Common use of Cost Estimates and Constructability Reviews Clause in Contracts

Cost Estimates and Constructability Reviews. When the Owner has sufficiently identified the Project requirements and criteria, and the Project Design Professional has prepared other basic design criteria, CM/GC shall prepare for the review by the Project Design Professional and approval of Owner preliminary construction cost estimates using area and volume or similar conceptual estimating techniques. During the preparation of the design, the CM/GC shall update and refine this estimate at appropriate intervals agreed to by the Owner, Design Professional, and CM/GC. Construction Cost Estimates. Prepare Construction Cost Estimates setting forth in detail CM/GC's estimate of construction costs, including all Actual Costs and CM/GC Contingency and Fees, at each stage of the design and for the construction of the Project and each Component thereof. Such estimates shall include the cost of safety factors. Such Construction Cost Estimates shall be prepared and updated continually as construction documents are developed and shall be formally submitted to Owner, to Using Agency, and to Design Professional when each Component Change Order is issued or at such more frequent intervals as Owner may reasonably request.