Owner’s Contingency has the meaning set forth in the Common Agreement.
Owner’s Contingency means the amount of funds included in the contract that represents the Owner’s best estimate of funds to provide for unforeseen circumstances or conditions that may arise during the construction of the project.
Owner’s Contingency. A fund to cover cost growth during the project used at the discretion of the Owner usually for costs that result from Owner directed changes or unforeseen Site conditions. The amount of the Owner’s contingency shall be set solely by the Owner and shall be in addition to the Project costs included in XXXX’x GMP packages. Use and management of the Owner’s contingency is described in Section 5.3.2.
Examples of Owner’s Contingency in a sentence
Guaranteed Maximum Price Cost of Work $ $7,505,800 Construction Fee $ $600,464 General Conditions $ $585,452 CM@Risk’s Contingency $ $140,186 Total GMP Price $ $8,831,902 Owner’s Contingency $ $100,000 Total Contract Price $ $8,931,902 (Contract Price - Written Amount) Eight Million, nine hundred thirty-one thousand, nine hundred and two dollars for GMP 1, consisting of Package 1 Well Drilling, Package 2 Clearwell, XXXX GCs & Construction Fee, XXXX Contingency and Owner Contingency.
More Definitions of Owner’s Contingency
Owner’s Contingency means a fund to cover cost growth during the Project to be used at the discretion of the City for costs associated with the City’s directed changes, or unforeseen site conditions.
Owner’s Contingency means an amount that is included in the Base Proposal for authorizing additional work in connection with the Project. The use of the allowance requires the written approval of the ODR authorizing that the cost of a Change Directive be charged to the allowance. Unless otherwise provided in the Agreement, the Owner will not pay a mark-up for profit and overhead on any Change paid out of the contingency allowance. Any unused amount from the Owner’s Contingency will be returned to the Owner.
Owner’s Contingency means that separate fund which is available for City’s use at its sole discretion to defray additional expenses relative to the design and construction of the Project, as well as additional expenses expressly chargeable to the City or otherwise deemed the responsibility of the City pursuant to the Contract Documents. The City retains exclusive use and control of the Owner’s Contingency. The Contractor has no right or entitlement whatsoever to the Owner’s Contingency and use of such funds are subject to the Contract Administrator’s or City Manager’s prior written approval and issuance of a Change Order by the City at its sole and absolute discretion. Any unused City Contingency remaining at the completion of the Project shall accrue solely to the City.
Owner’s Contingency as used in this Agreement shall refer to funds controlled exclusively by the Owner and which are not a part of the GMP. Such funds shall not be considered to be used or held for the benefit of the CMR and are not accessible to the CMR without:
Owner’s Contingency means an amount, if any, that is included in the Base Proposal for authorizing additional Work in connection with the Project. The use thereof requires the written approval or directive of the ODR by Change Order or Change Directive. Any unused amount from the Owner’s Contingency will be returned to the Owner.
Owner’s Contingency means a portion of Owner’s authorized funding reserved by Owner, which is exclusively available to Owner.
Owner’s Contingency means a fund to cover cost growth during the Project used at the discretion of the City usually for costs that result from City’s directed changes or Differing Site Conditions, or as the City may otherwise elect. The amount of the Owner’s Contingency will be set solely by the City and will be in addition to the Project costs included in the Design-Builder’s GMP packages. Use and management of the Owner’s Contingency is described in section 5.3.4.