Fixed Limit Cost of Construction definition

Fixed Limit Cost of Construction means the total cost budgeted by the Owner for those portions of the entire Project to be designed or specified by the Design Professional. Fixed Limit Cost of Construction does not include the Design Professional’s compensation or expenses, or the Construction Manager’s compensation or expenses for pre-construction services, the Owner’s expenses associated with the Project or the cost of other services to be provided by others to the Owner. Fixed Limit Cost of Construction does include the Construction Manager's Fee and Construction Manager’s compensation or expenses for construction services and a reasonable allowance for contingencies for market conditions at the time of bidding and for changes in the Work during construction.
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Fixed Limit Cost of Construction means the total cost budgeted by the Owner for those portions of the entire Project to be designed or specified by the Design Professional. Fixed Limit Cost of Construction does not include the Design Professional’s compensation or expenses, Constructor’s compensation or expenses for pre-construction services, the Owner’s expenses associated with the Project or the cost of other services to be provided by others to the Owner.
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Examples of Fixed Limit Cost of Construction in a sentence

  • If any estimate submitted to the Owner exceeds previously approved estimates or the Owner’s Fixed Limit Cost of Construction, the Construction Manager shall notify and make recommendations to the Owner in writing.

  • The Contractor shall provide a full construction estimate of design development prior to issuance of final construction documents to assist the Owner and Design Consultant in maintaining the cost of construction within the Fixed Limit Cost of Construction (FLCC) and the duration of the construction within the project’s schedule.

  • EMD of unsuccess ful bidders shall be returned after the tender is awarded and accepted by the successful bidder.

Related to Fixed Limit Cost of Construction

  • New construction means, for the purposes of determining insurance rates, structures for which the "start of construction" commenced on or after the effective date of an initial FIRM or after December 31, 1974, whichever is later, and includes any subsequent improvements to such structures. For floodplain management purposes, "new construction" means structures for which the "start of construction" commenced on or after the effective date of the floodplain management regulations adopted by a community and includes any subsequent improvements to such structures.

  • Completion of Construction means the date, as determined by the Division after consultation with the Recipient, that the work of building and erection of the Project is substantially complete.

  • Commenced Construction means (a) all of the following site preparation work is completed: ingress and egress routes exist; the site on which the Project will be located is cleared and graded; there is power service to the site; footings are prepared; and foundations have been poured consistent with purchased equipment specifications and project design; or (b) the following financial commitments have been made: (i) (A) an engineering, procurement, and construction contract (“EPC”) has been executed by all parties and is effective; or (B) contracts (collectively, “EPC Equivalents”) for all of the following have been executed by all parties and is effective: (1) project engineering, (2) procurement of all major equipment, and (3) construction of the Project, and (ii) the cumulative payments made by the Developer under the EPC or EPC Equivalents to the counterparties to those respective agreements is equal to at least thirty (30) percent of the total costs of the EPC or EPC Equivalents.

  • Acquisition and Construction Fund means the fund so designated in, and created pursuant to, Section 502 hereof.

  • Land disturbing construction activity means any man-made alteration of the land surface resulting in a change in the topography or existing vegetative or non-vegetative soil cover, that may result in runoff and lead to an increase in soil erosion and movement of sediment into waters of the state. Land disturbing construction activity includes clearing and grubbing, demolition, excavating, pit trench dewatering, filling and grading activities.

  • Indirect Cost Rate means a device for determining in a reasonable manner the proportion of indirect costs each Program should bear. It is a ratio (expressed as a percentage) of the Indirect Costs to a Direct Cost base. If reimbursement of Indirect Costs is allowable under an Award, Grantor will not reimburse those Indirect Costs unless Grantee has established an Indirect Cost Rate covering the applicable activities and period of time, unless Indirect Costs are reimbursed at a fixed rate.