MATERIAL OR EQUIPMENT COST ESCALATION Sample Clauses

MATERIAL OR EQUIPMENT COST ESCALATION. If, during the performance of the contract, the price of material or equipment that is solely procured through the Owner Direct Purchase program, significantly increases, through no fault of the Construction Manager, the price may, at the sole discretion of the Owner, be equitably adjusted by an amount reasonably necessary to cover any such significant price increases. Such price increases will act as a pass-through price to the Owner and shall be documented through quotes, invoices, or receipts from the manufacturer documenting the original price quoted and the difference from the original price. Material and equipment escalation costs that may be passed through to the Owner are subject to the following: Only material and equipment purchased for the project through the Owner Direct Purchase program may be considered for material and equipment escalation costs. The Construction Manager shall ensure that all original subcontractor bids include the detail as to material and equipment costs. Escalation costs will not be considered by the Owner without sufficient verifiable documentation as to original material and equipment costs. The total amount that may be approved by the Owner for material and equipment escalation costs is $126,247.04 as outlined in the attached Heard Construction, Inc. proposal dated September 12, 2022. Approved material and equipment escalation costs shall not contain any fee mark- up from the Construction Manager or any subcontractors. Contingency shall not be used for material and equipment escalation costs. The material and equipment escalation allowance shall not be used for any other project expenses. The Construction Manager shall maintain a material and equipment escalation use log and shall create a material and equipment escalation use form for each intended use to be reviewed and signed by the Construction Manager and the Owner’s Assistant Superintendent for Facilities Services or Designee before the Owner issues the material or equipment purchase order. The material and equipment use form must be property executed and approved by the Construction Manager and the Owner before the Owner issues the material or equipment purchase order. The Construction Manager may not request consideration of material and equipment escalation after the Owner has issued the material or equipment purchase order. Use of the material and equipment escalation reserve shall be subject to audit by the Owner. Heard Construction, Inc. PO BOX 540218 MERRI...
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Related to MATERIAL OR EQUIPMENT COST ESCALATION

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