Final Target Cost definition

Final Target Cost means cost established at or near the end of the
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Examples of Final Target Cost in a sentence

  • When a Milestone is achieved, the PMT will assess whether: (1) the Project is estimated to achieve Project Final Completion within the Contract Time; and (2) whether the Estimated Final Cost is less than or equal to the Base Target Cost (or if the Final Target Cost has been set, the Final Target Cost).

  • All PMT decisions that change the Base Target Cost, Final Target Cost, Contract Time, or ICL will be documented through a Change Order per Section 11.5. If the PMT is unable to reach agreement, the PMT will refer the issue to the SMT under Section 4.2.

  • Change Orders will be used to document changes to the Project Objective and will include approved adjustment to the Base Target Cost, Final Target Cost, Contract Time, or ICL.

  • If after reconciliation of Allowances the Final Actual Cost exceeds the Final Target Cost, then the ICL will be reduced, dollar for dollar, by the amount of the difference.

  • The total amount paid to the Architect and Contractor may not exceed either the Base Target Cost or Final Target Cost (depending on the Phase).

  • Any Party may request a Change Order to this Agreement for a permitted change by providing the PMT with a written Change Order Request (“COR”) setting forth the nature of the change, the reason for the change, and the effect, if any, on either the Base Target Cost or Final Target Cost, the Contract Time, if any, or ICL.

  • Once the Final Target Cost is amended into the Agreement, all further ICL Milestone distributions will be measured against the Final Target Cost.

  • Subject to PMT approval, the Base Target Cost or Final Target Cost may be adjusted by the estimated increase in Chargeable Costs caused by one of the conditions set forth in Sections 11.1.1 through 11.1.10 above.

  • The Final Target Cost cannot exceed the Base Target Cost and must include any Added Value Incentive Items elected by Owner and incorporated by the PMT during the Design/Preconstruction Phase.

  • The Project contingency will be carried over into the Final Target Cost, as necessary, for use during the Construction Phase.