Common use of XXXX Contractor’s Fiduciary Responsibility to the Owner Clause in Contracts

XXXX Contractor’s Fiduciary Responsibility to the Owner. It is acknowledged and agreed by the Parties that the Owner has selected and engaged the XXXX contractor as an experienced and qualified professional manager of large construction projects where the XXXX contractor’s sole compensation for profit and overhead is payment of a fee, as described herein. In consideration of the payment of such fee by the Owner for the XXXX contractor’s professional services required by this Agreement, the XXXX contractor agrees to and assumes a fiduciary responsibility to the Owner for both Part A: pre-construction and Part B: construction services and warrants to the Owner that in performing its duties and responsibilities, it shall furnish its best skill and judgment to complete the Project in the most expeditious and economical manner consistent with the interests of the Owner.