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. (ii) If, after offsetting any shortfalls, buyout savings remain, at the time provided herein for the award of subcontracts, a deductive Change Order shall be issued reducing the GMP by the sum of all such buyout savings. (iii) Savings will be computed as of the date of Final Completion of the Work and shall consist of the difference between (a) the GMP (as it may be adjusted in accordance with the terms of the Contract for Construction) and (b) the total aggregate sum of the Cost of the Work, plus the Staffing Costs, plus the General Conditions Costs, plus Overhead and Fee paid by Owner (such difference equals the “Savings”) shall be to Owner’s benefit.
Appears in 4 contracts
Samples: Construction Management Agreement, Construction Management Agreement, Construction Management Services Agreement
