Common use of Estimated Construction Cost Clause in Contracts

Estimated Construction Cost. The Design Professional’s estimate of Construction Cost, which will be submitted during each of the three phases described in §3.2 through §3.4. Estimated Construction Cost will be audit- trackable to the previous estimate and contain a level of detail satisfactory to the Owner. All Estimated Construction Cost will have a reasonable basis and will be developed using the Design Professional’s best professional judgment. The Design Professional’s detailed documentation supporting each estimate will be submitted to the Owner’s Representative and the Contractor. If Separate Design Packages are prepared, the Design Professional will develop Estimated Construction Cost during each of the design phases for each Separate Design Phase Package. If the Owner's Contractor also prepares comparable cost estimates and any one or more of those cost estimates differ from the Design Professional's in any material respect, the Design Professional agrees to work with the Contractor to promptly reconcile their respective estimates. Upon reconciliation, the Design Professional will submit the reconciled estimate to the Owner. If the Design Professional and the Contractor are unable to reconcile discrepancies in their estimates, the Design Professional will agree with the Contractor as to a method of resolution.

Estimated Construction Cost. The Design Professional’s estimate of Construction Cost, which will be submitted during each of the three phases described in §3.2 through §3.4. Estimated Construction Cost will be audit- trackable to the previous estimate and contain a level of detail satisfactory to the Owner. All Estimated Construction Cost will have a reasonable basis and will be developed using the Design Professional’s best professional judgment. The Design Professional’s detailed documentation supporting each estimate will be submitted to the Owner’s Representative and the ContractorConstruction Manager. If Separate Design Packages are prepared, the Design Professional will develop Estimated Construction Cost during each of the design phases for each Separate Design Phase Package. If the Owner's Contractor Construction Manager also prepares comparable cost estimates and any one or more of those cost estimates differ from the Design Professional's in any material respect, the Design Professional agrees to work with the Contractor Construction Manager to promptly reconcile their respective estimates. Upon reconciliation, the Design Professional will submit the reconciled estimate to the Owner. If the Design Professional and the Contractor Construction Manager are unable to reconcile discrepancies in their estimates, the Design Professional will agree with the Contractor Construction Manager as to a method of resolution.