Base Target Cost definition

Base Target Cost means the initial cost of the Work established during the Validation Phase by the IPD Team, which includes all Chargeable Costs to complete the Work described in the Contract. The Base Target Cost will be used as the threshold with which to determine Added Value Incentive Items.
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Examples of Base Target Cost in a sentence

  • When a Milestone is achieved, the PMT will assess whether: (1) the Project is estimated to achieve Project Final Completion within the Contract Time; and (2) whether the Estimated Final Cost is less than or equal to the Base Target Cost (or if the Final Target Cost has been set, the Final Target Cost).

  • All PMT decisions that change the Base Target Cost, Final Target Cost, Contract Time, or ICL will be documented through a Change Order per Section 11.5. If the PMT is unable to reach agreement, the PMT will refer the issue to the SMT under Section 4.2.

  • Change Orders will be used to document changes to the Project Objective and will include approved adjustment to the Base Target Cost, Final Target Cost, Contract Time, or ICL.

  • If savings are generated during the Design/Preconstruction Phase by reducing the estimated cost of the Base Program below the Base Target Cost, the PMT will recommend including Added Value Incentive Items to the Base Program and the ICL will be adjusted in accordance with Section 8.8. The initial list of Added Value Incentive Items will be included as Exhibit B-3.

  • The total amount paid to the Architect and Contractor may not exceed either the Base Target Cost or Final Target Cost (depending on the Phase).

  • The Owner and Risk/Reward Team Members will jointly and collaboratively develop a Base Target Cost that incorporates all Chargeable Costs, to design and construct the Project based on the Base Program.

  • Any Party may request a Change Order to this Agreement for a permitted change by providing the PMT with a written Change Order Request (“COR”) setting forth the nature of the change, the reason for the change, and the effect, if any, on either the Base Target Cost or Final Target Cost, the Contract Time, if any, or ICL.

  • The PMT will finalize design in accordance with Base Program and within Base Target Cost and obtain a permit for the Construction Work.

  • Subject to PMT approval, the Base Target Cost or Final Target Cost may be adjusted by the estimated increase in Chargeable Costs caused by one of the conditions set forth in Sections 11.1.1 through 11.1.10 above.

  • The Final Target Cost cannot exceed the Base Target Cost and must include any Added Value Incentive Items elected by Owner and incorporated by the PMT during the Design/Preconstruction Phase.