Common use of Construction Contingency Clause in Contracts

Construction Contingency. The Design and Construction Budget shall contain a Construction Contingency cost element to be estimated by the Design-Builder and approved by the Owner. As provided in Article 4.4.5 but only prior to the issuance of the Certificate of Final Completion, the Design Builder shall be entitled to payment of Construction Contingency Cost items from the Construction Contingency, but not in the aggregate in excess of the Design Contingency component of the GMP Change Order. Funds from the Construction Contingency may be encumbered by the Design- Builder without written direction from the Owner, provided that Owner shall approve, on a quarterly basis, the accounting for the Construction Contingency, which approval shall not be unreasonably withheld.

Construction Contingency. The Design and Construction Budget shall contain a Construction Contingency cost element to be estimated by the Design-Builder and approved by the Owner. As provided in Article Section 4.4.5 but only prior to the issuance of the Certificate of Final Completion, the Design Design-Builder shall be entitled to payment of Construction Contingency Cost items from the Construction Contingency, but not in the aggregate in excess of the Design Contingency component of the GMP Change Order. Funds from the Construction Contingency may be encumbered by the Design- Builder without written direction from the Owner, provided that Owner shall approve, on a quarterly basis, the accounting for the Construction Contingency, which approval shall not be unreasonably withheld.