Preparation of Statements of Probable Construction Cost. All Statements of Probable Construction Cost required in this Contract shall be provided in the format shown in the CM/GC Forms Packet. All statements of Probable Construction Cost shall represent the facts existing as of the date of execution of the statement and shall represent the true state of the Design Professional's mind. Along with the Construction Documents, the Design Professional shall submit in writing to the Owner a Final Statement of Probable Construction Cost. The Design Professional shall keep the Owner informed of any adjustments to previous Statements of Probable Construction Cost necessitated by changes in scope, requirements, or market conditions. All Statements of Probable Construction Cost prepared by the Design Professional shall contain such provisions for inflation or deflation as may be reasonably anticipated within the construction industry. The inflation or deflation factor shall be applied based upon the anticipated start date of construction. In preparing all Statements of Probable Construction Cost, the Design Professional should consider, as a general reference, the information and matters required in ASTM Standard Practice E 1804-02, “Performing and Reporting Cost Analysis During the Design Phase of the Project,” August 2002.
Preparation of Statements of Probable Construction Cost. All Statements of Probable Construction Cost required in this Contract shall be provided in the format shown in Exhibit C-1. All statements of Probable Construction Cost shall represent the facts existing as of the date of execution of the statement and shall represent the true state of the Design Builder's mind. Along with the Construction Documents, the Design Builder shall submit in writing to the Owner a Final Statement of Probable Construction Cost. The Design Builder shall keep the Owner informed of any adjustments to previous Statements of Probable Construction Cost necessitated by changes in scope, requirements, or market conditions. All Statements of Probable Construction Cost prepared by the Design Builder shall contain such provisions for inflation or deflation as may be reasonably anticipated within the construction industry. The inflation or deflation factor shall be applied based upon the anticipated start date of construction. In preparing all Statements of Probable Construction Cost, the Design Builder should consider, as a general reference, the information and matters required in ASTM Standard Practice E 1804, “Performing and Reporting Cost Analysis During the Design Phase of the Project”.
