Calculation Methods Audits Clause Samples

Calculation Methods Audits. 1. The Town and the Contractor understand and agree that any GMP agreed to under this Project will be administered as a measured quantity/unit price guaranteed not-to-exceed contract. This not-to-exceed amount is defined by the individual work items and their associated competitively bid and/or negotiated unit prices plus negotiated on-site general conditions, fee structures, markups and Contractor’s Contingency. Final contract price/payout will be based on field measured final completed quantities, approved unit prices and approved Change Directives and Change Orders. Furthermore, the term “actual cost” is defined as the final negotiated unit prices (costs) mutually agreed to by the Town and Contractor. The Town and the Contractor understand and agree that individually priced, “self-performed” items may include the cost associated with the risk of delivering the work. 2. The Town and the Contractor understand and agree that the Town, its authorized representatives, and/or the appropriate federal or state agencies may audit the Contractor’s records to verify the accuracy and appropriateness of all pricing data, including data used to negotiate any GMP, and including, but not limited to, self- performed items, qualifications-only selected Subcontractor items, Change Orders, use of allowance funds and use of Contractor’s Contingency funds. The Town and its authorized representatives shall have access, during normal working hours, to all necessary Contractor and Subcontractor facilities, and shall be provided adequate and appropriate workspace, in order to conduct audits in compliance with the provisions of this Subsection. The Town shall give Contractor or Subcontractor reasonable advance notice of intended audits.
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Calculation Methods Audits 
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