The bill proposes Modification No. 3 to Contract No. DCAM-23-CS-RFP-0003 with Smoot Construction Company, which seeks to increase the contract's not-to-exceed amount by $41,198,166, raising the total contract value from $39,286,327 to $80,484,493. This modification is essential for the continuation of design-build services for the modernization of Thomas Elementary School, with a projected substantial completion date of July 15, 2026. The modification establishes a Guaranteed Maximum Price (GMP) of $80,484,493, which is crucial for financial planning and execution. The Department of General Services has confirmed that the modification aligns with the appropriated budget authority and complies with financial regulations. The contractor, Smoot Construction Company, has a proven track record and is compliant with tax obligations.

Additionally, the bill includes a release clause where the contractor waives any claims against the Department related to delays or additional costs arising from this modification. It outlines the components of the GMP, which encompasses various fees and costs associated with the project, ensuring that the total cost does not exceed the established maximum. The bill also emphasizes the Design-Builder's obligation to adhere to stringent requirements of the Contract Project Documents and specifies the process for handling cost overruns and allowances. Overall, the bill aims to ensure a structured approach to the modernization of Thomas Elementary School, with clear financial and operational guidelines to facilitate successful project completion.