Bidding Contingency or Construction Contingency definition
Bidding Contingency or Construction Contingency means that part of the Guaranteed Maximum Price (GMP) the CM@Risk may use during the Bidding or Construction Phase, as provided in these General Conditions at Section 7.11.1, to cover any excess of the amount bid by a Subcontractor over the amount for that work in the GMP, legitimate unforeseen construction expenses, or expenses otherwise agreed by Owner and CM@Risk, all subject to Owner’s approval, after GMP has been accepted. Contingency may not be used to cover the cost of any work on the Project after issuance of the Certificate of Final Completion.