Common use of Periodic Review Clause in Contracts

Periodic Review. After approval of the GMP Change Order, the Owner and the CM/GC shall review for approval each transfer to and from the Construction Contingency on a periodic basis as requested by the CM/GC, but not less than quarterly. The Owner shall determine if the transfer is in compliance with the contract, and if so, the Owner shall not unreasonably withhold approval of the transfer. Additionally, the CM/GC shall periodically review its accrued and anticipated Construction Contingency Costs and shall promptly inform Owner of CM/GC's determination of the extent to which the remaining Construction Contingency exceeds CM/GC's reasonably anticipated Construction Contingency Costs expected to be incurred prior to the issuance of a Final Certificate. CM/GC shall in good faith negotiate with Owner for the release of any surplus of Construction Contingency over such anticipated Construction Contingency Costs so as to permit Owner to enhance the Project. Any such release shall be confirmed by Change Order. Release of Construction Contingency shall occur in a timely basis as to allow adequate decision making time for the Owner.

Periodic Review. After approval of the GMP Change Order, the Owner Program Manager and the CM/GC Design-Builder shall review for approval each transfer to and from the Construction Contingency on a periodic basis as requested by the CM/GCDesign-Builder, but not less than quarterly. The Owner shall determine if the transfer is in compliance with the contract, and if so, the Owner shall not unreasonably withhold approval of the transfer. Additionally, the CM/GC Design-Builder shall periodically review its accrued and anticipated Construction Contingency Costs and shall promptly inform Owner of CM/GCDesign-Builder's determination of the extent to which the remaining Construction Contingency exceeds CM/GCDesign-Builder's reasonably anticipated Construction Contingency Costs expected to be incurred prior to the issuance of a Final Certificate. CM/GC Design-Builder shall in good faith negotiate with Owner for the release of any surplus of Construction Contingency over such anticipated Construction Contingency Costs so as to permit Owner to enhance the Project. Any such release shall be confirmed by Change Order. Release of Construction Contingency shall occur in a timely basis as to allow adequate decision making time for the Owner.

Periodic Review. After approval of the GMP Change Order, the Owner and the CM/GC shall review for approval each transfer to and from the Construction Contingency on a periodic basis as requested by the CM/GC, but not less than quarterly. The Owner shall determine if the transfer is in compliance with the contract, and if so, the Owner shall not unreasonably withhold approval of the transfer. Additionally, the CM/GC shall periodically review its accrued and anticipated Construction Contingency Costs and shall promptly inform Owner of CM/GC's determination of the extent to which the remaining Construction Contingency exceeds CM/GC's reasonably anticipated Construction Contingency Costs expected to be incurred prior to the issuance of a Final Certificatethe Certificate of Material Completion. CM/GC shall in good faith negotiate with Owner for the release of any surplus of Construction Contingency over such anticipated Construction Contingency Costs so as to permit Owner to enhance the Project. Any such release shall be confirmed by Change Order. Release of Construction Contingency shall occur in a timely basis as to allow adequate decision making time for the Owner.

Periodic Review. After approval of the GMP Change Order, the Owner Executive Administrator and the CM/GC Design- Builder shall review for approval each transfer to and from the Construction Contingency on a periodic basis as requested by the CM/GCDesign-Builder, but not less than quarterly. The Owner shall determine if the transfer is in compliance with the contract, and if so, the Owner shall not unreasonably withhold approval of the transfer. Additionally, the CM/GC Design-Builder shall periodically review its accrued and anticipated Construction Contingency Costs and shall promptly inform Owner of CM/GCDesign-Builder's determination of the extent to which the remaining Construction Contingency exceeds CM/GCDesign-Builder's reasonably anticipated Construction Contingency Costs expected to be incurred prior to the issuance of a Final Certificate. CM/GC Design-Builder shall in good faith negotiate with Owner for the release of any surplus of Construction Contingency over such anticipated Construction Contingency Costs so as to permit Owner to enhance the Project. Any such release shall be confirmed by Change Order. Release of Construction Contingency shall occur in a timely basis as to allow adequate decision making time for the Owner.

Periodic Review. After approval of the GMP Change Order, the Owner Executive Administrator and the CM/GC Design-Builder shall review for approval each transfer to and from the Construction Contingency on a periodic basis as requested by the CM/GCDesign-Builder, but not less than quarterly. The Owner shall determine if the transfer is in compliance with the contract, and if so, the Owner shall not unreasonably withhold approval of the transfer. Additionally, the CM/GC Design-Builder shall periodically review its accrued and anticipated Construction Contingency Costs and shall promptly inform Owner of CM/GCDesign-Builder's determination of the extent to which the remaining Construction Contingency exceeds CM/GCDesign-Builder's reasonably anticipated Construction Contingency Costs expected to be incurred prior to the issuance of a Final Certificate. CM/GC Design-Builder shall in good faith negotiate with Owner for the release of any surplus of Construction Contingency over such anticipated Construction Contingency Costs so as to permit Owner to enhance the Project. Any such release shall be confirmed by Change Order. Release of Construction Contingency shall occur in a timely basis as to allow adequate decision making time for the Owner.