CONTRACT SAVINGS, REBATES & REFUNDS. 12.1 If the allowable amount of the General Conditions Costs, Cost of the Work, and 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 Owner as savings, and the final Contract Sum shall be adjusted accordingly. When buyout of the Project is at least 85% complete, Owner may recognize any savings achieved to that point by issuing a deductive change order for the saved amount.
Appears in 48 contracts
Samples: Agreement, assets.system.tamus.edu, assets.system.tamus.edu
