Owner’s Option Clause Samples
The "Owner’s Option" clause grants the owner the right to make certain decisions or selections within the scope of a contract, typically regarding materials, methods, or timing. In practice, this might allow the owner to choose between specified products, request changes to the work, or adjust project details as construction progresses. The core function of this clause is to provide flexibility and control to the owner, ensuring the project can adapt to evolving needs or preferences without renegotiating the entire contract.
Owner’s Option. Owner may purchase and maintain at Owner’s expense, liability insurance. Contractor cannot rely upon Owner’s liability policy(ies) for any of Contractor’s insurance obligations required herein.
Owner’s Option. At Owner’s sole option at or after completion of 95% of Construction Documents, Owner may request Design-Builder to propose a Lump Sum Price to replace the GMP for full and final completion of the Project. Owner may, in its sole discretion, accept such Lump Sum Price, reject such Lump Sum Price, or enter into negotiations with Design-Builder to reach a mutually agreeable Lump Sum Price. The cost of preparation of the Lump Sum Price Proposal may be paid from the Construction Contingency. Upon agreement as to the Lump Sum Price, the change shall be effected by a Lump Sum Price Change Order.
Owner’s Option. At Owner’s sole option at or after completion of 95% of Construction Documents, Owner may request CM/GC to propose a Lump Sum Price to replace the GMP for full and final completion of the Project. Owner may, in its sole discretion, accept such Lump Sum Price, reject such Lump Sum Price, or enter into negotiations with CM/GC to reach a mutually agreeable Lump Sum Price. The cost of preparation of the Lump Sum Price Proposal may be paid from the Construction Contingency. Upon agreement as to the Lump Sum Price, the change shall be effected by a Lump Sum Price Change Order.
Owner’s Option. The Owner may, but shall in no event be required to, choose to accept defective or nonconforming Work. In such event, the Contract Price shall be reduced by the greater of (a) the reasonable costs of removing and correcting the defective or nonconforming Work, and (b) the difference between the fair market value of the Project as constructed and the fair market value of the Project had it not been constructed in such a manner as to include defective or nonconforming Work. If the remaining portion of the unpaid Contract Price, if any, is insufficient to compensate the Owner for the acceptance of defective or nonconforming Work, the Contractor shall, upon written demand from the Owner, pay the Owner such remaining compensation for accepting defective or nonconforming Work.
Owner’s Option. 3.1 In return for the grant of the Purchaser’s Option, the Purchaser grants the Owner a put option to require the Purchaser to transfer 70% interest in the Lands into the Purchaser’s name or such other third party’s name prior to the expiry of the Purchaser’s Option period.
Owner’s Option. A. Owner may desire Contractor to perform under this Agreement the engineering, procurement, construction, pre-commissioning, commissioning, testing and startup of the LNG Berth 3, as set forth in Section Table A-2 of Schedule A-2. Contractor estimates that contract price for the performance of the engineering, procurement, construction, pre-commissioning, commissioning, testing and startup of the LNG Berth 3 is Four Hundred Ninety Million U.S. Dollars (U.S.$490,000,000). Within sixty (60) Days after the Contract Date, Contractor shall submit to Owner for its review a proposed contract price and schedule for the performance of the Work for the LNG Berth 3, including documentation reasonably requested by Owner to evaluate such proposed contract price and schedule. If and when the Parties agree upon the price and schedule for the performance of the Work for the LNG Berth 3, the Parties shall enter into a Change Order for the LNG Berth 3, recording in such Change Order the Contract Price Applicable to