Bidding Contingency definition

Bidding Contingency means the funding amount identified by the Owner and design professionals within the Anticipated Hard Bid to accommodate market variances or estimating errors.
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Bidding Contingency. , or “CMAR Contingency” means that part of the Guaranteed Maximum Price (GMP) the CMAR may use during the Bidding or Construction Phase as provided in these General Conditions at 7.11, to cover any excess of the amount bid by a subcontractor over the amount for that Work in the GMP, or to cover legitimate unforeseen construction expenses once construction begins. Contingency may not be used to cover the cost of any Work on the Project after issuance of the Certificate of Final Completion.
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Examples of Bidding Contingency in a sentence

  • The Bidding Contingency, upon approval of the Owner, shall be for the CM@Risk’s use and shall be increased by amounts not expended on other line item bid packages and shall decrease by additional amounts required to be expended on other line item bid packages.

  • If the award cost exceeds the CM@Risk’s estimated cost in the GMP, any necessary portion of the Bidding Contingency shall be applied, subject to Owner’s approval, to cover any overrun and any underrun amount shall be used to increase the Bidding Contingency.

  • The Bidding Contingency for all phases of Work shall not exceed the agreed percentage as stated in Section 7.11.2 of the “Exhibit A – CM@Risk General Conditions”.

  • If the award cost exceeds Design-Builder’s estimated cost in the GMP, any necessary portion of the Bidding Contingency shall be applied, subject to Owner’s approval, to cover any overrun and any underrun amount shall be used to increase the Bidding Contingency.

  • If the award cost exceeds the CM@Risk’s estimated cost in the GMP, any necessary portion of the Bidding Contingency identified in Section 7.11.2 above shall be applied, subject to Owner’s approval, to cover any overrun and any underrun amount shall be used to increase the Bidding Contingency.

  • This Bidding Contingency will be reconciled at the time of completion of each Phase, or at any time deemed necessary by the Owner, at sole discretion of the Owner.

  • The Bidding Contingency, upon approval of the Owner, shall be for Design-Builder’s use and shall be increased by amounts not expended on other line item bid packages and shall decrease by additional amounts required to be expended on other line item bid packages.

  • The Contractor’s Bidding Contingency shall be allocated between the number of Bid Packages identified in Section 1.11, as may be modified pursuant to Sections 3.1.9.2.1 and 3.

  • A Budget shall not include any cost included in Contractor’s Construction Phase Services Fee, Contractor’s Fixed Construction Supervision Compensation, Contractor’s Fixed General Condition’s Compensation, Contractor’s Bidding Contingency and/or Contractor’s Construction Contingency.

  • Notwithstanding anything in Section 7.1.7 of the General Conditions or other Contract Documents to the contrary, an Allowance shall not include any cost included in Contractor’s Construction Phase Services Fee, Contractor’s Fixed Construction Supervision Compensation, Contractor’s Fixed General Condition’s Compensation, Contractor’s Bidding Contingency and/or Contractor’s Construction Contingency.