Common use of Design and Construction Budgets Clause in Contracts

Design and Construction Budgets. STWC, with the assistance and input of the architect, shall submit to COPR proposed budgets (collectively, the "Development Budget") for all Construction and Development Costs, and related costs which may be identified, prior to the commencement of design by any design consultants. The final Development Budget shall be subject the approval of both STWC and COPR. The Development Budget shall reflect planned phasing, if any. STWC, may after notice and approval by COPR, revise the aggregate Development Budget from time to time, as necessary and appropriate, to reflect any unpredicted changes, variables or events or to include additional and unanticipated Reimbursable Project Costs. STWC may, in its reasonable discretion, reallocate part or all of the amount budgeted with respect to any line item to another line item and to make such other modifications to the Development Budget as STWC deems necessary and appropriate, provided that: (i) the cumulative modifications of the Development Budget for all Construction and Development Costs shall not, without COPR's prior approval, exceed the approved aggregate Development Budget by more than ten percent (10%) and (ii) such reallocations or modifications do not otherwise conflict with the terms of this Agreement. Notwithstanding the preceding sentences, STWC shall have the limited right to make expenditures in excess of the Development Budget where, in the reasonable opinion of STWC, with the concurrence of COPR, such expenditure is necessary on an emergency basis to protect the Project or the interests of COPR and there is not sufficient time to notify COPR or obtain COPR's approval, and such expenditures shall be deemed Reimbursable Project Costs.

Design and Construction Budgets. STWC, with the assistance and input of the architect, shall submit to COPR 2600 proposed budgets (collectively, the "Development Budget") for all Construction and Development Costs, and related costs which may be identified, prior to the commencement of design by any design consultants. The final Development Budget shall be subject the approval of both STWC and COPR2600. The Development Budget shall reflect planned phasing, if any. STWC, may after notice and approval by COPR2600, revise the aggregate Development Budget from time to time, as necessary and appropriate, to reflect any unpredicted changes, variables or events or to include additional and unanticipated Reimbursable Project Costs. STWC may, in its reasonable discretion, reallocate part or all of the amount budgeted with respect to any line item to another line item and to make such other modifications to the Development Budget as STWC deems necessary and appropriate, provided that: (i) the cumulative modifications of the Development Budget for all Construction and Development Costs shall not, without COPR2600's prior approval, exceed the approved aggregate Development Budget by more than ten percent (10%) and (ii) such reallocations or modifications do not otherwise conflict with the terms of this Agreement. Notwithstanding the preceding sentences, STWC shall have the limited right to make expenditures in excess of the Development Budget where, in the reasonable opinion of STWC, with the concurrence of COPR2600, such expenditure is necessary on an emergency basis to protect the Project or the interests of COPR 2600 and there is not sufficient time to notify COPR 2600 or obtain COPR2600's approval, and such expenditures shall be deemed Reimbursable Project Costs.

Design and Construction Budgets. STWC, with the assistance and input of the architect, shall submit to COPR TBD proposed budgets (collectively, the "Development Budget") for all Construction and Development Costs, and related costs which may be identified, prior to the commencement of design by any design consultants. The final Development Budget shall be subject the approval of both STWC and COPRTBD. The Development Budget shall reflect planned phasing, if any. STWC, may after notice and approval by COPRTBD, revise the aggregate Development Budget from time to time, as necessary and appropriate, to reflect any unpredicted changes, variables or events or to include additional and unanticipated Reimbursable Project Costs. STWC may, in its reasonable discretion, reallocate part or all of the amount budgeted with respect to any line item to another line item and to make such other modifications to the Development Budget as STWC deems necessary and appropriate, provided that: (i) the cumulative modifications of the Development Budget for all Construction and Development Costs shall not, without COPRTBD's prior approval, exceed the approved aggregate Development Budget by more than ten percent (10%) and (ii) such reallocations or modifications do not otherwise conflict with the terms of this Agreement. Notwithstanding the preceding sentences, STWC shall have the limited right to make expenditures in excess of the Development Budget where, in the reasonable opinion of STWC, with the concurrence of COPRTBD, such expenditure is necessary on an emergency basis to protect the Project or the interests of COPR TBD and there is not sufficient time to notify COPR TBD or obtain COPRTBD's approval, and such expenditures shall be deemed Reimbursable Project Costs.