Provide Budget. Prior to the commencement of the Work under a Component Change Order and in the GMP Change Order, The CM/GC shall provide or update the Construction Budget to the Owner and Design Professional, including therein as a line item the estimated cost for each discrete cost of the Work within the Change Order Sum or the Guaranteed Maximum Price, as the case may be. The CM/GC shall revise and refine the Construction Budget at appropriate intervals as required by the conditions of the Work and present the revisions to the Owner. As the projected cost of the Work becomes more determinable; the CM/GC shall incorporate approved changes as they occur; shall develop cash flow reports and forecasts; shall identify variances between actual and budgeted costs and shall advise the Owner and Design Professional promptly whenever projected costs exceed or may exceed the budgeted cost. The Construction Budget, as revised thereafter, is regularly updated and provided by the CM/GC to the Owner and Design Professional for the purpose of permitting the Owner to monitor the progress of the Work and to establish the bases on which claims or requests by the CM/GC, or other matters, may be evaluated. The CM/GC does not guarantee any line item cost stated in the Construction Budget and shall not be bound by the estimated line item amounts stated in the Construction Budget, but shall be bound by the GMP.
Provide Budget. Prior to the commencement of the Work under a Construction Order and in the GMP Change Order, the CMR shall document the costs associated with the Construction Order or any GMP Change Order in a document which shall be referred to as the “Construction Budget.” This Construction Budget shall be provided to the Board and Design Professional, including therein as a line item, the estimated cost for each discrete cost of the Work within the Construction Order Sum or the Guaranteed Maximum Price, as the case may be. As the projected cost of the Work becomes more determinable; the CMR shall document approved changes as they occur; shall develop cash flow reports and forecasts; shall identify variances between actual and budgeted costs and shall advise the Board and Design Professional promptly whenever projected costs exceed or may exceed the budgeted cost. The Construction Budget, as revised thereafter, is regularly updated and provided by the CMR to the Board and Design Professional for the purpose of permitting the Board to monitor the progress of the Work and to establish the bases on which claims or requests by the CMR, or other matters, may be evaluated. The foregoing provision does not authorize the CMR to unilaterally approve Construction Orders, Change Orders, or any changes to GMP. All Construction Orders, Change Orders, and GMP Change Orders must be approved pursuant to Board Policy FGG, which may be periodically revised by the Owner’s governing body, the elected School Board. Current policy FGG reads as follows: Construction Manager at Risk (CMR) contracts are Cost Plus Fee Contracts issued with a fixed Guaranteed Maximum Price (GMP). This sets a maximum overall price for the project. A Component Change Order (CCO) is used to authorize the commencement of construction or procurement of any component of the project for which the Board has approved Component Construction Documents. A CCO does not necessarily change the overall amount of a contract, but it may. The GMP shall be established by the GMP Change Order(s), which will include all previously approved CCOs, and is determined at the completion of the final construction documents. All change orders, including Component Change Orders, must be reviewed by the project Architect/Engineer, appropriate District and Program Management staff as designated by the Superintendent before being recommended for further approval. The Superintendent is delegated authority to approve and sign Change Orders which w...
Provide Budget. Provide prior to the commencement of the Work under a Component Change Order, and in the GMP Change Order, a Construction Budget including therein as a line item the estimated cost for each discrete cost of the Work within the Change Order Sum or the Guaranteed Maximum Price, as the case may be; revise and refine the Construction Budget at appropriate intervals as required by the conditions of the Work and as the projected cost of the Work become more determinable; incorporate approved changes as they occur; develop cash flow reports and forecasts as needed; identify variances between actual and budgeted costs and advise the Owner and the Architect promptly whenever projected costs exceed or may exceed the budgeted cost. The Construction Budget, as revised thereafter, is provided by the Construction Manager for the purpose of permitting the Owner to monitor the progress of the Work and to establish the bases on which claims or requests by Construction Manager or other matters may be evaluated. The Construction Manager does not guarantee any line item cost stated in the Construction Budget and shall not be bound by the estimated line item amounts stated in the Construction Budget, except to the extent the Construction Budget, is used for the purposes stated in the various Articles and Paragraphs of the Agreement.
