Common use of Change of Contract Price Clause in Contracts

Change of Contract Price. 10.1 The Contract Price constitutes the total compensation (subject to authorized adjustments) payable to CONTRACTOR for performing the Work. All duties, responsibilities, and obligations assigned to or undertaken by CONTRACTOR shall be at his expense without change in the Contract Price. 10.2 The Contract Price may only be changed by a Change Order executed by a duly authorized representative of the CONTRACTOR and OWNER. Any claim for an increase in the Contract Price shall be based on written notice delivered to OWNER and PROJECT MANAGER within fifteen days of the occurrence of the event giving rise to the claim. Notice of the amount of the claim with supporting data shall be delivered within forty-five days of such occurrence unless PROJECT MANAGER allows an additional period to ascertain accurate cost data. All claims for adjustment in the Contract Price shall be determined by PROJECT MANAGER if OWNER and CONTRACTOR cannot otherwise agree on the amount involved. Any change in the Contract Price resulting from any such claim shall be incorporated in a Change Order. 10.3 The value of any Work covered by a Change Order or of any claim or an increase or decrease in the Contract Price shall be determined in one of the following ways: 10.3.1 Where the Work involved is covered by unit prices contained in the Contract Documents, by application of unit prices to the quantities of the items involved (subject to the provisions of Article 10.9). 10.3.2 By mutual acceptance of a lump sum. A lump sum amount must include sufficient documentation to enable the PROJECT MANAGER to verify the cost of the Work involved. Projected costs for the work should be in accordance with Articles 10.4 and

Appears in 4 contracts

Samples: Contract, Contract, Contract

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