Common use of Cost Control Clause in Contracts

Cost Control. The operation of this subsystem shall provide sufficient timely data and detail to permit the Construction Team to control and adjust the PROJECT requirements, needs, materials, equipment and systems by building and site elements so that construction will be completed at a cost which, together with all Project Costs, will not exceed the Project Budget. Based upon a quantitative material take off with current local costs for each bid group by subcontract package, within a reasonable time period as determined by the Owner in the Owner’s sole discretion, the CM shall provide its estimate of the total Project Costs for the PROJECT. These costs will be detailed by line item budget with a cost corresponding to each of the following stages or phases: (a) At completion of the Schematic Design. (b) At completion of the Design Development Phase. (c) At completion of 60% of the Construction Documents Phase. (d) At completion of 90% of the Construction Documents Phase. (e) At establishment of the Guaranteed Maximum Price (GMP).