Common use of Action if the Fixed Limit of Construction Cost is Exceeded Clause in Contracts

Action if the Fixed Limit of Construction Cost is Exceeded. If the Fixed Limit of Construction Cost is exceeded by the lowest bona fide bids or negotiated proposals, or at any time by the latest Estimated Construction Cost for the Project, the Owner may, at its option elect to do any one or more of the following: (a) Suspend or terminate the Project; (b) Authorize rebidding within a reasonable time; (c) Give written approval of an increase in the Fixed Limit of Construction Cost; and/or (d) Cooperate with the Design Professional in revising the scope and quality of the Project as required to reduce the probable Construction Cost for the Project.

Action if the Fixed Limit of Construction Cost is Exceeded. If the Fixed Limit of Construction Cost is exceeded by the lowest bona fide bids or negotiated proposals, or at any time by the latest Estimated Construction Cost for the Project, the Owner may, at its option option, and as its exclusive remedy elect to do any one or more of the following: (a) Suspend or terminate the Project; (b) Authorize rebidding within a reasonable time; (c) Give written approval of an increase in the Fixed Limit of Construction Cost; and/or (d) Cooperate with the Design Professional in revising the scope and quality of the Project as required to reduce the probable Construction Cost Costs for the Project.

Action if the Fixed Limit of Construction Cost is Exceeded. ‌ If the Fixed Limit of Construction Cost is exceeded by the lowest bona fide bids or negotiated proposals, or at any time by the latest Estimated Construction Cost for the Project, the Owner may, at its option option, and as its exclusive remedy elect to do any one or more of the following: (a) Suspend or terminate the Project; (b) Authorize rebidding within a reasonable time; (c) Give written approval of an increase in the Fixed Limit of Construction Cost; and/or (d) Cooperate with the Design Professional in revising the scope and quality of the Project as required to reduce the probable Construction Cost Costs for the Project.