Owner’s Project Contingency. The GMP will include an agreed upon sum as the Owner’s project contingency as outlined in Article 8, Paragraph 8.9, which is included for the purpose of defraying the expenses due to unforeseen circumstances relating to construction. The Contractor will be required to furnish documentation evidencing expenditures charged to this contingency prior to the release of funds by the Owner. Documentation for use of the Owner’s project Contingency shall be determined by the Construction Team, included in the Project Manual and displayed monthly in the Project Management Information System (PMIS) report. The Architect shall verify the actual costs. If bids are received below the anticipated line items in the GMP, the surplus will be added to the contingency. Expenditures charged to the contingency shall have signed authorization by the Owner’s representative prior to the expenditure being made.
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