Construction Contingency definition
Construction Contingency means an amount included in the GMP Amendment to cover any shortfalls in the scope of work as it was known at the time of the GMP Proposal execution.
Construction Contingency shall have the meaning given in the Agreement.
Construction Contingency means separately identifiable contingency funds included in a Pricing Amendment as set forth in Section 7.4 of this Agreement.
Examples of Construction Contingency in a sentence
Such rebuilding, repair, or restoration may be paid from the Construction Contingency; provided, however, that the Owner will make available applicable proceeds from the Builders‟ Risk policy required by the Contract Documents.
The cost of preparation of the Lump Sum Price Proposal may be paid from the Construction Contingency.
However, if the Contractor complies with the notice requirements above, and the Owner fails to make its desired inspections, and the Owner then requires the Contractor to uncover the Work, the Owner shall bear all additional costs of uncovering and recovering the Work unless the Work is found to be non-compliant with the Construction Documents, in which case the Contractor shall bear all such uncovering and recovering costs, which may be paid from the Construction Contingency.
Should work so uncovered prove to be in noncompliance with the Contract Documents or the Construction Documents, the cost of uncovering, correction of the Work, recovering, and any schedule recovery costs shall be borne by the Contractor and may be paid from the Construction Contingency.
Costs attributable to recovery of schedule delays, after execution of the GMP Change Order, may be paid from the Construction Contingency.
More Definitions of Construction Contingency
Construction Contingency means separately identifiable contingency funds included in a GMP as set forth in Section 7.8 of this Agreement.
Construction Contingency means that part of the Contract Price the Contractor may use during the Construction Phase as provided in these General Conditions at Section 7.10, to cover legitimate unforeseen construction expenses, or expenses otherwise agreed by Owner and Contractor, subject to Owner’s approval, after Contract Price 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.
Construction Contingency means that portion of the Construction Cost reserved to cover increased or added costs resulting from circumstances that may not be completely predictable or foreseeable at the time that the Guaranteed Maximum Price (GMP) estimate is established but that can reasonably be assumed to be included within the scope of work for the Project and presumed to have been included in but was omitted from the GMP estimate. Examples of circumstances that may give rise to the use of Construction Contingency include but are not limited to:
(1) Utility coordination by the Contractor or a subcontractor at any tier.
(2) Purchasing, estimating, and scheduling difficulties (e.g., Changes in local material or labor market conditions at time of bidding; or, items that were missed in the final GMP estimate but that are required expressly or by necessary implication by the contract documents for a complete Project; or, buyout overruns that significantly exceed the GMP estimate for the trade line(s) involved).
(3) Detail refinement (i.e., minor items or material selections required to complete a detail that may have not been fully developed in the design documents or that were familiar to the Contractor from their work on previous Princeton University Projects).
(4) The reprocurement of the services of a subcontractor at any tier due to termination for any reason, excluding any reprocurement costs that would be covered by Subcontractor Default Insurance (SDI) if included in this contract and any legal costs which are unallowable. The above list is meant to be illustrative and Princeton University, in its discretion, may determine that there are other circumstances that meet the general definition for use of Construction Contingency; however, the Construction Contingency is not intended to fund additional scope or to fund additional cost of allowances beyond the dollar values included in the GMP (except as described in Article IV(c)(3) of the GMP Contract).
Construction Contingency means funding identified to address unanticipated or unknown costs identified subsequent to the proposal or bidding process to achieve the Work. Construction Contingency is not a bidding contingency.
Construction Contingency means the line item included by the CM in the GMP and the Schedule of Values that is available to cover the net amount of any additional costs resulting from unforeseen conditions and events not evidenced at the time that the CM awards a Subcontract or the parties execute the GMP Amendment, as applicable, to the extent that such
Construction Contingency means the sum established by the Construction Manager for use at the Construction Manager’s discretion to cover costs which are properly reimbursed as a Cost of Work but are not the basis of a Change Order.
Construction Contingency means the line item included by the CM in the GMP and the Schedule of Values that is available to cover the net amount of any additional costs resulting from unforeseen conditions and events not evidenced at the time that the CM awards a Subcontract or the parties execute the GMP Amendment, as applicable, to the extent that such conditions or events do not result in or constitute a change in the Work. Any claim against the construction contingency shall be submitted in accordance with Article VII of the General Conditions. Examples of such unforeseen conditions and events include, but are not limited to, the following: FOR DCAMM USE ONLY
(a) unanticipated cost overruns on the CM’s procurement of Subcontracts or other purchases of materials or labor costs, provided that the same are not caused by the fault, negligence, or breach of contract of the CM or any Subcontractor;
(b) expediting or acceleration costs required to meet the Baseline CPM Schedule, as long as the same are not made necessary by the fault or negligence of the CM or any Subcontractor; and
(c) such other unforeseen events and conditions as may be specified in the Contract Documents as chargeable to the Construction Contingency. After execution of the GMP Amendment, if the contract price of any subcontract as awarded is less than the amount carried for such subcontract in the GMP breakdown, the Construction Contingency referenced in this section shall be increased by the amount of such savings.