Buyout Savings. (i) If Construction Manager receives bids for portions of the Work which are less than the amounts budgeted in the GMP proposal approved by Owner for such portions of the Work, such buyout savings shall first be utilized to offset shortfalls on other bid packages.
Buyout Savings. If Design/Builder receives bids for portions of the Work which are less than the amounts budgeted in the GMP proposal approved by Owner for such portions of the Work, such buyout savings shall first be utilized to offset shortfalls on other bid packages. If, after offsetting any shortfalls, buyout savings remain, at the time provided on Exhibit F for the award of subcontracts, all buyout savings shall be returned to the Owner via “no cost” change order.
Buyout Savings. Notwithstanding any other provision in the Contract Documents to the contrary, if the Maximum Cost of the Work in the GMP is greater than the actual Cost of the Work following the bidding of subcontracts on the Project, such "Buyout Savings" shall be retained 100% by the Owner.
Buyout Savings. Buyout Savings is defined as the difference between the Cost of the Work, including Construction Manager’s Fee and the GMP when the total Cost of the Work, including the Construction Manager’s Fee, is less than the GMP after giving effect to adjustments for changes in the Work. The tracking and reporting of Buyout Savings to the Owner’s Project Representative is the responsibility of the Construction Manager and is subject to audit by the Owner. The Owner’s Project Representative shall provide the Buyout Transfer Authorization Form to the Construction Manager.
Buyout Savings. In the event that the total of Cost of the Work, including the Construction Manager’s Fee, is less than the GMP after giving effect to adjustments for changes in the Work, then the difference between the Cost of the Work, including Construction Manager’s Fee and the GMP is defined herein as “Buyout Savings”. The tracking and reporting of Buyout Savings to the Owner’s Project Representative is the responsibility of the Construction Manager. After the GMP has been “bought out”, the Construction Manager is required to provide in writing, and in a format deemed suitable by the Owner’s Project Representative, a reconciliation of the referenced savings by individual trade or subcontractor contract. The Owner’s Project Representative shall review and approve the Buyout Savings reported, and the Construction Manager shall be required to modify the Schedule of Values to include a “Buyout Savings” line item. Prior to the use of Buyout Savings, the Construction Manager must submit a request, signed by the Architect, to the Owner’s Project Representative for approval. All remaining Buyout Savings (excluding the Construction Manager’s Fee applied at time of GMP) shall be returned to the Owner as Project Savings.
Buyout Savings
