Common use of Overhead and Profit for Construction Phase Clause in Contracts

Overhead and Profit for Construction Phase. For services provided during and related to the construction phase and general expenses of any kind as may be expressly included in Article 9 of Section 00700, the percent (%) Overhead and Profit shall be based upon the total of the Total of Div. 1-16, Construction Phase Fee and General Conditions as specified in Exhibit B and shall be paid proportionally to the ratio of the cost of the work in place, excluding stored materials and less retainage (see Article 11.2 of this Agreement), as it bears on the latest estimate of the total construction cost or to the GMP or to the Owners Construction Budget, whichever is less. The balance of the fee shall be paid when construction of the project is finally completed and occupancy of the project accepted by the Owner. If construction is authorized only for a part of the project, the fee paid shall be proportionate to the amount of work authorized by the Owner. The Construction Manager's exclusive remedy for any adjustments in the Overhead and Profit for Construction Phase is provided in Article 8.1.3.2 of this Agreement.