Common use of VARIATIONS IN ESTIMATED QUANTITIES Clause in Contracts

VARIATIONS IN ESTIMATED QUANTITIES. 10.3.1 Where the quantity of a pay item in this Agreement is an estimated quantity, and where the actual quantity of such pay item varies more than fifteen percent (15%) above or below the estimated quantity stated in this Agreement, an adjustment in the Construction Sum and Guaranteed Maximum Price shall be made upon demand of either party. The adjustment shall be based upon any increase or decrease in costs due solely to the variation above 115% or below 85% of the estimated quantity. If the quantity variation is such as to cause an increase in the time necessary for completion, the Principal Representative shall, upon receipt of a timely written request for an extension of the Contract Time prior to the date of final settlement of this Agreement, ascertain the facts and make such adjustment for extending the Contract Time as in the judgment of the Principal Representative the findings justify.