Common use of Independent Estimate Clause in Contracts

Independent Estimate. Construction Manager must prepare an independent estimate of all components of the Project Budget at the end of each Phase. This estimate must be based on all costs that a prudent and experienced designer and contractor would incur, as well as known facts, construction tasks, supplemental judgments, and other economic analyses necessary to support the design decision. The cost estimate submitted for 100% Working Drawings Phase will be used as the basis to determine if the Contractor(s)'s proposed price to construct the Project is fair and reasonable and reflects the understanding of the Project requirements and the terms and conditions of the Construction Phase contract.

Independent Estimate. Construction Manager must shall prepare an independent estimate of all components of the Project Budget at the end of each Phase. This estimate must shall be based on all costs that a prudent and experienced designer and contractor would incur, as well as known facts, construction tasks, supplemental judgments, and other economic analyses necessary to support the design decision. The cost estimate submitted for 100% Working Drawings Phase will be used as the basis to determine if the Contractor(s)Contractor's proposed price to construct the Project is fair and reasonable and reflects the understanding of the Project requirements and the terms and conditions of the Construction Phase contract.