Examples of Stated Cost in a sentence
If the Stated Cost Limitation is (i) changed by the Owner, and (ii) the need for that change was not caused by the Design Professional, and (iii) the Design Professional has commenced design, as previously authorized by the Owner, and (iv) the SCL change causes a re-design or additional design, then the Design Professional may request an adjustment in compensation for the cost of redesign or additional design.
To the extent the Statement of Probable Construction Cost significantly deviates from the Stated Cost Limitation, the Design Professional shall discuss the deviations with the Owner and prepare and submit a plan to address the differences.
In the event that the Statement of Probable Construction Cost of the work exceeds the Stated Cost Limitation stated in the Contract, the Owner, at its discretion, may modify the Owner’s requirements sufficiently to permit balancing the Statement of Probable Construction Cost with the Stated Cost Limitation.
It shall be the responsibility of the Design Professional to design the Project so that the lowest responsive and responsible bid will not exceed the Stated Cost Limitation.
See Subparagraph 2.1.1.4.2 for details and effect of the Stated Cost Limitation.