Owner’s Construction Budget. Owner's budgeted funds for construction of a Project per the Activation. The Owner's Construction Budget for each specific Activation includes all Construction Manager fees, costs of the work and the Owner's and Construction Manager's construction and interface contingencies as defined in Articles 8 and 9. This acknowledgment of the Owner's budgeted funds is not to be construed as the Construction Manager's Guaranteed Maximum Price. A Guaranteed Maximum Price will be offered by separate documentation as outlined in Article 7.
Owner’s Construction Budget. The Owner's funds budgeted and requested for construction of each individual project. The Owner's Construction Budget is $ including all Construction Manager fees, costs of the work and the Owner's and Construction Manager’ s construction and interface contingencies as defined in Articles 8 and 9. This acknowledgement of the Owner's budgeted funds is not to be construed as the Construction Manager's Guaranteed Maximum Price. A Guaranteed Maximum Price will be offered by separate documentation as outlined in Article 7.
Owner’s Construction Budget. Owner's budgeted funds for design and construction of a Project per the Activation.
Owner’s Construction Budget. (See also 1.
Owner’s Construction Budget. The Owner's Construction Budget is identified in Exhibit B, including all Construction Manager fees, costs of the Work and the Owner's and Construction Manager's construction and interface contingencies as defined in Articles 8 and 9. This acknowledgement of the Owner's budgeted funds is not to be construed as the Construction Manager's Guaranteed Maximum Price. A Guaranteed Maximum Price will be offered by separate documentation as outlined in Article 7.
Owner’s Construction Budget. A. Owner’s Advisor will establish an updated Owner’s Construction Budget (Budget) based on the XXXX’x procurement strategy which identifies Work Packages used to construct the Work. Owner’s Advisor, working with XXXX, will update this Budget with actual amounts for each line item as Work Authorization amounts identified in the updated Budget are determined.
B. Owner’s Advisor will revise the Budget to incorporate Change Orders or authorized allocation of contingency funds which change the funds available for Budget line items. When amounts for all Work Authorizations have been determined and the binding GMP is established for the Contract, the Budget must correlate to GMP line items, and the Budget must equal the GMP.
X. XXXX will identify variances between the budgeted amount and actual amounts as Work Authorization amounts are determined.
1. Positive variances are created when actual cost for a Work Authorization is less than the budgeted amount. Positive variances identify unused funds that can be used to offset negative variances.
2. Negative variances are created when actual cost for a Work Authorization is more than the budgeted amount. Negative variances identify where additional funds are needed. Unused funds from positive variances can be used to offset these negative variances.
3. Net variances for the Contract are used to determine the current status of the Owner’s Construction Budget.
a. A net positive variance for the Contract represents a savings to the Owner. A final Contract Amendment will be issued at the completion of the Contract (Final Payment) to adjust the GMP to the actual amount of Contract costs.
b. A net negative variance for the Contract represents the amount for which the XXXX is at risk, and no additional compensation will be made to the XXXX.
Owner’s Construction Budget. The Owner’s Construction Budget for the Project at the time this Agreement is executed is:
Owner’s Construction Budget. The Owner's Construction Budget is the amount budgeted for actual construction of the Project including connections to utilities but is exclusive of cost of land, furnishings, and professional fees. The Owner's Construction Budget will be the estimated amount shown in the written TA or CO for each Specific Designated Project.
Owner’s Construction Budget. For purpose of this Agreement, said term shall mean the sum total of all of the Owner's funds budgeted and requested for construction of the Project. The Owner's Construction Budget includes all Contractor fees, costs of the work, and Contractor's construction contingencies as defined in Articles 8 and 9. This acknowledgmentof the Owner's budgeted funds is not to be construed as the Contractor's Guaranteed Maximum Price. A Guaranteed Maximum Price will be by separate documentation as outlined in Article 7.
Owner’s Construction Budget. Owner's funds budgeted and requested for construction of the Project: The Owner's Construction Budget is estimated at (To Be Determined at GMP) including all Construction Manager fees, costs of the work and the Owner's and Construction Manager's construction and interface contingencies as defined in Articles 8 and 9. This acknowledgment of the Owner's budgeted funds is not to be construed as the Construction Manager's Guaranteed Maximum Price. A Guaranteed Maximum Price will be offered by separate documentation as outlined in Article 7.
