Common use of Cost Management Clause in Contracts

Cost Management. The Construction Manager shall implement a cost forecasting, monitoring and control program and reporting system for the Project. The system shall be maintained throughout the project, both during the Pre-Construction and Construction Phases. Cost analyses shall be based upon data analyses as developed/described within paragraph 3.4 and shall include analyses of all trades and Project components making a significant contribution for total Project costs. The system shall provide for development of a Project cost model, monitoring the design process and periodic reviews of the cost estimates/forecasts to identify variances from the cost model. Additionally, the system shall identify variances between actual and budgeted or estimated costs or the Fixed Limit of Construction Cos and, consistent with paragraph 3.4.9, advise the Principal Representative and Architect/Engineer whenever projected costs are expected to exceed Project Budgets, Estimates of Construction Cost, the Fixed Limit of Construction Cost, or the Guaranteed Maximum Price as may be applicable.

Cost Management. The Construction Manager shall implement a cost forecasting, monitoring and control program and reporting system for the Project. The system shall be maintained throughout the project, both during the Pre-Construction Preconstruction and Construction Phases. Cost analyses shall be based upon data analyses as developed/described within paragraph 3.4 and shall include analyses of all trades and Project components making a significant contribution for total Project costs. The system shall provide for development of a Project cost model, monitoring the design process and periodic reviews of the cost estimates/forecasts to identify variances from the cost model. Additionally, the system shall identify variances between actual and budgeted or estimated costs or the Fixed Limit of Construction Cos and, consistent with paragraph 3.4.9, advise the Principal Representative and Architect/Engineer whenever projected costs are expected to exceed Project Budgets, Estimates of Construction Cost, the Fixed Limit of Construction Cost, or the Guaranteed Maximum Price as may be applicable.