Documents and reasonably inferable therefrom. Such further development does not include such things as changes in scope, systems, kinds and quality of materials, finishes or equipment, all of which, if required, shall be incorporated by Change Order. ARTICLE 6 CHANGES IN THE WORK § 6.1 Adjustments to the Guaranteed Maximum Price on account of changes in the Work may be determined by any of the methods listed in Section 7 . 3 .3 of AIA Document A201 - 1997 . § 6.2 In calculating adjustments to subcontracts (except those awarded with the Owner' s prior consent on the basis of cost plus a fee), the terms "cost" and " fee" as used in Section 7 .3.3 .3 of AIA Document A201 - 1997 and the terms "costs" and "a reasonable allowance for overhead and profit" as used in Section 7.3 .6 of AIA Document A201 - 1997 AIA Document A711Tx — 1997. Copyright m 1920, 1925, 1951 , 1958, 1961 , 1963, 1967, 1974, 1978, 1987 and 1997 by The American Institute of Architects. All rights reserved. WARNING: This HIAA Document is protected by U.S. Copyright Law and International Treaties. Unauthorized reproduction or .3 distribution of this AIA° Document, or any portion of it, may result in severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law. This document was produced by AIA software at 10:41 :42 on 1212812007 under Order No.1000304448_1 which expires on 5/2912008, and is not for resale. User Notes: (4283860081 )