Monitoring of Construction Costs. CM will monitor on-going Construction Costs and advise the DISTRICT of the financial condition of the PROJECT by: (a) development of PROJECT financial reports to the DISTRICT, including those reflecting variations between actual Construction Costs and the Construction Budget and estimated costs of unperformed PROJECT activities; (b) maintaining records reflecting the actual costs for activities completed or in progress, including records relating to work performed on a unit costs basis and additional work performed by the Contractor; (c) monitoring and advising the DISTRICT of costs pertaining to potential, pending and completed changes to the work of the Contractor; and (d) advising and making written recommendations to the DISTRICT for adjustments to the Construction Budget relative to actual or anticipated Construction Costs. The CM shall prepare and submit cost reports to the DISTRICT on a monthly basis. The extent of detail and the nature of the format of such reports, the information compiled by the CM and reports generated by the CM shall specifically indicate the original amount of the Contract, the extent of adjustment to the Contract by DISTRICT approved Change Orders or approvals to allowance expenditures and the extent of potential further adjustment of the Contract as of the date of the CM’s report based upon potential changes known at the time of the CM’s preparation of the cost report. The format for such reports must be pre-approved in writing by the DISTRICT.
Monitoring of Construction Costs. Contractor(s)
Monitoring of Construction Costs. CM will monitor on-going Construction Costs and advise the Owner of the financial condition of the Project by: (a) development of Project cash flow reports, forecasts and other financial reports to the Owner, including those reflecting variations between actual Construction Costs and the Construction Budget and estimated costs of unperformed District Project activities; (b) maintaining records reflecting the actual costs for activities completed or in progress, including records relating to work performed on a unit cost basis and additional work performed by the Trade Contractors on a time and materials basis; (c) monitor and advise the Owner of costs pertaining to potential, pending and completed changes to any Trade Contract; and
Monitoring of Construction Costs. CM will monitor on-going Construction Costs and advise the Owner of the financial condition of the Project by: (a) development of Project cash flow reports, forecasts and other financial reports to the Owner, including those reflecting variations between actual Construction Costs and the Project Budget and estimated costs of unperformed Project activities; (b) maintaining records reflecting the actual costs for activities completed or in progress, including records relating to work performed on a unit cost basis and additional work performed by the Trade Contractors on a time and materials basis; (c) monitor and advise the Owner of costs pertaining to potential, pending and completed changes to any Trade Contract; and (d) advising and making recommendations to the Owner for adjustments to the Project Budget relative to actual or anticipated Construction Costs. The CM shall prepare and submit cost reports (which summarize and present in a logical format the information derived from (a) through (d) above, to the Owner’s Representatives on a monthly basis; provided that if the Owner’s Representatives reasonably determines that more frequent cost reports are required, the CM shall comply with the directive(s) of the Owner’s Representatives. The information compiled by the CM and reports generated by the CM relating to Construction Costs shall be in such detail and format as required by the Owner’s Representatives. In addition the extent of detail and the nature of the format of such reports, the information compiled by the CM and reports generated by the CM shall specifically indicate the original Contract Price of each Trade Contract, the extent of adjustment to the original Contract Price for each Trade Contract by Owner approved Change Orders and the extent of potential further adjustment to the original Contract Price of each Trade Contract as of the date of the CM’s report based upon the Change(s) or potential Change(s) known to the CM at the time of the CM’s preparation of a cost report for a Trade Contract. CM shall submit written reports to Owner once a month which summarize and track construction costs.
