Common use of Value Engineering Memorandum Clause in Contracts

Value Engineering Memorandum. To the extent that the Schematic Design Budget Estimate exceeds the available funding or the A/E believes that there a value engineering ideas that could materially reduce the Project’s overall cost without adversely impacting the Project’s intended functionality, the A/E shall prepare and submit a memorandum that outlines potential value engineering ideas. Such memorandum shall be submitted to the Department no later than one (1) week after the submission of the Schematic Design Budget Estimate. The A/E shall meet with the Department as necessary to reach agreement on which, if any, of the value engineering options should be pursued. To the extent the Department directs the A/E to proceed with one or more of the value engineering options, the A/E shall revise its Schematic Design Budget Estimate to reflect the inclusion of such items, and to the extent requested by the Department, the schematic design shall also be revised to reflect such approved value engineering.

Value Engineering Memorandum. To the extent that the cost estimate developed during the Schematic Design Budget Estimate exceeds the available funding or the A/E believes that there a value engineering ideas that could materially reduce the Project’s overall cost without adversely impacting the Project’s intended functionality, the A/E shall prepare and submit a memorandum that outlines potential value engineering ideas. Such memorandum shall be submitted to the Department no later than one (1) week after the submission of the Schematic Design Budget Estimatecost estimate. The A/E shall meet with the Department as necessary to reach agreement on which, if any, of the value engineering options should be pursued. To the extent the Department directs the A/E to proceed with one or more of the value engineering options, the A/E shall revise its Schematic Design Budget Estimate cost estimate to reflect the inclusion of such items, and to the extent requested by the Department, the schematic design shall also be revised to reflect such approved value engineering.