Provide Budget Sample Clauses

Provide Budget. Prior to the commencement of the Work under a Component Change Order and in the GMP Change Order, the CMR shall provide or update the Construction Budget to the Board and Design Professional, including therein as a line item the estimated cost for each discrete cost of the Work within the Component Change Order Sum or the Guaranteed Maximum Price, as the case may be. The CMR shall revise and refine the Construction Budget at appropriate intervals as required by the conditions of the Work and present the revisions to the Board. As the projected cost of the Work becomes more determinable; the CMR shall incorporate approved changes as they occur; shall develop cash flow reports and forecasts; shall identify variances between actual and budgeted costs and shall advise the Board and Design Professional promptly whenever projected costs exceed or may exceed the budgeted cost. The Construction Budget, as revised thereafter, is regularly updated and provided by the CMR to the Board and Design Professional for the purpose of permitting the Board to monitor the progress of the Work and to establish the bases on which claims or requests by the CMR, or other matters, may be evaluated. The CMR does not guarantee any line item cost stated in the Construction Budget and shall not be bound by the estimated line item amounts stated in the Construction Budget, but shall be bound by the GMP.

Provide Budget. Prior to the commencement of the Work under a Construction Order and in the GMP Change Order, the CMR shall document the costs associated with the Construction Order or any GMP Change Order in a document which shall be referred to as the “Construction Budget.” This Construction Budget shall be provided to the Board and Design Professional, including therein as a line item, the estimated cost for each discrete cost of the Work within the Construction Order Sum or the Guaranteed Maximum Price, as the case may be. As the projected cost of the Work becomes more determinable; the CMR shall document approved changes as they occur; shall develop cash flow reports and forecasts; shall identify variances between actual and budgeted costs and shall advise the Board and Design Professional promptly whenever projected costs exceed or may exceed the budgeted cost. The Construction Budget, as revised thereafter, is regularly updated and provided by the CMR to the Board and Design Professional for the purpose of permitting the Board to monitor the progress of the Work and to establish the bases on which claims or requests by the CMR, or other matters, may be evaluated. The foregoing provision does not authorize the CMR to unilaterally approve Construction Orders, Change Orders, or any changes to GMP. All Construction Orders, Change Orders, and GMP Change Orders must be approved pursuant to Board Policy FGG, which may be periodically revised by the Owner’s governing body, the elected School Board. Current policy FGG reads as follows: Construction Manager at Risk (CMR) contracts are Cost Plus Fee Contracts issued with a fixed Guaranteed Maximum Price (GMP). This sets a maximum overall price for the project. A Component Change Order (CCO) is used to authorize the commencement of construction or procurement of any component of the project for which the Board has approved Component Construction Documents. A CCO does not necessarily change the overall amount of a contract, but it may. The GMP shall be established by the GMP Change Order(s), which will include all previously approved CCOs, and is determined at the completion of the final construction documents. All change orders, including Component Change Orders, must be reviewed by the project Architect/Engineer, appropriate District and Program Management staff as designated by the Superintendent before being recommended for further approval. The Superintendent is delegated authority to approve and sign Change Orders which w...