Common use of Preliminary Cost Estimates Clause in Contracts

Preliminary Cost Estimates. Within thirty (30) days of receipt of the Owner’s Notice to Proceed with Part A: pre-construction services, the XXXX contractor shall prepare for the review and approval of the Owner and Designer a control estimate of Project costs, utilizing quantity survey, unit cost, volume, or other appropriate cost estimating techniques. The XXXX contractor’s control estimate(s) shall be based on the most current plans and specifications for each phase of the Project. Allowances and estimates may be included within the control estimate for elements of the Work for which the design is yet to be completed. The cost estimate reports shall be completed at the one-hundred percent (100%) completion of Schematic Design phase, one-hundred percent (100%) completion of Design Development phase, and ninety percent (90%) completion of the Construction Documents phase of design. The GMP Proposal shall be due no later than ninety percent (90%) completion of the Construction Documents phase of design.