Contractor Contingency definition

Contractor Contingency means a sum within the Contract Price for the exclusive use of the Contractor to cover otherwise reimbursable costs not held in subcontract or previously negotiated cost.

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Contractor Contingency means an amount set aside in the GMP budget for each Phase E under a Construction Contract equal to 2.5% of the Direct and Off-site Costs (excluding any fees paid to Developer) for costs associated with uncertainties and risks inherent in the construction process, to be utilized as-needed by Contractor in the timely execution and completion of the Work.

Contractor Contingency has the meaning set forth in Subsection 4.1.6 (Contractor Contingency).

Examples of Contractor Contingency in a sentence

• In the event the independent auditor determines that savings realized during the prosecution and progress of the Project were not added to the Contractor Contingency portion of the GMP, as provided for in Section 6 of this Construction Services Agreement, District shall be entitled to deduct the amount of such savings from the next requested Tenant Improvement Payment.

• Once the Construction Contingency has been exhausted, the Contractor shall have no further recourse against the District with respect to any category of cost intended to be covered by the Contractor Contingency Fund, including, but not limited to, design omissions or for work defectively performed by the Contractor.

• For Clarification: While the Parties treat Change Orders, Allowance(s), and Contractor Contingency the same for purposes of withholding 5% for Retention, the Parties treat Change Orders differently for purposes of changing the GMP.

• In contrast, Allowance(s) and Contractor Contingency are already part of the GMP.

• The Contractor Contingency is for the exclusive use of Contractor, as approved by District, to pay for miscellaneous work items, which are required to complete the Project.

• Five percent (5%) of each Contractor Contingency use that is approved and paid shall be Retention.

• Once the Construction Contingency has been exhausted, the Contractor shall have no further recourse against the District with respect to any category of cost intended to be covered by the Contractor Contingency Fund, including, but not limited to, design Omissions or for work defectively performed by the Contractor.

• The Parties acknowledge that the District will withhold Retention, as five percent (5%) from any of use of Allowance(s), use of Contractor Contingency, and Change Orders that the District approves for the Project.

• The DB Contractor will provide a monthly accounting to the Authority of all expenses associated with the proposed or approved utilization of the Contractor Contingency.

• If Owner approves a draw against the Contractor Contingency, Contractor shall, in its Payment Applications, show an increase in the relevant line item by the amount drawn and a decrease in the line item for the Contractor Contingency.

More Definitions of Contractor Contingency

Contractor Contingency has the meaning set forth in Section 5.8.1 of the Agreement.

Contractor Contingency is the contingency identified in the Agreement which is to be used by the Contractor to pay for change orders or extra work due to conflicts, ambiguities or omissions in the Contract Documents or in the subcontractor bid packages. DELIVERABLE: means and includes any tangible item provided or to be provided under this Agreement. A Deliverable does not include Services. DESIGN DOCUMENT(s): mean and include written documents specifying the attributes, characteristics, and requirements of the building to be constructed, including its site, as specified in Exhibit G, the Project Program and further developed and elaborated upon by the AOC’s Architect/Engineer throughout the design process described in this Agreement. ENERGY EFFICIENCY MEASURES: are an element of the design that minimizes energy consumption, integrates passive and active design elements, while meeting the operational needs of the facility. FLOOR AREA: is a measurement of the design using methods and definitions set forth in the 1996 edition of the Building Owners and Managers Association publication titled “Standard Method for Measuring Floor Area in Office Buildings,” or such other standards as may be adopted by the AOC. GENERAL CONDITIONS OF THE CONTRACT FOR CONSTRUCTION: is the AOC Document 00700, which is a part of the Contract between the AOC and the Contractor that determines the roles and responsibilities of the various parties during the Construction Phase. GUARANTEED MAXIMUM PRICE (GMAX): is the maximum price that the AOC and the Contractor agree upon as payment for managing and for supplying and installing all the work as shown in the completed Construction Documents. The GMAX is the sum of the direct costs of the Contractor for construction of the Project, General and Supplementary Conditions, Performance and Payment Bonds, Contractor fee for construction, Contractor overhead and profit, and Contractor contingency. Contractor Preconstruction fees, fees for professional architectural and engineering services, inspection, testing services, modular furniture, and AOC contingency are not included in the GMAX. MASTER SCHEDULE: means a schedule document provided by the Contractor as specified in Exhibit A, Article A.3. NIC (NOT AUTHORIZED IN CONTRACT): means that the Services for a particular Phase of the Work have yet to be authorized. Services so identified are within the scope of this Agreement, provided that the AOC authorizes said Phase.