Schematic Budget Estimate Update Sample Clauses

Schematic Budget Estimate Update. Concurrent with the submission of the schematic design, the Design-Builder shall submit a budget update. The budget update shall be submitted in the same format as the preliminary budget estimate and shall show variations from the preliminary budget estimate. The Design- Builder shall include a cost estimate and the Value Engineering analysis and detailed recommendation for Project savings (even if the Project is not over budget). To the extent the budget update shows an overrun from the approved budget, the Design- Builder shall submit Value Engineering (not scope reductions, but true Value Engineering that allows the design to meet all Project requirements within budget) suggestions that would return the Project to budget. Only the Department shall have the authority to increase the Project Budget, and absent such direction, the Deign-Builder shall proceed on the assumption that the budget remains as originally directed by the Department.