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ARTICLE 6 - COST OF THE WORK <br />6.01 Cost of the Work will be determined as provided in Paragraph 11.01 of the General Conditions, as <br />duly modified and Exhibit B. <br />ARTICLE 7 - CONTRACTOR'S FEE <br />7.01 Contractor's fee will be determined as follows: <br />A. A fixed fee of $2,212,086, which is subject to increases for changes in the Guaranteed <br />Maximum Price ("GMP") as provided in Paragraph 12.01. <br />ARTICLE 8 - GUARANTEED MAXIMUM PRICE <br />8.01 Guaranteed Maximum Price <br />A. Contractor guarantees that the maximum amount payable by Owner (Guaranteed Maximum <br />Price, or GMP) for the sum of the Cost of the Work under Article 6 plus Contractor's fee under <br />Article 7 will not exceed $29,863,164, subject to increases or decreases for changes in the <br />Scope of the Work. <br />8.02 Allocation of Savings <br />A. If the final Contract Price, as duly adjusted during the term of the Contract, is less than the <br />Guaranteed Maximum Price, as duly adjusted, then Owner shall receive the benefit of such <br />difference and shall keep 100% of the savings. <br />ARTICLE 9 - CHANGES IN THE CONTRACT PRICE <br />9.01 Determination of Changes in Contract Price <br />A. If a Change Order entails a change in Contract Price under the provisions of the Contract, <br />then under this Agreement: <br />The change will include the applicable increase or decrease in Cost of the Work, pursuant to the provisions <br />of Articles 10 and 11 of the General Conditions. <br />9.02 Documentation of Changes <br />A. The amount of any increases in Contractor's fee, in any Guaranteed Maximum Price, or in <br />any Guaranteed Maximum Fee, will be set forth in the applicable Change Order. <br />ARTICLE 10 - PAYMENT PROCEDURES <br />10.01 Submittal and Processing of Payments <br />A. Contractor shall submit Applications for Payment in accordance with Article 14 of the <br />General Conditions. Applications for Payment will indicate the amount of Contractor's fee <br />then payable. Applications for Payment will be processed by Engineer as provided in the <br />General Conditions. <br />10.02 Progress Payments, Retainage <br />A. Owner shall make progress payments within thirty (30) calendar days from receipt of <br />Contractor's Applications for Payment as recommended by Engineer during construction as <br />EJCDC® C-525, Agreement between Owner and Contractor for Construction Contract (Cost -Plus -Fee). <br />Copyright° 2018 National Society of Professional Engineers, American Council of Engineering Companies, <br />and American Society of Civil Engineers. All rights reserved. <br />Page 4 of 9 <br />