Common use of Owner’s Option Clause in Contracts

Owner’s Option. At Owner’s sole option at or after completion of 95% of Construction Documents, Owner may request CM/GC to propose a Lump Sum Price to replace the GMP for full and final completion of the Project. Owner may, in its sole discretion, accept such Lump Sum Price, reject such Lump Sum Price, or enter into negotiations with CM/GC to reach a mutually agreeable Lump Sum Price. The cost of preparation of the Lump Sum Price Proposal may be paid from the Construction Contingency. Upon agreement as to the Lump Sum Price, the change shall be effected by a Lump Sum Price Change Order.

Owner’s Option. At Owner’s Owner‟s sole option at or after completion of 95% of Construction Documents, Owner may request CM/GC to propose a Lump Sum Price to replace the GMP for full and final completion of the Project. Owner may, in its sole discretion, accept such Lump Sum Price, reject such Lump Sum Price, or enter into negotiations with CM/GC to reach a mutually agreeable Lump Sum Price. The cost of preparation of the Lump Sum Price Proposal may be paid from the Construction Contingency. Upon agreement as to the Lump Sum Price, the change shall be effected by a Lump Sum Price Change Order.