Common use of Actual Costs Clause in Contracts

Actual Costs. For its services the CM/GC will be reimbursed for its actual wages, salaries and costs as permitted in Section 4, Part 4, not to exceed the prevailing wage rate or the reasonable salaries set forth in Exhibit J. Schedule of Values as a Comparison. Before the first Application for Payment, the CM/GC shall submit to the Program Manager or Owner through the Design Professional a Schedule of Values allocated to various portions of the Work, prepared in such form and supported by such data to substantiate its accuracy as the Owner may require. This Schedule of Values, unless objected to by the Owner, will be used as a basis for reviewing the CM/GC's Applications for Payment. Each Application for Payment will be reviewed for actual costs and also for consistency based on percentage completion of the Schedule of Values. The Schedule of Values will also be utilized in the event the Owner elects conversion to a Lump Sum Price pursuant to Article 3.3.6.