Common use of Savings Credited to Owner Clause in Contracts

Savings Credited to Owner. If the allowable, final, verified, audited amount of the cost of General Conditions, Cost of the Work, Allowance items and CM’s Contingency is less than the amount established for each of those categories in the originally approved Guaranteed Maximum Price Proposal, the entire difference shall be credited to the Owner as savings and the final contract amount shall be adjusted accordingly. When buyout of the Project is at least 85% complete, the Owner may recognize any savings achieved to that point by issuing a deductive change order for the saved amount.