Owner’s Construction Contingency Clause Samples
Owner’s Construction Contingency. The following lump sum amount shall serve as the Owner’s Construction Contingency from which changes in the Work are to be paid in accordance with the General Conditions:
Owner’s Construction Contingency. This is a lump-sum amount from which contract changes may be funded in accordance with the UGC. Any unused amount will be deducted by the Owner from the Contract Sum by Change Order. DOLLARS ($ )
Owner’s Construction Contingency. The parties agree that the Owner’s Construction Contingency shall be as set forth in the GMP Amendment and shall reflect the Owner’s directed changes in the work which are not identified at the time the GMP is established. The Construction Manager shall not draw down the Owner’s Construction Contingency without Owner’s approval.
Owner’s Construction Contingency. The following lump sum amount shall serve as the Owner’s Construction Contingency from which changes in the Work are to be paid in accordance with the General Conditions:
2. Each party represents and warrants that it has due power and lawful authority to execute and deliver this Second Amendment and to perform its obligations under the Agreement; and, furthermore, the Agreement and this Second Amendment are the valid, binding and enforceable obligations of such party.
3. All other terms of the Agreement and any prior amendments thereto which have not been specifically amended herein shall remain the same and shall continue in full force and effect.
Owner’s Construction Contingency. 11.9.1 Owner’s Construction Contingency is a contingency fund created by Owner as part of the Contract Sum to cover the cost of unforeseen conditions that that develop during the Construction Phase. Expenditures from the Owner’s Construction Contingency must be approved in writing by the Owner by CEA.
11.9.2 The Owner’s Construction Contingency may not be used for Contractor rework, cost increases caused by lack of coordination or communication with the Project Architect or trade Subcontractors.
11.9.3 Proposals for expenditures from the Owner’s Construction Contingency must be requested by a Contingency Expenditure Proposal (CEP) and the CEP must conform to the same documentation requirements as are required for Change Order Proposals in Section 11.8.1.
11.9.4 For changes funded from Owner’s Construction Contingency, the Contractor shall not be entitled to any markup for overhead or profit, regardless of whether the work is self-performed or performed by subcontractors. For work performed by subcontractors and funded from the Owner’s Construction Contingency, the subcontractors will be allowed their actual costs for materials, the total amount of actual wages paid for labor, the total actual cost paid for state and federal payroll taxes and for Worker’s Compensation. To the total of the above costs, the subcontractor will be allowed to add a percentage as noted below to cover overhead and profit combined. Overhead shall be considered to include insurance, field and office supervisors and assistants, including safety and scheduling personnel, use of small tools, incidental job burdens and general Home Office expenses, all other general conditions/general requirements costs, and no separate allowance will be made therefor. Allowable percentages for overhead and profit on changes will not exceed 15 percent if the total cost of the work is less than or equal to $10,000, will not exceed 10 percent if the total cost of the work is between $10,000 and $20,000, and will not exceed 7.5 percent if the total cost of the work is over $20,000, for any specific change priced.
11.9.5 The determination of whether changes in the work are funded from the Owner’s Construction Contingency by a CEA or by Change Order will be at the Owner’s sole discretion.
11.9.6 The balance of any remaining Owner’s Construction Contingency funds belong to the Owner and shall be credited to the Owner at the end of the Project by deductive Change Order, including a credit for overhead and prof...
Owner’s Construction Contingency is a contingency fund created by Owner as part of the Contract Sum to cover the cost of unforeseen conditions that that develop during the Construction Phase which the Construction Manager could not have anticipated or discovered through the exercise of reasonable care during Pre-Construction Phase. Expenditures from the Owner’s Construction Contingency must be approved in writing by the Owner by CEA.