Construction Contingency; Subcontract Buy-Out Sample Clauses

Construction Contingency; Subcontract Buy-Out. Each GMP shall include a preliminary “Construction Contingency” in an initial amount Owner and Construction Manager agree to and set forth in the applicable GMP Amendment. Each GMP Amendment’s Construction Contingency shall be adjusted to reflect net savings (“Subcontract Savings”) and net losses (“Subcontract Losses”) after Subcontracts pertaining to the Work of that GMP Amendment are awarded and compared to the applicable Schedule of Values. Specifically, (a) Subcontract Savings shall be credited to and increase Construction Contingency by the amount of such savings and (b) Subcontract Losses shall be payable out of and reduce Construction Contingency by the amount of such losses. Net increases to a GMP Amendment’s Construction Contingency after all Subcontract Savings and Subcontract Losses applicable to that GMP Amendment are applied (“Net Savings”) shall be separately identified in the applicable Construction Contingency fund and subject to Section 7.8.2
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Related to Construction Contingency; Subcontract Buy-Out

  • Construction Contract If federal funds are included as part of the financing of the non-OPWC portion of the Project, federal law may prevail, including, but not limited to, application of Xxxxx Xxxxx prevailing wage rates, the Xxxxxxxx “Anti-Kickback” Act, the Contract Work Hours and Safety Standards Act, and any federal environmental regulations. Recipient is solely responsible for ensuring compliance with federal requirements applicable to its Local Subdivision Contribution. Notwithstanding the above, the following provisions apply to construction contracts under this Agreement:

  • Construction Contracts Item A: Enter the total dollar amount of all contacts awarded on the project/ program. Item B: Enter the total dollar amount of contracts connected with this project/program that were awarded to Section 3 businesses.

  • Construction Contract Documents The Construction Contract Documents shall consist of the plans and specifications prepared by the Engineer, and any addenda and change orders thereto, and the Owner-Contractor Agreement, all of which shall be compatible and consistent with this Agreement.

  • Construction Manager’s Fee The following shall be deemed included in the Construction Manager’s fee for services during the Construction Phase.

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