Common use of Monitoring Project Costs and Review of Schedule of Values Clause in Contracts

Monitoring Project Costs and Review of Schedule of Values. Contractor shall provide regular monitoring of the Project Budget, showing actual costs for activities in progress and estimates for uncompleted tasks for each phase of the Project. Contractor shall identify variances between actual and budgeted or estimated costs and advise District and the Architect whenever the actual costs for activities in progress and estimates for uncompleted tasks exceed the Project Budget and/or the Guaranteed Maximum Price. Contractor shall review and approve each Trade Contractor’s schedule of values for each of the activities included in that Trade Contractor’s schedule of values prior to submission of each month’s payment application to the District.

Monitoring Project Costs and Review of Schedule of Values. Contractor Construction Manager shall provide regular monitoring of the Project Budget, showing actual costs for activities in progress and estimates for uncompleted tasks for each phase of the Project. Contractor Construction Manager shall identify variances between actual and budgeted or estimated costs and advise District and the Architect whenever the actual costs for activities in progress and estimates for uncompleted tasks exceed the Project Budget and/or the Guaranteed Maximum PricePrice as defined under Article 3. Contractor Construction Manager shall review and approve each Trade Contractor’s schedule of values for each of the activities included in that Trade Contractor’s schedule of values prior to submission of each month’s payment application to the District.