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3-94 | EPC Template
disrupting the Work. Contractor shall have the right to condition such inspection upon the
persons conducting the inspection observing procedures to preserve the safety and
security of the Site and to comply with any applicable requirements of Project insurers.
Notwithstanding any review or inspection by the State of the Work, Contractor shall not
be relieved of its responsibility for the design, construction and performance of the
Project as expressly set forth in this Agreement solely by virtue of the State’s inspection
or review.
5.5 Contractor’s Rights and Responsibilities.
5.5.1 Financing. Contractor will take all actions necessary to obtain the financing
it Power needs to enable it to satisfy its payment obligations under this Agreement.
5.5.2 Government Authorizations. Contractor, on behalf of Owner shall apply for
and obtain all necessary Authorizations for the construction and operation of the Facility
that are identified by Government Authorities as being required for the Facility, based
upon the submitted Engineering Plan for the Facility.
ARTICLE 6 - OWNERSHIP OF ASSETS
6.1 Ownership of the Facility; Risk of Loss. Ownership of the Facility, and of each item
of material, equipment, machinery, supplies and other items incorporated therein, shall
pass from Contractor to Owner in accordance with the percentage Ownership interest
obtained with each payment pursuant to Article 9, except as provided below.
ARTICLE 7 - COST OF THE WORK; PROJECT FINANCING
7.1 Guaranteed Maximum Price. The maximum amount the Owner shall be obligated to
pay Contractor for completion of the Work shall be the sum of [Fixed Price of
Contract] (“Guaranteed Maximum Price”), subject only to the adjustments defined in
this Article 7 of this Agreement. Owner’s responsibility for the Guaranteed Maximum
Price shall be adjusted only pursuant to (a) Section 7.2 of this Agreement relating to the
Guaranteed Maximum Price; (b) the right of the Utility Regulator to affect the Costs of
the Work, as set forth in Article 14; and (c) the impact of Change Orders made by the
Parties as set forth in Article 8, but excluding increases to the Cost of the Work resulting
from Change Orders necessary to remedy errors and omissions by Contractor or its
Subcontractors.
7.2 Exclusions from the Guaranteed Maximum Price. The following items (the
“Excluded GMP Costs”) are not covered by the Guaranteed Maximum Price and such
costs shall be payable by Owner in excess of the Guaranteed Maximum Price, except as
expressly provided otherwise below: (a) any incremental Cost of the Work resulting from
uninsured Force Majeure, which, at Owner’s election, may be shared equally with
Contractor, in which case, termination for a Force Majeure Event because of the shared
costs shall not be permitted; (b) any increase or decrease in the Cost of the Work
resulting from the imposition of additional requirements or reallocation of the Cost of the