Common use of Control Estimate Clause in Contracts

Control Estimate. § 5.2.1 The Contractor shall prepare and submit to the Owner, in writing, a Control Estimate within 30 days of executing this Agreement. The Control Estimate shall include the estimated Cost of the Work plus the Contractor’s Fee. The Control Estimate shall be used to monitor actual costs and the timely performance of the Work. The Contractor shall update the Control Estimate with each Application for Payment as needed to reflect changes in the Work. § 5.2.2 The Control Estimate shall include .1 the documents enumerated in Article 16, including all Addenda thereto, and the Conditions of the Contract; .2 a list of the clarifications and assumptions made by the Contractor in the preparation of the Control Estimate, including assumptions under Section 5.2.4, to supplement the information provided by the Owner and contained in the Drawings and Specifications; .3 a statement of the estimated Cost of the Work organized by trade categories or systems and the Contractor’s Fee; .4 a project schedule indicating proposed Subcontractors, activity sequences and durations, milestone dates for receipt and approval of pertinent information, schedule of shop drawings and samples, .5 contingencies for further development of design and construction as required by Section 5.2.4. § 5.2.3 The Contractor shall meet with the Owner and Architect to review the Control Estimate. In the event that the Owner or Architect discovers any inconsistencies or inaccuracies in the information presented, they shall promptly notify the Contractor, who shall make appropriate adjustments to the Control Estimate. When the Control Estimate is acceptable to the Owner, the Owner shall acknowledge it in writing. The Owner’s acceptance of the Control Estimate does not imply that the Control Estimate constitutes a Guaranteed Maximum Price. § 5.2.4 To the extent that the Drawings and Specifications are anticipated to require further development by the Architect, the Contractor shall provide in the Control Estimate for such further development consistent with the Contract Documents and reasonably inferable therefrom. Such further development does not include changes in scope, systems, kinds and quality of materials, finishes or equipment, all of which, if required, shall be incorporated in a revised Control Estimate by mutual agreement of the parties. § 5.2.5 The Contractor shall develop and implement a detailed system of cost control that will provide the Owner and Architect with timely information as to the anticipated total Cost of the Work. The cost control system shall compare the Control Estimate with the actual cost for activities in progress and estimates for uncompleted tasks and proposed changes. This information shall be reported to the Owner, in writing, no later than the Contractor’s first Application for Payment and shall be revised and submitted with each Application for Payment.

Control Estimate. § 5.2.1 The Contractor 2.2.1 At a time to be mutually agreed upon by the Owner and the Construction Manager and in consultation with the Architect, the Construction Manager shall prepare and submit to the Owner, in writing, a Control Estimate within 30 days of executing this Agreement. The Control Estimate shall include for the estimated Cost of the Work plus the ContractorOwner’s Feereview and acceptance. The Control Estimate shall be used to monitor actual costs and the timely performance sum of the Work. The Contractor shall update the Control Estimate with each Application for Payment as needed to reflect changes in the Work. § 5.2.2 The Control Estimate shall include .1 the documents enumerated in Article 16, including all Addenda thereto, and the Conditions Construction Manager’s estimate of the Contract; .2 a list of the clarifications and assumptions made by the Contractor in the preparation of the Control Estimate, including assumptions under Section 5.2.4, to supplement the information provided by the Owner and contained in the Drawings and Specifications; .3 a statement of the estimated Cost of the Work organized by trade categories or systems and the ContractorConstruction Manager’s Fee; .4 a project schedule indicating proposed Subcontractors, activity sequences Fee and durations, milestone dates for receipt and approval of pertinent information, schedule of shop drawings and samples, .5 contingencies for further development of design and construction as required by shall include those items set forth in Section 5.2.4. § 5.2.3 The Contractor shall meet with the Owner and Architect to review the Control Estimate. In the event that the Owner or Architect discovers any inconsistencies or inaccuracies in the information presented, they shall promptly notify the Contractor, who shall make appropriate adjustments to the Control Estimate2.2.4 below. When the Control Estimate is acceptable to the Owner, the Owner shall acknowledge it in writing. § 2.2.2 The Construction Manager shall develop and implement a detailed system of cost control that will provide the Owner and Architect with timely information as to the anticipated total Cost of the Work. The Owner’s acceptance of cost control system shall compare the Control Estimate does not imply that with the Control Estimate constitutes a Guaranteed Maximum Priceactual cost for activities in progress and estimates for uncompleted tasks and proposed changes. This information shall be reported to the Owner, in writing as mutually agreed. § 5.2.4 2.2.3 To the extent that the Drawings and Specifications are anticipated to require further development by the Architect, the Contractor Construction Manager shall provide in the Control Estimate for such further development consistent with the Contract Documents and reasonably inferable therefrom. Such further development does not include changes in scope, systems, kinds and quality of materials, finishes or equipment, all of which, if required, shall be incorporated in a revised Control Estimate by mutual agreement of the parties. § 5.2.5 2.2.4 The Contractor Control Estimate shall develop include 1 a list of the Drawings and implement Specifications, including all Addenda thereto, and the Conditions of the Contract; .2 a detailed system list of cost control that will provide the clarifications and assumptions made by the Construction Manager in the preparation of the Control Estimate, including assumptions under Section 2.2.3, to supplement the information provided by the Owner and contained in the Drawings and Specifications; .3 a statement of the estimated Cost of the Work organized by trade categories or systems, allowances, and the Construction Manager’s Fee; .4 the anticipated date of Substantial Completion upon which the Control Estimate is based, and a schedule for the issuance dates of the Construction Documents upon which the anticipated Substantial Completion date relies; and .5 a statement as to whether or not the duration from the stated date of commencement of the Construction Phase to the estimated date of Substantial Completion shall become the Contract Time and be subject to the provisions of Article 8 of A201–2017 as modified by the parties. § 2.2.5 The Owner shall authorize the Architect to incorporate the agreed-upon assumptions and clarifications contained in the Control Estimate. The Owner shall promptly furnish those revised Drawings and Specifications to the Construction Manager as they are revised. The Construction Manager shall notify the Owner and Architect with timely information as to the anticipated total Cost of the Work. The cost control system shall compare any inconsistencies between the Control Estimate with and the actual cost for activities in progress revised Drawings and estimates for uncompleted tasks and proposed changes. This information shall be reported to the Owner, in writing, no later than the Contractor’s first Application for Payment and shall be revised and submitted with each Application for PaymentSpecifications.

Control Estimate. § 5.2.1 The 15.2.1 Where the Contract Sum is the Cost of the Work, plus the Contractor’s Fee withou Price pursuant to Section 3.3, the Contractor shall prepare and submit to the Owner, in writing, Owner a Control Estimate within 30 days Contro of executing this Agreement. The Control Estimate shall include the estimated Cost of the Work plus the Contractor’s W Fee. . § 15.2.2 The Control Estimate shall be used to monitor actual costs and the timely performance of the Work. The Contractor shall update the Control Estimate with each Application for Payment as needed to reflect changes in the Work.include: § 5.2.2 The Control Estimate shall include .1 the documents enumerated in Article 166, including all Addenda Modifications thereto, and the Conditions of the Contract; .2 a list of the clarifications and assumptions made by the Contractor in the preparation of the Control Estimate, including assumptions under Section 5.2.4, Estimate to supplement the information provided by the Owner and contained in the Drawings and SpecificationsContract Documents; .3 a statement of the estimated Cost of the Work organized by trade categories or systems and the Contractor’s 's Fee; .4 a project schedule upon which the Control Estimate is based, indicating proposed Subcontractors, activity sequences and durations, milestone dates for receipt and approval of pertinent information, schedule of shop drawings and samples, procurement and delivery of materials or equipment the Owner's occupancy requirements, and the date of Substantial Completion; and .5 contingencies a list of any contingency amounts included in the Control Estimate for further development of design and construction as required by Section 5.2.4construction. § 5.2.3 The Contractor shall meet with the Owner and Architect to review the Control Estimate. In the event that the Owner or Architect discovers any inconsistencies or inaccuracies in the information presented, they shall promptly notify the Contractor, who shall make appropriate adjustments to the Control Estimate. 15.2.3 When the Control Estimate is acceptable to the OwnerOwner and Architect, the Owner shall acknowledge it in writing. The Owner’s 's acceptance of the Control Estimate does not imply that the Control Estimate constitutes a Guaranteed Maximum Price. § 5.2.4 To the extent that the Drawings and Specifications are anticipated to require further development by the Architect, the Contractor shall provide in the Control Estimate for such further development consistent with the Contract Documents and reasonably inferable therefrom. Such further development does not include changes in scope, systems, kinds and quality of materials, finishes or equipment, all of which, if required, shall be incorporated in a revised Control Estimate by mutual agreement of the parties. § 5.2.5 15.2.4 The Contractor shall develop and implement a detailed system of cost control that will provide the Owner and Architect with timely information as to the anticipated total Cost of the Work. The cost control system shall compare the Control Estimate with the actual cost for activities in progress and estimates for uncompleted tasks and proposed changes. This information shall be reported to the Owner, in writing, no later than the Contractor’s 's first Application for Payment and shall be revised and submitted with each Application for Payment. § 15.2.5 The Owner shall authorize preparation of revisions to the Contract Documents that incorporate the

Control Estimate. § 5.2.1 The 15.2.1 Where the Contract Sum is the Cost of the Work, plus the Contractor’s Fee without a Guaranteed Maximum Price pursuant to Section 3.3, the Contractor shall prepare and submit to the Owner, in writing, Owner a Control Estimate within 30 14 days of executing this Agreement. The Control Estimate shall include the estimated Cost of the Work plus the Contractor’s 's Fee. . § 15.2.2 The Control Estimate shall be used to monitor actual costs and the timely performance of the Work. The Contractor shall update the Control Estimate with each Application for Payment as needed to reflect changes in the Work. § 5.2.2 The Control Estimate shall include include: .1 the documents enumerated in Article 166, including all Addenda Modifications thereto, and the Conditions of the Contract; .2 a list of the clarifications and assumptions made by the Contractor in the preparation of the Control Estimate, including assumptions under Section 5.2.4, Estimate to supplement the information provided by the Owner and contained in the Drawings and SpecificationsContract Documents; .3 a statement of the estimated Cost of the Work organized by trade categories or systems and the Contractor’s 's Fee; .4 a project schedule upon which the Control Estimate is based, indicating proposed Subcontractors, activity sequences and durations, milestone dates for receipt and approval of pertinent information, schedule of shop drawings and samples, procurement and delivery of materials or equipment the Owner's occupancy requirements, and the date of Substantial Completion; and .5 contingencies a list of any contingency amounts included in the Control Estimate for further development of design and construction as required by Section 5.2.4construction. § 5.2.3 The Contractor shall meet with the Owner and Architect to review the Control Estimate. In the event that the Owner or Architect discovers any inconsistencies or inaccuracies in the information presented, they shall promptly notify the Contractor, who shall make appropriate adjustments to the Control Estimate. 15.2.3 When the Control Estimate is acceptable to the OwnerOwner and Architect, the Owner shall acknowledge it in writing. The Owner’s 's acceptance of the Control Estimate does not imply that the Control Estimate constitutes a Guaranteed Maximum Price. § 5.2.4 To the extent that the Drawings and Specifications are anticipated to require further development by the Architect, the Contractor shall provide in the Control Estimate for such further development consistent with the Contract Documents and reasonably inferable therefrom. Such further development does not include changes in scope, systems, kinds and quality of materials, finishes or equipment, all of which, if required, shall be incorporated in a revised Control Estimate by mutual agreement of the parties. § 5.2.5 15.2.4 The Contractor shall develop and implement a detailed system of cost control that will provide the Owner and Architect with timely information as to the anticipated total Cost of the Work. The cost control system shall compare the Control Estimate with the actual cost for activities in progress and estimates for uncompleted tasks and proposed changes. This information shall be reported to the Owner, in writing, no later than the Contractor’s 's first Application for Payment and shall be revised and submitted with each Application for Payment. § 15.2.5 The Owner shall authorize preparation of revisions to the Contract Documents that incorporate the agreed- upon assumptions contained in the Control Estimate. The Owner shall promptly furnish such revised Contract Documents to the Contractor. The Contractor shall notify the Owner and Architect of any inconsistencies between the Control Estimate and the revised Contract Documents.

Control Estimate. § 5.2.1 The Contractor 2.2.1 At a time to be mutually agreed upon by the Owner and the Construction Manager and in consultation with the Architect, the Construction Manager shall prepare and submit to the Owner, in writing, a Control Estimate within 30 days of executing this Agreement. The Control Estimate shall include for the estimated Cost of the Work plus the ContractorOwner’s Feereview and acceptance. The Control Estimate shall be used to monitor actual costs and the timely performance sum of the Work. The Contractor shall update the Control Estimate with each Application for Payment as needed to reflect changes in the Work. § 5.2.2 The Control Estimate shall include .1 the documents enumerated in Article 16, including all Addenda thereto, and the Conditions Construction Manager’s estimate of the Contract; .2 a list of the clarifications and assumptions made by the Contractor in the preparation of the Control Estimate, including assumptions under Section 5.2.4, to supplement the information provided by the Owner and contained in the Drawings and Specifications; .3 a statement of the estimated Cost of the Work organized by trade categories or systems and the ContractorConstruction Manager’s Fee; .4 a project schedule indicating proposed Subcontractors, activity sequences Fee and durations, milestone dates for receipt and approval of pertinent information, schedule of shop drawings and samples, .5 contingencies for further development of design and construction as required by shall include those items set forth in Section 5.2.4. § 5.2.3 The Contractor shall meet with the Owner and Architect to review the Control Estimate. In the event that the Owner or Architect discovers any inconsistencies or inaccuracies in the information presented, they shall promptly notify the Contractor, who shall make appropriate adjustments to the Control Estimate2.2.4 below. When the Control Estimate is acceptable to the Owner, the Owner shall acknowledge it in writing. The Owner’s acceptance of the Control Estimate does not imply that the Control Estimate constitutes a Guaranteed Maximum Price. § 5.2.4 To the extent that the Drawings and Specifications are anticipated to require further development by the Architect, the Contractor shall provide in the Control Estimate for such further development consistent with the Contract Documents and reasonably inferable therefrom. Such further development does not include changes in scope, systems, kinds and quality of materials, finishes or equipment, all of which, if required, shall be incorporated in a revised Control Estimate by mutual agreement of the parties. § 5.2.5 2.2.2 The Contractor Construction Manager shall develop and implement a detailed system of cost control that will provide the Owner and Architect with timely information as to the anticipated total Cost of the Work. The cost control system shall compare the Control Estimate with the actual cost for activities in progress and estimates for uncompleted tasks and proposed changes. This information shall be reported to the Owner, in writing, no later than the ContractorConstruction Manager’s first Application for Payment and shall be revised and submitted with each Application for Payment. § 2.2.3 To the extent that the Drawings and Specifications are anticipated to require further development by the Architect, the Construction Manager shall provide in the Control Estimate for such further development consistent with the Contract Documents and reasonably inferable therefrom. Such further development does not include changes in scope, systems, kinds and quality of materials, finishes or equipment, all of which, if required, shall be incorporated in a revised Control Estimate by mutual agreement of the parties. § 2.2.4 The Control Estimate shall include 1 a list of the Drawings and Specifications, including all Addenda thereto, and the Conditions of the Contract; .2 a list of the clarifications and assumptions made by the Construction Manager in the preparation of the Control Estimate, including assumptions under Section 2.2.3, to supplement the information provided by the Owner and contained in the Drawings and Specifications; .3 a statement of the estimated Cost of the Work organized by trade categories or systems, allowances, and the Construction Manager’s Fee;

Control Estimate. § 5.2.1 The 15.2.1 Where the Contract Sum is the Cost of the Work, plus the Contractor’s Fee without a Guaranteed Maximum Price pursuant to Section 3.3, the Contractor shall prepare and submit to the Owner, in writing, Owner a Control Estimate within 30 14 days of executing this Agreement. The Control Estimate shall include the estimated Cost of the Work plus the Contractor’s 's Fee. . § 15.2.2 The Control Estimate shall be used to monitor actual costs and the timely performance of the Work. The Contractor shall update the Control Estimate with each Application for Payment as needed to reflect changes in the Work. § 5.2.2 The Control Estimate shall include include: .1 the documents enumerated in Article 166, including all Addenda Modifications thereto, and the Conditions of the Contract; .2 a list of the clarifications and assumptions made by the Contractor in the preparation of the Control Estimate, including assumptions under Section 5.2.4, Estimate to supplement the information provided by the Owner and contained in the Drawings and SpecificationsContract Documents; .3 a statement of the estimated Cost of the Work organized by trade categories or systems and the Contractor’s 's Fee; .4 a project schedule upon which the Control Estimate is based, indicating proposed Subcontractors, activity sequences and durations, milestone dates for receipt and approval of pertinent information, schedule of shop drawings and samples, procurement and delivery of materials or equipment the Owner's occupancy requirements, and the date of Substantial Completion; and .5 contingencies a list of any contingency amounts included in the Control Estimate for further development of design and construction as required by Section 5.2.4construction. § 5.2.3 The Contractor shall meet with the Owner and Architect to review the Control Estimate. In the event that the Owner or Architect discovers any inconsistencies or inaccuracies in the information presented, they shall promptly notify the Contractor, who shall make appropriate adjustments to the Control Estimate. 15.2.3 When the Control Estimate is acceptable to the OwnerOwner and Architect, the Owner shall acknowledge it in writing. The Owner’s 's acceptance of the Control Estimate does not imply that the Control Estimate constitutes a Guaranteed Maximum Price. § 5.2.4 To the extent that the Drawings and Specifications are anticipated to require further development by the Architect, the Contractor shall provide in the Control Estimate for such further development consistent with the Contract Documents and reasonably inferable therefrom. Such further development does not include changes in scope, systems, kinds and quality of materials, finishes or equipment, all of which, if required, shall be incorporated in a revised Control Estimate by mutual agreement of the parties. § 5.2.5 15.2.4 The Contractor shall develop and implement a detailed system of cost control that will provide the Owner and Architect with timely information as to the anticipated total Cost of the Work. The cost control system shall compare the Control Estimate with the actual cost for activities in progress and estimates for uncompleted tasks and proposed changes. This information shall be reported to the Owner, in writing, no later than the Contractor’s 's first Application for Payment and shall be revised and submitted with each Application for Payment. § 15.2.5 The Owner shall authorize preparation of revisions to the Contract Documents that incorporate the

Control Estimate. § 5.2.1 The 15.2.1 Where the Contract Sum is the Cost of the Work, plus the Contractor’s Fee without a Guaranteed Maximum Price pursuant to Section 3.3, the Contractor shall prepare and submit to the Owner, in writing, Owner a Control Estimate within 30 14 days of executing this Agreement. The Control Estimate shall include the estimated Cost of the Work plus the Contractor’s 's Fee. . § 15.2.2 The Control Estimate shall be used to monitor actual costs and the timely performance of the Work. The Contractor shall update the Control Estimate with each Application for Payment as needed to reflect changes in the Work. § 5.2.2 The Control Estimate shall include include: .1 the documents enumerated in Article 166, including all Addenda Modifications thereto, and the Conditions of the Contract; .2 a list of the clarifications and assumptions made by the Contractor in the preparation of the Control Estimate, including assumptions under Section 5.2.4, Estimate to supplement the information provided by the Owner and contained in the Drawings and SpecificationsContract Documents; .3 a statement of the estimated Cost of the Work organized by trade categories or systems and the Contractor’s 's Fee; .4 a project schedule upon which the Control Estimate is based, indicating proposed Subcontractors, activity sequences and durations, milestone dates for receipt and approval of pertinent information, schedule of shop drawings and samples, procurement and delivery of materials or equipment the Owner's occupancy requirements, and the date of Substantial Completion; and .5 contingencies a list of any contingency amounts included in the Control Estimate for further development of design and construction as required by Section 5.2.4construction. § 5.2.3 The Contractor shall meet with the Owner and Architect to review the Control Estimate. In the event that the Owner or Architect discovers any inconsistencies or inaccuracies in the information presented, they shall promptly notify the Contractor, who shall make appropriate adjustments to the Control Estimate. 15.2.3 When the Control Estimate is acceptable to the OwnerOwner and Architect, the Owner shall acknowledge it in writing. The Owner’s 's acceptance of the Control Estimate does not imply that the Control Estimate constitutes a Guaranteed Maximum Price. § 5.2.4 To the extent that the Drawings and Specifications are anticipated to require further development by the Architect, the Contractor shall provide in the Control Estimate for such further development consistent with the Contract Documents and reasonably inferable therefrom. Such further development does not include changes in scope, systems, kinds and quality of materials, finishes or equipment, all of which, if required, shall be incorporated in a revised Control Estimate by mutual agreement of the parties. § 5.2.5 15.2.4 The Contractor shall develop and implement a detailed system of cost control that will provide the Owner and Architect with timely information as to the anticipated total Cost of the Work. The cost control system shall compare the Control Estimate with the actual cost for activities in progress and estimates for uncompleted tasks and proposed changes. This information shall be reported to the Owner, in writing, no later than the Contractor’s 's first Application for Payment and shall be revised and submitted with each Application for Payment. § 15.2.5 The Owner may authorize preparation of revisions to the Contract Documents that incorporate the agreed- upon assumptions contained in the Control Estimate. Where assumptions in the Control Estimate are not agreed to by the Owner, Contractor shall modify its Control Estimate accordingly. If revisions to the Contract Documents are authorized by the Owner, the Owner shall promptly furnish such revised Contract Documents to the Contractor. The Contractor shall notify the Owner and Architect of any inconsistencies between the Control Estimate and the revised Contract Documents.

Control Estimate. § 5.2.1 The 15.2.1 Where the Contract Sum is the Cost of the Work, plus the Contractor’s Fee without a Guaranteed Maximum Price pursuant to Section 3.3, the Contractor shall prepare and submit to the Owner, in writing, Owner a Control Estimate within 30 14 days of executing this Agreement. The Control Estimate shall include the estimated Cost of the Work plus the Contractor’s 's Fee. . § 15.2.2 The Control Estimate shall be used to monitor actual costs and the timely performance of the Work. The Contractor shall update the Control Estimate with each Application for Payment as needed to reflect changes in the Work. § 5.2.2 The Control Estimate shall include include: .1 the documents enumerated in Article 166, including all Addenda Modifications thereto, and the Conditions of the Contract; .2 a list of the clarifications and assumptions made by the Contractor in the preparation of the Control Estimate, including assumptions under Section 5.2.4, Estimate to supplement the information provided by the Owner and contained in the Drawings and SpecificationsContract Documents; .3 a statement of the estimated Cost of the Work organized by trade categories or systems and the Contractor’s 's Fee; .4 a project schedule upon which the Control Estimate is based, indicating proposed Subcontractors, activity sequences and durations, milestone dates for receipt and approval of pertinent information, schedule of shop drawings and samples, procurement and delivery of materials or equipment the Owner's occupancy requirements, and the date of Substantial Completion; and .5 contingencies a list of any contingency amounts included in the Control Estimate for further development of design and construction as required by Section 5.2.4construction. § 5.2.3 The Contractor shall meet with the Owner and Architect to review the Control Estimate. In the event that the Owner or Architect discovers any inconsistencies or inaccuracies in the information presented, they shall promptly notify the Contractor, who shall make appropriate adjustments to the Control Estimate. 15.2.3 When the Control Estimate is acceptable to the OwnerOwner and Architect, the Owner shall acknowledge it in writing. The Owner’s 's acceptance of the Control Estimate does not imply that the Control Estimate constitutes a Guaranteed Maximum Price. § 5.2.4 To the extent that the Drawings and Specifications are anticipated to require further development by the Architect, the Contractor shall provide in the Control Estimate for such further development consistent with the Contract Documents and reasonably inferable therefrom. Such further development does not include changes in scope, systems, kinds and quality of materials, finishes or equipment, all of which, if required, shall be incorporated in a revised Control Estimate by mutual agreement of the parties. § 5.2.5 15.2.4 The Contractor shall develop and implement a detailed system of cost control that will provide the Owner and Architect with timely information as to the anticipated total Cost of the Work. The cost control system shall compare the Control Estimate with the actual cost for activities in progress and estimates for uncompleted tasks and proposed changes. This information shall be reported to the Owner, in writing, no later than the Contractor’s 's first Application for Payment for § 15.2.5 The Owner shall authorize preparation of revisions to the Contract Documents that incorporate the agreed-upon assumptions contained in the Control Estimate. The Owner shall promptly furnish such revised Contract Documents to the Contractor. The Contractor shall notify the Owner and shall be Architect of any inconsistencies between the Control Estimate and the revised and submitted with each Application for PaymentContract Documents.

Control Estimate. § 5.2.1 The Contractor shall prepare and submit to the Owner, in writing, a Control Estimate within 30 14 days of executing this Agreement. The Control Estimate shall include the estimated Cost of the Work plus the Contractor’s 's Fee. The Control Estimate shall be used to monitor actual costs and the timely performance of the Work. The Contractor shall update the Control Estimate with each Application for Payment as needed to reflect changes in the Work. § 5.2.2 The Control Estimate shall include .1 the documents enumerated in Article 16, including all Addenda Modifications thereto, and the Conditions of the Contract; .2 a list of the clarifications and assumptions made by the Contractor in the preparation of the Control Estimate, including assumptions under Section 5.2.4, to supplement the information provided by the Owner and contained in the Drawings and SpecificationsContract Documents; .3 a statement of the estimated Cost of the Work organized by trade categories or systems and the Contractor’s 's Fee; .4 a project schedule upon which the Control Estimate is based, indicating proposed Subcontractors, activity sequences and durations, milestone dates for receipt and approval of pertinent information, schedule of shop drawings and samples, .5 contingencies procurement and delivery of materials or equipment, and the Owner's occupancy requirements; and .5contingencies for further development of design and construction construction, as required by Section 5.2.45.2 4. § 5.2.3 The Contractor shall meet with the Owner and Architect to review the Control Estimate. In the event that the Owner or Architect discovers any inconsistencies or inaccuracies in the information presented, they shall promptly notify the Contractor, who shall make appropriate adjustments to the Control Estimate. When the Control Estimate is acceptable to the Owner, the Owner shall acknowledge it in writing. The Owner’s 's acceptance of the Control Estimate does not imply that the Control Estimate constitutes a Guaranteed Maximum Price. § 5.2.4 To the extent that the Drawings and Specifications Contract Documents are anticipated to require further development by the Architectdevelopment, the Contractor shall provide in the Control Estimate for such further development consistent with the Contract Documents and reasonably inferable therefrom. Such further development does not include changes in scope, systems, kinds and quality of materials, finishes or equipment, all of which, if required, shall be incorporated in a revised Control Estimate by mutual agreement of the parties. § 5.2.5 The Contractor shall develop and implement a detailed system of cost control that will provide the Owner and Architect with timely information as to the anticipated total Cost of the Work. The cost control system shall compare the Control Estimate with the actual cost for activities in progress and estimates for uncompleted tasks and proposed changes. This information shall be reported to the Owner, in writing, no later than the Contractor’s 's first Application for Payment and shall be revised and submitted with each Application for Payment. § 5.2.6 The Owner shall authorize preparation of revisions to the Contract Documents that incorporate the agreed-upon assumptions contained in the Control Estimate. The Owner shall promptly furnish such revised Contract Documents to the Contractor. The Contractor shall notify the Owner and Architect of any inconsistencies between the Control Estimate and the revised Contract Documents.