Common use of Cost Update Clause in Contracts

Cost Update. The monthly update shall reflect, by GMP line item, the original line item amount, approved, pending, and projected Change Order amounts, the cost incurred to date, the projected cost to complete the Work of the line item, and any variance between the actually approved budgeted balance of the line item and the projected cost to complete. A clear distinction must be made between approved Change Orders and those merely requested or anticipated. The report shall explain all variances including “buyouts” or final actual costs including those below their respective GMP line item. In addition, the report must disclose any instances in which the Design-Builder has transferred amounts from one line item to another, or from the Contingency to any other line item. Neither submission of, nor the Department's failure to reject an update reflecting that the projected cost to complete the Project exceeding the GMP will operate to increase the GMP or waive the Department's right to enforce the GMP. If the report reflects budget overruns, it must also include a recovery plan.

Cost Update. The monthly update shall reflect, by GMP line item, the original line item amount, approved, pending, and projected Change Order amounts, the cost incurred to date, the projected cost to complete the Work of the line item, and any variance between the actually approved budgeted balance of the line item and the projected cost to complete. A clear distinction must be made between approved Change Orders and those merely requested or anticipated. The report shall explain all variances including “buyoutsbuy-outs” or final actual costs including those below their respective GMP Guaranteed Maximum Price line item. In addition, the report must disclose any instances in which the Design-Builder Contractor has transferred amounts from one line item to another, or from the Contingency to any other line item. Neither submission of, nor the Department's failure to reject an update reflecting that the projected cost to complete the Project exceeding the GMP will operate to increase the GMP or waive the Department's right to enforce the GMP. If the report reflects budget overruns, it must also include a recovery plan.

Cost Update. The monthly update shall reflect, by GMP line item, the original line item i tem amount, approved, pending, and projected Change Order amounts, the cost incurred to date, the projected cost to complete the Work of the line item, and any variance between the actually approved budgeted balance of the line item and the projected cost to complete. A clear distinction must be made between approved Change Orders and those merely requested or anticipated. The report shall explain all variances including “buyouts” or final actual costs including those below their respective GMP line item. In addition, the report must disclose any instances in which the Design-Builder has transferred amounts from one line item to another, or from the Contingency to any other line item. Neither submission of, nor the Department's failure to reject an update reflecting that the projected cost to complete the Project exceeding the GMP will operate to increase the GMP or waive the Department's right to enforce the GMP. If the report reflects budget overruns, it must also include a recovery plan.

Cost Update. The monthly update shall reflect, by GMP line item, the original line line-item amount, approved, pending, and projected Change Order amounts, the cost incurred to date, the projected cost to complete the Work of the line item, and any variance between the actually approved budgeted balance of the line item and the projected cost to complete. A clear distinction must be made between approved Change Orders and those merely requested or anticipated. The report shall explain all variances including “buyoutsbuy-outs” or final actual costs including those below their respective GMP line item. In addition, the report must disclose any instances in which the Design-Builder has transferred amounts from one line item to another, or from the Contingency to any other line item. Neither submission of, nor the Department's ’s failure to reject an update reflecting that the projected cost to complete the Project exceeding exceeds the GMP will operate to increase the GMP or waive the Department's ’s right to enforce the GMPGuaranteed Maximum Price. If the report reflects budget overruns, it must also include a recovery plan.