Common use of Construction Cost Estimate Clause in Contracts

Construction Cost Estimate. The Class D Construction Cost Estimate is an estimate of the Construction Cost based on the Owner’s functional requirements to the degree known at the time. The Class D Construction Cost Estimate shall as a minimum be based on historical cost data for similar projects, suitably adjusted for such factors as inflation, location, risk, quality, size, and time. All related factors affecting cost are considered to the extent possible. The Class D Construction Cost Estimate provides the Owner an indication of the order of magnitude of the Construction Cost for a project completed within the estimated completion date, and shall include labour and material costs and the Owner’s construction contingencies and allowances. A Change Directive is a written instruction prepared by the Consultant and signed by the Owner directing the Construction Manager to proceed with a change in the Work within the general scope of this Contract prior to the Owner and the Construction Manager agreeing upon an adjustment in any or all of the Construction Manager’s Fee, the Guaranteed Maximum Price and the Contract Time.

Construction Cost Estimate. The Class D Construction Cost Estimate is an estimate of the Construction Cost based on the Owner’s Owner’s functional requirements to the degree known at the time. The Class D Construction Cost Estimate shall as a minimum be based on historical cost data for similar projects, suitably adjusted for such factors as inflation, location, risk, quality, size, and time. All related factors affecting cost are considered to the extent possible. The Class D Construction Cost Estimate provides the Owner an indication of the order of magnitude of the Construction Cost for a project completed within the estimated completion date, and shall include labour and material costs and the Owner’s Owner’s construction contingencies and allowances. A Change Directive is a written instruction prepared by the Consultant and signed by the Owner directing the Construction Manager to proceed with a change in the Work within the general scope of this Contract prior to the Owner and the Construction Manager agreeing upon an adjustment in any or all of the Construction Manager’s Manager’s Fee, the Guaranteed Maximum Price and the Contract Time.