Control Estimate(s) definition

Control Estimate(s) means the series of working estimates, including the Final Control Estimate, which Design-Build Firm shall prepare during the Design Phase, in accordance with the Project Schedule and in the same format as shown in the Pricing Schedule (Exhibit 3). The Control Estimates shall not exceed the Initial Guaranteed Maximum Price. Each Control Estimate shall indicate either lump sum amounts or unit costs with quantities for all line items of Work. Amounts included for Construction Contingency or as an Allowance shall be included in the GMP and shown in separate line items but shall not be included in the Cost of Work until expended as a Cost of Work in accordance with the terms of this Agreement. The allocation of the Cost of Work to each line item in the Control Estimates shall be a complete estimate of the cost for such line item that does not, at the time of the submittal of the Control Estimate, presume or depend upon the use of any funds from any other line item. Design-Build Firm s’ submission of any Control Estimate shall constitute Design-Build Firm s’ representation that Design- Build Firm and its DPOR have reviewed it and confirmed to the best of their knowledge that the Control Estimate is a current, accurate and complete estimate of the total cost to deliver the Project that does not exceed the Initial Guaranteed Maximum Price.
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Examples of Control Estimate(s) in a sentence

  • The amounts set forth below for Construction Contingency and Allowances shall be included in the GMP and shown as separate line items in the Pricing Schedule (Exhibit 3), all Control Estimates, and the Final GMP Proposal.

  • Design-Build Firm shall document and report monthly to Owner the value of all subcontracts, purchase orders and other cost commitments affecting the actual Cost of the Work for comparison to the sum of such costs shown in the Pricing Schedule (Exhibit 3), Control Estimates and Final GMP Proposal.

  • The Design-Build Firm shall review with Owner the Final Control Estimate, and compare it with earlier Control Estimates.

  • The Fees set forth below and each of their components are to be included in the GMP and shown as separate line items in the Pricing Schedule (Exhibit 3), and shall be similarly shown as separate line items in all Control Estimates and the Final GMP Proposal.

  • The Design-Build Firm shall schedule and participate in weekly status meetings with Owner s’ Project Manager and Program Manager to review updated Control Estimates, Project Schedules and Design Deliverables.