Guaranteed Maximum Price Amendment (Genie AI)
About this template
The Guaranteed Maximum Price Amendment (Genie AI) is a legal template that pertains to construction or large-scale projects. It is commonly used to make modifications or updates to existing agreements between project owners and contractors. This template specifically focuses on implementing artificial intelligence technology, known as Genie AI, to enhance the procurement process and ensure that the project will be completed within a fixed budget or maximum price.
This amendment outlines the terms and conditions for incorporating Genie AI into the existing contract framework. It details the responsibilities, scope, and limitations of Genie AI during the project's lifecycle. The template specifies the roles and obligations of the contractor, the project owner, and Genie AI in order to establish a cohesive working relationship and optimize cost control.
The Guaranteed Maximum Price Amendment (Genie AI) addresses key provisions related to cost estimation, risk assessment, and project management. It defines the parameters for utilizing Genie AI's algorithms and capabilities to accurately forecast project costs, identify potential risks, and suggest mitigation strategies. The amendment will also determine the process for resolving disputes or differences in opinion regarding the AI system's output.
Additional sections may cover data protection measures, intellectual property rights, access to information, and confidentiality requirements to safeguard the sensitive information processed by Genie AI. The template will provide a framework for addressing any legal implications or liabilities associated with the use of AI in the construction industry while encouraging transparency, accountability, and efficiency.
Overall, the Guaranteed Maximum Price Amendment (Genie AI) serves as a legal instrument to integrate AI technology into construction projects, ensuring adherence to cost expectations and promoting effective project management by leveraging the capabilities of Genie AI.