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 GMP 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 eighty-five percent (85%) complete, the Owner may recognize any savings achieved to that point by issuing a deductive change order for the saved amount.

Savings Credited to Owner. If the allowable, final, verified, audited amount of the cost of General Conditions, Cost of the Work, Allowance items and CMDesign/Build Contractor’s Contingency is less than the amount established for each of those categories in the originally approved GMP proposalProposal, 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 eighty-eighty five percent (85%) complete, the Owner may recognize any savings achieved to that point by issuing a deductive change order for the saved amount.