Common use of THE CONSTRUCTION CONTINGENCY Clause in Contracts

THE CONSTRUCTION CONTINGENCY. An agreed upon sum included in the GMP for the purpose of defraying the CONTRACTOR’s actual approved expenditures for changes requested by the CITY in the 90 percent Construction Documents or Specifications. Any costs to be applied against the contingency must first be approved by the CITY in writing. The CONTRACTOR will be required to furnish documentation evidencing the expenditures charged to this Contingency prior to release of funds by the CITY. At Final Completion of the Project, any remaining monies in the Construction Contingency shall vest in the CITY. The Guaranteed Maximum Price shall be reduced in the amount of the Construction Contingency remaining monies, if any.

THE CONSTRUCTION CONTINGENCY. An agreed upon sum included in the GMP CONTRACT DOCUMENTS for the purpose of defraying the CONTRACTOR’s actual approved expenditures for changes requested by the CITY in the 90 percent Construction Documents or SpecificationsCITY. Any costs to be applied against the contingency must first be approved by the CITY in writing. The CONTRACTOR will be required to furnish documentation evidencing the expenditures charged to this Contingency prior to release of funds by the CITY. At Final Completion of the Project, any remaining monies in the Construction Contingency shall vest in the CITY. The Guaranteed Maximum Contract Price shall be reduced in the amount of the Construction Contingency remaining monies, if any.

THE CONSTRUCTION CONTINGENCY. An agreed upon sum included in the GMP for the purpose of defraying the CONTRACTORConstruction Manager’s actual approved expenditures for changes requested by the CITY in the 90 percent Construction Documents or Specifications. Any costs to be applied against the contingency must first be approved by the CITY in writing. The CONTRACTOR Construction Manager will be required to furnish documentation evidencing the expenditures charged to this Contingency prior to release of funds by the CITY. At Final Completion of the Project, any remaining monies in the Construction Contingency shall vest in the CITY. The Guaranteed Maximum Price shall be reduced in the amount of the Construction Contingency remaining monies, if any.