Common use of Cost Model Clause in Contracts

Cost Model. With the assistance of the PITS, the PMT will develop a detailed cost model based on the Target Cost breakdown and the profit of each Risk/Reward Team member. The cost model will track paid Chargeable Costs, incurred but unpaid Chargeable Costs, current estimate of future Chargeable Costs, the percentage of the Work completed, Value Added Incentive items, any ICL distributions, the predicted variance of each line item, and the projected variance from the Target Cost. The cost model will be updated by the General Contractor based on a schedule developed by the PMT and will be reviewed and approved by the PMT.

Cost Model. With the assistance of the PITS, the PMT will develop a detailed cost model based on the Target Cost breakdown and the profit of each Risk/Reward Team memberMember. The cost model will track paid Chargeable Costs, incurred but unpaid Chargeable Costs, current estimate of future Chargeable Costs, the percentage of the Work completed, Value Added Incentive items, any ICL distributions, the predicted variance of each line item, and the projected variance from the Target Cost. The cost model will be updated by the General Contractor based on a schedule developed by the PMT and will be reviewed and approved by the PMT.

Cost Model. With the assistance of the PITSPITs, the PMT will develop a detailed cost model based on the Base Target Cost breakdown and the profit of each Risk/Reward Team memberMember. The cost model will track paid Chargeable Costs, incurred but unpaid Chargeable Costs, current estimate of future Chargeable Costs, the percentage of the Work completed, Value Added Incentive items, any ICL distributions, the predicted variance of each line item, and the projected variance from the Base Target Cost. The cost model will be updated by the General Contractor based on a schedule developed by the PMT and will be reviewed and approved by the PMT.