Common use of RESPONSIBILITY FOR CONSTRUCTION COST Clause in Contracts

RESPONSIBILITY FOR CONSTRUCTION COST. 5.2.1 Fixed Limit of Construction Cost shall be established in Exhibit B. 5.2.2 Evaluations by the DP of the Fixed Limit of Construction Cost and Statements of Probable Construction Cost, as well as Detailed Estimates of Construction Cost (if any) prepared by the DP or its Consultants, represent the DP's best judgment as a Design Professional familiar with the construction industry. It is recognized, however, that neither the DP nor the Owner has control over the cost of labor, materials or equipment, over the Contractor's methods of determining bid prices, or over competitive bidding, market or negotiating conditions. Accordingly, the DP cannot and does not warrant or represent those bids or negotiated prices will not vary from the Construction Cost proposed, established or approved by the Owner, if any. 5.2.3 When a Fixed Limit of Construction Cost is established in Exhibit B, an estimate of the Construction Cost prepared in detailed form by an experienced estimator shall be furnished (as an Additional Service) by the DP during each Phase and prior to receipt of bids. If this estimate, at any