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

• Costs of such acceleration may be funded, with Owner’s prior written approval, from any available Construction Contingency, if not recoverable from Subcontractors.

• If the total of Subcontract Losses applicable to a GMP Amendment exceeds the balance of the Construction Contingency for that GMP Amendment, the excess Subcontract Losses shall be payable from Construction Manager’s Fee.

• The Schedule of Values shall demonstrate reasonable, identifiable, and measurable components of the Work, as separate line items for each major item of Work, general conditions work, Fee, and Construction Contingency, among other items as Owner Parties may reasonably require, all of which shall be supported by data to substantiate its accuracy.

• Subject to the GMP Amendments Total, “Construction Manager’s Fee” shall be [three and one-half percent (3.5%)] of the Cost of the Work, not including any Construction Contingency funds and not including insurance deductibles.

• In no event shall Construction Contingency funds be used to pay Liquidated Damages.

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:

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 contingency fund to be established in accordance with, and governed by, Section IX.D(1) of this Agreement.

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.