Common use of Target Value Design Clause in Contracts

Target Value Design. Design Build Entity shall design the Project utilizing the Target Value Design approach. Design Build Entity shall prepare all cost estimates and budgets required by the Design Work consistent with the TGMP/GMP Preparation Form, with appropriate detailed backup information commensurate with the stage of design. Design Build Entity shall establish target cost values for components of the building in accordance with Uniformat and utilize the principles of Target Value Design throughout the Design Work to ensure estimates do not exceed the target costs or the Target GMP. Utilizing the Target Value Design approach, Design Build Entity shall update the estimated cost of Construction Work in accordance with Uniformat and the TGMP/GMP Preparation Form at reasonable intervals, not to exceed every three (3) weeks. Design Build Entity shall track and report Uniformat values in a manner and format approved by Judicial Council. Design Build Entity acknowledges and agrees that the Target Value Design approach is integral to the development of the cost of the Construction Work, and that Design Build Entity’s failure to comply with this requirement shall constitute a material breach of the Agreement.