CHANGE ORDER CONTINGENCY definition

CHANGE ORDER CONTINGENCY means the line-item contingency amount in the schedule of values for the Construction Contract Sum plus ten percent (10%) for administrative costs and real estate commissions, included solely for the purpose of allocating funding for Change Orders or Construction Change Directives, requested by the Agent, which contingency amount shall not be considered as a source of funding for any other expense of the Developer or the Owner and which amount shall be the difference between Eleven Million and No/100 Dollars ($11,000,000.00) and the actual cost of the following: the Development Fee, the Project Soft Costs, the Closing Costs, the Purchase Price and the Guaranteed Maximum Construction Price, but in no event less than Four Hundred Five Thousand Eight Hundred Seventy-six and No/100 Dollars ($405,876.00) which sum includes ten percent (10%) for administrative costs and real estate commissions.
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Related to CHANGE ORDER CONTINGENCY

  • Change Order Request means a written request or proposal for a Change Order submitted by either Company or Contractor and including:

  • Change Order means a written order to the Contractor signed by the Contracting Officer, issued after execu- tion of the Contract, authorizing a change in the term or scope of the Contract.

  • Change Orders mean changes or modifications to any Construction Contract or any other contract with labor or material suppliers.

  • Project Schedule means a document that, with respect to each Phase of the Project, identifies, coordinates and integrates the anticipated design and construction schedules, the Contracting Authority’s and Owner's responsibilities, government authority reviews and other activities as are necessary for the timely completion of the Work.

  • Purchase Order (PO) means a written offer made by a purchaser to a supplier formally stating the terms and conditions of a proposed transaction.