Common use of Innovation and Added Value Incentive Program Clause in Contracts

Innovation and Added Value Incentive Program. Owner wants to encourage innovation and to increase Project value without exceeding either (i) the Owner's Budget or (ii) the Target Cost. If savings are generated during the Design/Preconstruction Phase by reducing the estimated cost of the Base Program below the Owner's Budget and the Target Cost, the PMT will recommend including Added Value Incentive Items to the Base Program and the ICL will be adjusted in accordance with Section 9.8. The initial list of Added Value Incentive Items will be included by Amendment as Exhibit B-3. Owner may update the list of potential Added Value Incentive Items that it would favorably consider, and the PMT may recommend other items or innovations that Owner, in its sole discretion, may choose to have added to the Base Program as Added Value Incentive Items.

Innovation and Added Value Incentive Program. Owner wants to encourage innovation and to increase Project value without exceeding either (i) the Owner's Budget or (ii) the Base Target Cost. If savings are generated during the Design/Preconstruction Phase by reducing the estimated cost of the Base Program below the Owner's Budget and the Base Target Cost, the PMT will recommend including Added Value Incentive Items to the Base Program and the ICL will be adjusted in accordance with Section 9.88.8. The initial list of Added Value Incentive Items will be included by Amendment as Exhibit B-3. Owner may update the list of potential Added Value Incentive Items that it would favorably consider, and the PMT may recommend other items or innovations that Owner, in its sole discretion, may choose to have added to the Base Program as Added Value Incentive Items.

Innovation and Added Value Incentive Program. Owner wants to encourage innovation and to increase Project value without exceeding either (i) the Owner's Budget or (ii) the Target Cost. If savings are generated during the Design/Preconstruction Phase by reducing the estimated cost of the Base Program below the Owner's Budget and the Target Cost, the PMT will recommend including Added Value Incentive Items to the Base Program and the ICL will be adjusted in accordance with Section 9.8. The initial list of Added Value Incentive Items will be included by Amendment attached to the Agreement as Exhibit B-3. Owner may update the list of potential Added Value Incentive Items that it would favorably consider, and the PMT may recommend other items or innovations that Owner, in its sole discretion, may choose to have added to the Base Program as Added Value Incentive Items.