Common use of Construction Cost Estimates Clause in Contracts

Construction Cost Estimates. Consultant shall develop and maintain Construction Cost Estimates within the parameters of District’s Construction Cost Budget through all phases of its Services. Consultant shall base all Construction Cost Estimates on the most current architectural program as approved by District and shall prepare updated Construction Cost Estimates at the following phases of the Project: End of Schematic Design, end of Design Development, and at Construction Documents, all as provided below. The following conditions apply to each Construction Cost Estimate prepared by Consultant: Base all costs on current price information appropriate to the level of design detail with escalation rate and duration clearly identified as a separate line item. Cost escalation rates and projected bid and construction dates shall be as approved by District. Present each Construction Cost Estimate in a building systems format using the Construction Specification Institute (“CSI”) format. Include contingencies for design, bidding, and construction as individual line items, with the percentage and base of calculation clearly identified. Include all information and estimates from District and District’s consultants that are intended to be part of the Construction Cost Budget. Reconcile each Construction Cost Estimate with District’s Construction Cost Budget. Where the Consultant Cost Estimate exceeds the Construction Cost Budget, Consultant shall at its sole expense provide design scenarios with associated costs that will bring the Construction Cost Estimate within the Budget.