Common use of CONSTRUCTION COST DEFINED Clause in Contracts

CONSTRUCTION COST DEFINED. Construction Cost includes those costs typically included in the Construction Contract Price and shall include the total cost or estimated cost to the District for construction of all elements of a Project as designed or specified by the Design Professional. The Construction Cost shall include the cost at then current market rates of labor and materials furnished to the District and equipment designed, specified, selected or specially provided for by the Design Professional, plus a reasonable allowance for the Contractor's overhead and profit. In addition, a reasonable allowance for contingencies shall be included for market conditions at the time of bidding and for changes in the Project during construction. Construction Cost does not include the compensation to the Design Professional under this Agreement, the costs of the land, rights-of-way, financing or other costs, which are the responsibility of the District as, provided in Section 5 ‘District’s Responsibilities’.