Common use of CONTRACT SAVINGS, ALLOWANCES, REBATES AND REFUNDS Clause in Contracts

CONTRACT SAVINGS, ALLOWANCES, REBATES AND REFUNDS. 15.1 If the allowable, final, verified, audited amount of the cost of General Conditions, Cost of the Work, Allowance items and Design/Build Contractor’s Contingency is less than the amount established for each of those categories in the originally approved Guaranteed Maximum Price Proposal, the entire difference shall be credited to the Owner as savings and the final contract amount shall be adjusted accordingly. When buyout of the Project is at least 85% complete, the Owner may recognize any savings achieved to that point by issuing a deductive change order for the saved amount.

CONTRACT SAVINGS, ALLOWANCES, REBATES AND REFUNDS. 15.1 If the allowable, final, verified, audited amount of the cost of General ConditionsConditions Costs, Cost of the Work, Allowance allowance items and Design/Build Contractor’s Contingency is less than the amount established for each of those categories in the originally approved accepted Guaranteed Maximum Price Proposal, the entire difference shall be credited to the Owner as savings and the final contract amount Contract Sum shall be adjusted accordingly. When buyout of the Project is at least 85% complete, the Owner may recognize any savings achieved to that point by issuing a deductive change order for the saved amount.

CONTRACT SAVINGS, ALLOWANCES, REBATES AND REFUNDS. 15.1 If the allowable, final, verified, audited amount of the cost of General Conditions, Cost of the Work, Allowance allowance items and Design/Build Contractor’s Contingency is less than the amount established for each of those categories in the originally approved Guaranteed Maximum Price Proposal, the entire difference shall be credited to the Owner as savings and the final contract amount shall be adjusted accordingly. When buyout of the Project is at least 85% complete, the Owner may recognize any savings achieved to that point by issuing a deductive change order for the saved amount.

CONTRACT SAVINGS, ALLOWANCES, REBATES AND REFUNDS. 15.1 If the allowable, final, verified, audited amount of the cost of General ConditionsConditions Costs, Cost of the Work, Allowance allowance items and Design/Build Contractor’s Contingency is less than the amount established for each of those categories in the originally approved accepted Guaranteed Maximum Price Proposal, the entire difference shall be credited to the Owner as savings and the final contract amount Contract Sum shall be adjusted accordingly. When buyout of the Project is at least 85% complete, the Owner may recognize any savings achieved to that point by issuing a deductive change order for the saved amount.