Estimated Contract Price definition
Examples of Estimated Contract Price in a sentence
Adjustments to the Estimated Contract Price shall compensate the Company for any costs or expenses the Company reasonably incurs as a result of the interruption, suspension or delay.
As a precondition to the Company resuming Work, the estimated schedule and Estimated Contract Price as determined under the Agreement shall be revised as mutually agreed by the Parties to compensate for the interruption, suspension or delay.
Design Professional shall promptly (and in no event later than finalization and publication of the request for bids, request for proposals, or request for statements of qualifications, for the construction of the Project) advise the City Project Manager in writing as soon as Design Professional believes, or should realize that the design for the Project will likely cause the Estimated Contract Price to be exceeded.
In the event that any such Subcontractor’s actual quote or estimate is over ten percent (10%) in excess of the budgeted amount under the Estimated Contract Price, and if such excess can be feasibly reduced by re-engineering to improve the constructability of the feature, then such re-engineering to reasonably improve constructability will be performed by EPC Contractor for no additional engineering cost to Owner.
Any adjustment to the Estimated Contract Price shall be recorded in a Change Order.