Construction Contingency definition

Construction Contingency means an amount included in the GMP Amendment to cover any shortfalls in the scope of work as it was known at the time of the GMP Proposal execution.

Construction Contingency shall have the meaning given in the Agreement.

Construction Contingency means separately identifiable contingency funds included in a Pricing Amendment as set forth in Section 7.4 of this Agreement.

Examples of Construction Contingency in a sentence

• SLWD will be required to furnish documentation reasonably evidencing expenditures charged to the Construction Contingency prior to the release of funds by the City.

• If SLWD’s Contractor’s Trade Subcontracts are executed below the applicable line items in the GMP (e.g. buyout savings), the surplus will be added to the Construction Contingency.

• SLWD will develop and provide to the City a GMP which will include all construction costs, and all other projected costs including without limitation the Contractor’s Fees, the Construction Contingency, the City’s Contingency, Direct Purchases, General Conditions allowance, each anticipated Trade Contractor amount, reimbursable costs including on-site field staff, and all Project related costs (i.e., bonds, insurance, personnel, payroll benefit, etc.).

• Documentation for use of the Construction Contingency shall be reasonably determined by the City.

• If a deficiency remains, it may be taken from the Construction Contingency, however such events shall not be cause to increase the GMP.

More Definitions of Construction Contingency

Construction Contingency means separately identifiable contingency funds included in a GMP as set forth in Section 7.8 of this Agreement.

Construction Contingency means that part of the Contract Price the Contractor may use during the Construction Phase as provided in these General Conditions at Section 7.10, to cover legitimate unforeseen construction expenses, or expenses otherwise agreed by Owner and Contractor, subject to Owner’s approval, after Contract Price has been accepted. Contingency may not be used to cover the cost of any work on the Project after issuance of the Certificate of Final Completion.

Construction Contingency means that portion of the Construction Cost reserved to cover increased or added costs resulting from circumstances that may not be completely predictable or foreseeable at the time that the Guaranteed Maximum Price (GMP) estimate is established but that can reasonably be assumed to be included within the scope of work for the Project and presumed to have been included in but was omitted from the GMP estimate. Examples of circumstances that may give rise to the use of Construction Contingency include but are not limited to: (1) Utility coordination by the Contractor or a subcontractor at any tier. (2) Purchasing, estimating, and scheduling difficulties (e.g., Changes in local material or labor market conditions at time of bidding; or, items that were missed in the final GMP estimate but that are required expressly or by necessary implication by the contract documents for a complete Project; or, buyout overruns that significantly exceed the GMP estimate for the trade line(s) involved). (3) Detail refinement (i.e., minor items or material selections required to complete a detail that may have not been fully developed in the design documents or that were familiar to the Contractor from their work on previous Princeton University Projects). (4) The reprocurement of the services of a subcontractor at any tier due to termination for any reason, excluding any reprocurement costs that would be covered by Subcontractor Default Insurance (SDI) if included in this contract and any legal costs which are unallowable. The above list is meant to be illustrative and Princeton University, in its discretion, may determine that there are other circumstances that meet the general definition for use of Construction Contingency; however, the Construction Contingency is not intended to fund additional scope or to fund additional cost of allowances beyond the dollar values included in the GMP (except as described in Article IV(c)(3) of the GMP Contract).

Construction Contingency means funding identified to address unanticipated or unknown costs identified subsequent to the proposal or bidding process to achieve the Work. Construction Contingency is not a bidding contingency.

Construction Contingency means the line item included by the CM in the GMP and the Schedule of Values that is available to cover the net amount of any additional costs resulting from unforeseen conditions and events not evidenced at the time that the CM awards a Subcontract or the parties execute the GMP Amendment, as applicable, to the extent that such conditions or events do not result in or constitute significant owner-requested Changes in the Work.

Construction Contingency means the amount agreed upon in the GMP Amendment, and adjusted as set forth in Section 8.2, to cover costs that are properly reimbursable as Costs of the Work but not the basis for a Change Order.

Construction Contingency means an amount available for use by Construction Manager, subject to Owner’s prior written approval, to cover certain unanticipated costs as more fully described in Section 10.4.