Architect Estimate Clause Samples
The 'Architect Estimate' clause defines the process by which the architect provides a formal assessment of the anticipated costs for a construction project. Typically, this estimate is prepared based on the project's design documents, specifications, and current market rates for labor and materials. The architect's estimate serves as a reference point for budgeting, evaluating contractor bids, and managing financial expectations throughout the project. Its core function is to establish a reliable cost benchmark, helping owners and stakeholders make informed decisions and avoid unexpected expenses.
Architect Estimate. At such time as the Architect achieves fifty percent (50%) completion of the Working Drawings, the Architect shall prepare a detailed Construction Cost Estimate for the Work depicted in the fifty percent (50%) completed Working Drawings (“the 50% Estimate”). If the 50% Estimate exceeds the Construction Budget, the Architect shall revise the Working Drawings as necessary so that the 50% Estimate conforms with the Construction Budget for the Project. Revisions of the Working Drawings pursuant to the foregoing shall be without adjustment to the Contract Price hereunder unless the District shall have directed modifications or inclusions to the scope of the Project or component parts thereof which cause the Construction Budget for the Project to be exceeded.