Estimates of Cost Sample Clauses
The "Estimates of Cost" clause defines how projected expenses for a project or service are calculated and communicated between parties. Typically, this clause outlines the process for preparing, submitting, and possibly revising cost estimates, and may specify whether these estimates are binding or subject to change. For example, it might require the contractor to provide a detailed breakdown of anticipated costs before work begins, and to update the estimate if circumstances change. The core function of this clause is to set expectations and provide transparency regarding financial commitments, helping both parties manage budget risks and avoid disputes over unforeseen expenses.
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Estimates of Cost. Since ENGINEER has no control over the cost of labor, materials or equipment or over Contractor(s)' methods of determining prices, or over competitive bidding or market conditions, its estimate of probable project costs provided for herein are to be made on the basis of its experience and qualifications and represent its professional judgment as a design professional familiar with the construction industry, but ENGINEER cannot and does not guarantee that proposals, bids or the project costs will not vary from its estimate of probable costs. If, prior to the Bidding or Negotiating Phase, CLIENT wishes greater assurance as to the project costs, CLIENT shall employ an independent cost estimator. Engineering services to modify the Contract Documents to bring the project costs within any limitation established by CLIENT will be considered Additional Services and paid for as such by CLIENT. The construction cost of the entire Project (herein referred to as "Construction Cost") means the total cost to construct the project including furnishing and installing all equipment and materials, but it will not include ENGINEER's compensation and expenses, the cost of land, right-of-way, or compensation for or damages to properties unless this Agreement so specifies, nor will it include CLIENT's legal, accounting, insurance counseling or auditing services, or interest and financing charges incurred in connection with the Project.
Estimates of Cost. The Engineers shall prepare an Engineers' Estimate of Cost for the improvements to be constructed under the Project. The Engineers' Estimate of Cost is intended for the use of the Owner in financing the Project. The Engineers shall not be responsible if the contract(s) awarded for construction of the Project vary from the Engineers' Estimate of Cost.