Milestone Estimate Sample Clauses
The Milestone Estimate clause defines the projected timeline and cost for completing specific phases or deliverables within a project. It typically outlines estimated dates and budgets for each milestone, providing a framework for tracking progress and managing expectations between parties. By establishing clear benchmarks, this clause helps ensure accountability and enables both parties to monitor whether the project is proceeding as planned, thereby reducing the risk of misunderstandings or delays.
Milestone Estimate. An opinion of the cost provided by the Contractor for completing the work for a Construction Phase. This cost includes all labor, materials, equipment, bond premiums, and actual costs of procurement or construction that the Contractor will use for the duration of such Construction Phase to complete the work. Each Milestone Estimate shall be produced in an open book process throughout the Pre-construction Phase of the Project so that the Department, the Design Consultant, and the Independent Cost Estimator can make accurate assumptions, calculate prices, and determine the amount of risk in the Project.
Milestone Estimate. When a Milestone achievement is reached, the General Contractor and Prime Consultant will prepare a proposed estimate that: (i) is current as of date of Milestone achievement; (ii) contains all elements and costs that are included within the Target Cost; and (iii) is based on the actual incurred Chargeable
Milestone Estimate. When a Milestone is achieved, the Contractor and Architect will prepare a proposed estimate that: (i) is current as of date of Milestone achievement; (ii) contains all elements and costs that are included within either the Base Target Cost or Final Target Cost; and (iii) is based on the actual incurred Chargeable Costs plus the estimated cost to complete the Work. Within 5 Business Days after receipt of the proposed Milestone estimate, the PMT will either accept the proposed Milestone estimate or request verification from an independent cost consultant. If independent verification is requested, the PMT will meet with an independent cost consultant chosen by the Owner who will review the proposed Milestone estimate within 5 Business Days and either accept it, accept it with modification, or prepare an independent cost estimate. The independent cost estimate must follow the same structure as the proposed Milestone estimate and may not include any items
Milestone Estimate. When a Milestone achievement is reached, the General Contractor and Prime Consultant will prepare a proposed estimate that: (i) is current as of date of Milestone achievement; (ii) contains all elements and costs that are included within the Target Cost; and (iii) is based on the actual incurred Chargeable Costs plus the estimated cost to complete the Work. Within the next 5 Business Days after receipt of the proposed Milestone estimate, the PMT will either accept the proposed Milestone estimate or request verification from an independent cost subconsultant. If independent verification is requested, the PMT will meet with an independent cost subconsultant chosen by the Owner who will review the proposed Milestone estimate within the next 5 Business Days and either accept it, accept it with modification, or prepare an independent cost estimate. Any independent cost estimate prepared must follow the same structure as the proposed Milestone estimate and may not include any items not contained within Target Cost, increase any contingencies, or withhold any funds not previously agreed to by the PMT.
Milestone Estimate. When a Milestone achievement is reached, the