Potential Change Order definition
Examples of Potential Change Order in a sentence
Each Potential Change Order must be a complete statement of the proposed (i) change in the Work, (ii) amount of adjustment, if any, to Contract Sum, and (iii) extent of the adjustment, if any, in the Contract Time.
In an emergency affecting safety of persons or property, Contractor will promptly act in a reasonable manner to prevent threatened damage, injury, or loss and timely thereafter submit a Potential Change Order for the costs incurred by Contractor due to the action in accordance with this Article.
A Potential Change Order is a written instrument prepared by Contractor for the approval of Owner.
The Potential Change Order must specify in detail the basis for the request and include itemized estimates of costs and delay, documentation related to the reasons for the request, and documentation supporting any requested adjustments to the Contract Sum or Contract Time.
Whenever Contractor becomes aware of changes, concealed or unforeseen conditions, or other circumstances that will change or may lead to a change in the Work or for any reason warrant adjustments to the Contract Sum or Contract Time, Contractor must promptly notify Owner in writing of the circumstances and submit a Potential Change Order within ten (10) days.
Upon Owner’s approval of a Potential Change Order, a Change Order must be signed to incorporate the change into the Work Contract.
To the extent Owner and Contractor cannot reach agreement with respect to changes in the Work or a pending Potential Change Order or any other request for an adjustment in the Contract Sum or Contract Time, a Claim must be made in accordance with the applicable provisions of Article 11.
Prior to the final payment, a reconciliation will be performed and, if necessary, a Potential Change Order (hereinafter defined) will be prepared for Owner’s review and approval.
If applicable, Developer shall request revisions to the PBS and consequent realignment of funds between payment activities through Potential Change Order (PCO) notices.
If concealed or unknown physical conditions are encountered at the site that differ materially from those indicated in the Work Contract or from those ordinarily found to exist and inherent in the character of the Work, Contractor will promptly notify Owner and, before such conditions are disturbed, submit a request for information and a Potential Change Order as applicable.