Buyout Log Clause Samples
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Buyout Log. This is a log that will show all material vendors/suppliers to be used for any particular scope of work. This log will help track the status of all materials that could be important to the overall project schedule. This log will show the suppliers’ company name, the P.O. #, the date of release, the material need date, the lead time and finally the scheduled delivery date to the site. The Buyout Log is to be submitted to the Architect and Owner for review and approval no later than fifteen (15) calendar days after the Contractor receives a notice to proceed from the Owner. The Architect and Owner shall review within five (5) calendar days and return for modification or record. Any changes needed shall be made and a final version sent by the Contractor to the Architect and Owner for final approval within five (5) calendar days from receipt. The information provided shall be used to establish the submittal schedule for the project.
Buyout Log. This log will show all material suppliers to be used for each scope of work. This log will help track procurement status of any and all materials that could impact the overall project schedule. The Buyout Log shall incorporate all major Subcontractor procurement items as well as material procured by the Construction Manager. This log will, at a minimum, include the name of the company procuring the material (Construction Manager or Subcontractor), the vendor/supplier’s company name, the PO#, the date of release, the material need date, the lead time, scheduled delivery date to the site, and actual delivery date. The Buyout Log shall be submitted to the PM for review and approval no later than fifteen (15) calendar days after the Construction Manager receives a notice to proceed from the Owner. The PM shall review within five (5) calendar days and return for modification or record. Any changes needed shall be made and a final version sent by the GC to the PM for final approval within five (5) calendar days from receipt. The information provided shall be used to establish the submittal schedule for the project. If a change to any Subcontractors and suppliers is requested by the Owner, then Construction Manager will be allowed to modify the GMP to update those modified subcontractor’s bids.
Buyout Log. Borrower shall deliver an updated copy of the Buyout Log to the Lender.