College Initiated Changes Sample Clauses

College Initiated Changes. College reserves the right to require Change Orders to the nature, scope and schedule of the Work and to fund any increased cost of the Work resulting from such Change Orders initiated by the College from the "1% Owner's Contingency" under the Design/Build Contract, which contingency shall be available solely for application and use by College. If College desires to exercise these rights to initiate changes to the nature, scope and/or schedule of the Work at any time during the performance of the Work, College shall notify New Owner of the proposed Change(s), and New Owner shall, in coordination with Design-Builder, attempt to ascertain and agree upon the impact of the proposed Change(s) on the Work, including the cost and schedule for performance and completion of the change in the Work. New Owner and College shall confer and coordinate with respect to negotiation with Design-Builder of the terms and conditions of a potential Change Order, and in the evaluation and finalization or rejection of a proposed Change Order prepared by Design-Builder with respect to any Changes initiated by College. If the parties agree upon the terms of such proposed Change Order, including the adjustment to the GMP and/or the schedule for performance and completion of the Work and the terms under which College will fund any increased costs necessary to perform the Work to accomplish the Change Order, which funding may include utilization of the "1% Owner's Contingency", New Owner and Design-Builder shall execute the version of the Change Order approved by the College. The parties agree that Design-Builder shall commence performance of the change in Work under any such College initiated Change Order after New Owner confirms by notice to College and Design-Builder the receipt from College by New Owner or the lender, collateral agent, trustee or other financial institution providing funds or services for the construction of the Project of funds in the amount agreed upon by the parties and set out in the Change Order for the performance and completion of the change in the Work. Design-Builder agrees to look solely to New Owner for payment of the cost of any Work subject to such Change Order.
Sample 1
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Related to College Initiated Changes

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