Common use of Adjustments To Contract Price Or Contract Time Clause in Contracts

Adjustments To Contract Price Or Contract Time. Upon the occurrence of a change as set forth in Section 16.1 the adjustment, if any, to the Contract Price or the Contract Time resulting from the change shall be determined as follows: (1) By mutual agreement between Owner and Design/Builder as evidenced by (a) the change in the Contract Price, the Contract Time, or both, being set forth in a Change Order, (b) such change, together with any conditions or requirements relating thereto, being initialed by both parties, and (c) Design/Builder's execution of the Change Order; or (2) If no mutual agreement occurs between Owner and Design/Builder, then the change in the Contract Price, if any, shall be established on the basis of, and shall be limited to, the reasonable expenditures or savings, as defined below, resulting from the change. Such reasonable expenditures or savings shall include a component for direct jobsite overhead and profit, but shall not include home office overhead or other indirect costs or components. Any such expenditures or savings shall be documented in such form and with such content and detail as Owner may require. Reasonable expenditures or savings shall be limited to the following: (a) Actual, reasonable costs of Design Services, supervision, materials, supplies or equipment including delivery costs; (b) Actual, reasonable costs of Design Services, supervision, labor, plus social security, unemployment insurance, fringe benefits required by agreement or custom, and worker's compensation insurance; (c) Actual, reasonable rental costs of machinery and equipment (exclusive of small tools or hand tools) whether rented from Design/Builder or others; (d) Actual, reasonable costs of premiums for bonds, permit fees, and sales, use or other taxes related to the Work. In no event shall any expenditure or savings associated with Design/Builder's home office or indirect overhead expense be included in any Change Order. (3) Any extension of the Contract Time requested by Design/Builder for performance of any change in the Design Services or the Work ordered by Owner may be granted by mutual agreement and then set forth in the Change Order. Otherwise, extensions of the Contract Time must be requested by Design/Builder pursuant to the terms and conditions of Article 17 of this Agreement, and any such request for extension of the Contract Time shall be subject to Section

Adjustments To Contract Price Or Contract Time. Upon the occurrence of a change as set forth in Section 16.1 the adjustment, if any, to the Contract Price or the Contract Time resulting from the change shall be determined as follows: (1) By mutual agreement between Owner and Design/Builder as evidenced by (a) the change in the Contract Price, the Contract Time, or both, being set forth in a Change Order, (b) such change, together with any conditions or requirements relating thereto, being initialed by both parties, and (c) Design/Builder's ’s execution of the Change Order; or (2) If no mutual agreement occurs between Owner and Design/Builder, then the change in the Contract Price, if any, shall be established on the basis of, and shall be limited to, the reasonable expenditures or savings, as defined below, resulting from the change. Such reasonable expenditures or savings shall include a component for direct jobsite overhead and profit, but shall not include home office overhead or other indirect costs or components. Any such expenditures or savings shall be documented in such form and with such content and detail as Owner may require. Reasonable expenditures or savings shall be limited to the following: (a) Actual, reasonable costs of Design Services, supervision, materials, supplies or equipment including delivery costs; (b) Actual, reasonable costs of Design Services, supervision, labor, plus social security, unemployment insurance, fringe benefits required by agreement or custom, and worker's ’s compensation insurance; (c) Actual, reasonable rental costs of machinery and equipment (exclusive of small tools or hand tools) whether rented from Design/Builder or others; (d) Actual, reasonable costs of premiums for bonds, permit fees, and sales, use or other taxes related to the Work. In no event shall any expenditure or savings associated with Design/Builder's ’s home office or indirect overhead expense be included in any Change Order. (3) Any extension of the Contract Time requested by Design/Builder for performance of any change in the Design Services or the Work ordered by Owner may be granted by mutual agreement and then set forth in the Change Order. Otherwise, extensions of the Contract Time must be requested by Design/Builder pursuant to the terms and conditions of Article 17 of this Agreement, and any such request for extension of the Contract Time shall be subject to Section

Adjustments To Contract Price Or Contract Time. Upon the occurrence of a change as set forth in Section 16.1 Paragraph 16(A), the adjustment, if any, to the Contract Price or the Contract Time resulting from the change shall be determined as follows: (1) By mutual agreement between Owner and Design/Builder as evidenced by by (a) the change in the Contract Price, the Contract Time, or both, being set forth in a Change Order, (b) such change, together with any conditions or requirements relating thereto, being initialed by both parties, and (c) Design/Builder's ’s execution of the Change Order; or (2) If no mutual agreement occurs between Owner and Design/Builder, then the change in the Contract Price, if any, shall be established on the basis of, and shall be limited to, the reasonable expenditures or savings, as defined below, resulting from the change. Such reasonable expenditures or savings shall include a component for direct jobsite overhead and profit, but shall not include home office overhead or other indirect costs or components. Any such expenditures or savings shall be documented in such form and with such content and detail as Owner may require. Reasonable expenditures or savings shall be limited to the following: (a) Actual, reasonable costs of Design Services, supervision, materials, supplies or equipment including delivery costs; (b) Actual, reasonable costs of Design Services, supervision, labor, plus social security, unemployment insurance, fringe benefits required by agreement or custom, and worker's ’s compensation insurance; (c) Actual, reasonable rental costs of machinery and equipment (exclusive of small tools or hand tools) whether rented from Design/Builder or others; (d) Actual, reasonable costs of premiums for bonds, permit fees, and sales, use or other taxes related to the Work. In no event shall any expenditure or savings associated with Design/Builder's home office or indirect overhead expense be included in any Change Order. (3) Any extension of the Contract Time requested by Design/Builder for performance of any change in the Design Services or the Work ordered by Owner may be granted by mutual agreement and then set forth in the Change Order. Otherwise, extensions of the Contract Time must be requested by Design/Builder pursuant to the terms and conditions of Article 17 of this Agreement, and any such request for extension of the Contract Time shall be subject to SectionParagraph 16(G) of this Agreement. The failure of Design/Builder to provide notice in writing to Owner in accordance with Article 17 of this Agreement of any request for extension of the Contract Time shall constitute a waiver by Design/Builder of any entitlement to an extension of the Contract Time.