Common use of Adjustment for Bond and Clause in Contracts

Adjustment for Bond and. Insurance Premiums Upon final acceptance of the work to be performed under this Contract, the Fund may adjust the Contract consideration to reflect any changes in the cost of all required Bonds and liability and builder's risk insurance premiums which the Contractor had to pay for on all extra work and would have had to furnish and pay for on all omitted work. Unless such cost is agreed upon by the Fund and the Contractor, the Fund may calculate and determine the amount of the adjustment in the Contract consideration by estimating such costs. There is no markup on bond or insurance premium adjustment.

Adjustment for Bond and. Insurance Premiums Upon final acceptance of the work to be performed under this Contract, the Fund may shall adjust the Contract consideration to reflect any changes in the cost of all required Bonds and liability and builder's risk insurance premiums which the Contractor had to pay for on all extra work and would have had to furnish and pay for on all omitted work. Unless such cost is agreed upon by the Fund and the Contractor, the Fund may shall calculate and determine the amount of the adjustment in the Contract consideration by estimating such costs. There is no markup on bond or insurance premium adjustment.