Construction Contingencies Sample Clauses
The Construction Contingencies clause establishes a designated reserve fund within a construction project budget to cover unforeseen costs or changes that may arise during the course of the work. This clause typically specifies the amount or percentage of the total budget set aside as a contingency and outlines the types of expenses that can be paid from this fund, such as unexpected site conditions or design modifications. Its core function is to provide financial flexibility and risk management, ensuring that the project can address unexpected issues without requiring renegotiation or additional funding approvals.
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Construction Contingencies. Each IGMP and GMP for the Work or any Work Package shall include a Construction Contingency in the amount as expressly authorized in this Agreement. Such Construction Contingency shall be shown in the respective Schedule of Values and clearly identified as the "Construction Contingency". The Construction Contingency shall not be allocated to any particular item of the Cost of the Work and is established for increases in Cost of the Work incurred by the CM for unforeseen causes or details not capable of reasonable anticipation at the time of the execution of this Agreement or the respective Work Authorization Amendment and is not intended for changes in the scope of the Work or for reimbursement of expenses and costs not otherwise recoverable as Cost of the Work under Article 7 of this Agreement. It is understood that the amount of any such Construction Contingency, except as otherwise provided in this Agreement, is the maximum sum available to the CM to cover cost incurred as a result of such unforeseeable causes or details and that cost overruns in excess of the amount of the Construction Contingency will be borne by the CM. The CM will not be allowed to use any part of the Construction Contingency without prior written approval from the Owner, such approval not to be unreasonably withheld.
Construction Contingencies. The DISTRICT shall review and approve any usage of CONTRACTOR or DISTRICT contingencies necessary for construction of the Project and in accordance with the construction contract documents. However, should CITY request additional work beyond that approved by the PARTIES in the PS&E, and the additional work results in contingency usage, CITY shall be responsible for funding one hundred percent (100%) of costs associated with the CITY-initiated contingency usage for work in excess of that approved in the PS&E.
Construction Contingencies exclusions/ineligible costs include soft costs that exceed 20% of the construction budget cap and costs for a new fire protection system.
Construction Contingencies. Each IGMP and GMP for the Work or any Work Package shall include a Construction Contingency in the amount as expressly authorized in this Agreement. Such Construction Contingency shall be shown in the respective Schedule of Values