Common use of Buyout Clause in Contracts

Buyout. As soon as possible after the awarding of the Work to the primary Subcontractors, Contractor shall review projected costs and provide Owner with a buy-out status report showing any projected cost underruns, reconciling accepted Offers and other reasonably anticipated costs, to the cost estimate used by Contractor to establish the GMP. Contractor shall include with its report any underlying documentation requested by Owner and used to develop or support such report. Contractor shall also consider the reduced risk associated with known subcontracting costs, and the impact that reduced risk has on the amount of Contractor’s Contingency. The parties shall negotiate in good faith to execute a Change Order transferring an appropriate portion of any projected cost underruns to an Owner-controlled contingency fund to be held within the GMP to pay for additional costs arising from (a) any Owner-directed or approved change to the Work, (b) schedule changes that would otherwise entitle Contractor to an increase in the GMP, (c) Allowance items after exhaustion of all Allowances, (d) selection by Owner of more expensive alternates than those used for calculation of the GMP, (e) Owner selection of substitutions that increase the Cost of the Work, or (f) any other costs which otherwise would entitle Contractor to an increase in the GMP. Any transfer of projected cost underruns from Contractor’s contingency to the Owner-controlled contingency fund will not affect Contractor’s obligation to furnish Owner with a complete, fully functional Project ready for its intended use within the GMP, without use of the funds transferred to the Owner-controlled contingency fund, unless such funds are released by Owner for the purposes set forth in (a) through (f) of this Article 6.9. Any transfer of funds to the Owner- controlled contingency fund will not reduce the Contractor Fee, nor will any subsequent release and use of funds from the Owner-controlled contingency fund for the purposes set forth in (a) through (f) of this Article 6.9 increase the Contractor Fee.

Buyout. As soon as possible after the awarding of the Work to the primary Subcontractors, Contractor CM/GC shall review projected costs and provide the Owner with a buy-out status report showing any projected cost underruns, reconciling accepted Offers and other reasonably anticipated costs, to the cost estimate used by Contractor CM/GC to establish the GMP. Contractor CM/GC shall include with its report any underlying documentation requested by Owner and used to develop or support such report. Contractor CM/GC shall also consider the reduced risk associated with known subcontracting costs, and the impact that reduced risk has on the amount of Contractorthe CM/GC’s Contingency. The parties shall negotiate in good faith to execute a Change Order transferring an appropriate portion of any projected cost underruns to an Owner-controlled contingency fund to be held within the GMP to pay for additional costs arising from (a) any Owner-directed or approved change to the Work, (b) schedule changes that would otherwise entitle Contractor CM/GC to an increase in the GMP, (c) Allowance items after exhaustion of all Allowances, (d) selection by Owner of more expensive alternates than those used for calculation of the GMP, (e) Owner selection of substitutions that increase the Cost of the Work, or (f) any other costs which otherwise would entitle Contractor CM/GC to an increase in the GMP. Any transfer of projected cost underruns from ContractorCM/GC’s contingency to the Owner-controlled contingency fund will not affect ContractorCM/GC’s obligation to furnish Owner with a complete, fully functional Project ready for its intended use facility within the GMP, GMP without use of the funds transferred to the Owner-controlled contingency fund, fund unless such funds are released by Owner for the purposes set forth in (a) through (f) of this Article 6.9. Any transfer of funds to the Owner- Owner-controlled contingency fund will not reduce the Contractor CM/GC Fee, nor will any subsequent release and use of funds from the Owner-controlled contingency fund for the purposes set forth in (a) through (f) of this Article 6.9 increase the Contractor CM/GC Fee.

Buyout. As soon as possible after the awarding of the Work to the primary Subcontractors, Contractor CM/GC shall review projected costs and provide the Owner with a buy-out status report showing any projected cost underruns, reconciling accepted Offers and other reasonably anticipated costs, to the cost estimate used by Contractor CM/GC to establish the GMP. Contractor CM/GC shall include with its report any underlying documentation requested by Owner and used to develop or support such report. Contractor CM/GC shall also consider the reduced risk associated with known subcontracting costs, and the impact that reduced risk has on the amount of Contractorthe CM/GC’s Contingency. The parties shall negotiate in good faith to execute a Change Order transferring an appropriate portion of any projected cost underruns to an Owner-Owner- controlled contingency fund to be held within the GMP to pay for additional costs arising from (a) any Owner-directed or approved change to the Work, (b) schedule changes that would otherwise entitle Contractor CM/GC to an increase in the GMP, (c) Allowance items after exhaustion of all Allowances, (d) selection by Owner of more expensive alternates than those used for calculation of the GMP, (e) Owner selection of substitutions that increase the Cost of the Work, or (f) any other costs which otherwise would entitle Contractor CM/GC to an increase in the GMP. Any transfer of projected cost underruns from ContractorCM/GC’s contingency to the Owner-controlled contingency fund will not affect ContractorCM/GC’s obligation to furnish Owner with a complete, fully functional Project ready for its intended use facility within the GMP, GMP without use of the funds transferred to the Owner-controlled contingency fund, fund unless such funds are released by Owner for the purposes set forth in (a) through (f) of this Article 6.9. Any transfer of funds to the Owner- Owner-controlled contingency fund will not reduce the Contractor CM/GC Fee, nor will any subsequent release and use of funds from the Owner-controlled contingency fund for the purposes set forth in (a) through (f) of this Article 6.9 increase the Contractor CM/GC Fee.

Buyout. As soon as possible after the awarding of the Work to the primary Subcontractors, Contractor CM/GC shall review projected costs and provide the Owner with a buy-out buy‐out status report showing any projected cost underruns, reconciling accepted Offers and other reasonably anticipated costs, to the cost estimate used by Contractor CM/GC to establish the GMP. Contractor CM/GC shall include with its report any underlying documentation requested by Owner and used to develop or support such report. Contractor CM/GC shall also consider the reduced risk associated with known subcontracting costs, and the impact that reduced risk has on the amount of Contractorthe CM/GC’s Contingency. The parties shall negotiate in good faith to execute a Change Order transferring an appropriate portion of any projected cost underruns to an Owner-Owner‐ controlled contingency fund to be held within the GMP to pay for additional costs arising from (a) any Owner-directed Owner‐directed or approved change to the Work, (b) schedule changes that would otherwise entitle Contractor CM/GC to an increase in the GMP, (c) Allowance items after exhaustion of all Allowances, (d) selection by Owner of more expensive alternates than those used for calculation of the GMP, (e) Owner selection of substitutions that increase the Cost of the Work, or (f) any other costs which otherwise would entitle Contractor CM/GC to an increase in the GMP. Any transfer of projected cost underruns from ContractorCM/GC’s contingency to the Owner-Owner‐ controlled contingency fund will not affect ContractorCM/GC’s obligation to furnish Owner with a complete, fully functional Project ready for its intended use facility within the GMP, GMP without use of the funds transferred to the Owner-controlled Owner‐controlled contingency fund, fund unless such funds are released by Owner for the purposes set forth in (a) through (f) of this Article 6.9. Any transfer of funds to the Owner- controlled Owner‐controlled contingency fund will not reduce the Contractor CM/GC Fee, nor will any subsequent release and use of funds from the Owner-controlled Owner‐controlled contingency fund for the purposes set forth in (a) through (f) of this Article 6.9 increase the Contractor CM/GC Fee.

Buyout. As soon as possible after the awarding of the Work to the primary Subcontractors, Contractor the CM/GC shall review projected costs and provide Owner with a buy-out status report showing any projected cost underruns, reconciling accepted Offers and other reasonably anticipated costs, to the cost estimate used by Contractor the CM/GC to establish the GMP. Contractor The CM/GC shall include with its report any underlying documentation requested by Owner and used to develop or support such report. Contractor The CM/GC shall also consider the reduced risk associated with known subcontracting costs, and the impact that reduced risk has on the amount of Contractorthe CM/GC’s Contingency. The parties shall negotiate in good faith to execute a Change Order transferring an appropriate portion of any projected cost underruns to an Owner-Owner- controlled contingency fund to be held within the GMP to pay for additional costs arising from (a) any Owner-directed or approved change to the Work, (b) schedule changes that would otherwise entitle Contractor the CM/GC to an increase in the GMP, (c) Allowance items after exhaustion of all Allowances, (d) selection by Owner of more expensive alternates than those used for calculation of the GMP, (e) Owner selection of substitutions that increase the Cost of the Work, or (f) any other costs which otherwise would entitle Contractor the CM/GC to an increase in the GMP. Any transfer of projected cost underruns from Contractorthe CM/GC’s contingency to the Owner-controlled contingency fund will not affect Contractorthe CM/GC’s obligation to furnish Owner with a complete, fully functional Project ready for its intended use within the GMP, without use of the funds transferred to the Owner-Owner- controlled contingency fund, unless such funds are released by Owner for the purposes set forth in (a) through (f) of this Article 6.9. Any transfer of funds to the Owner- controlled contingency fund will not reduce the Contractor Fee, nor will any subsequent release and use of funds from the Owner-controlled contingency fund for the purposes set forth in (a) through (f) of this Article 6.9 increase the Contractor Fee.in