Change of Contract Price Change of Contract Times Clause Samples
The 'Change of Contract Price; Change of Contract Times' clause defines the procedures for modifying the contract’s financial terms or schedule. It typically outlines how either party can request adjustments to the contract price or the time allotted for completion, often due to unforeseen circumstances, changes in project scope, or delays beyond the contractor’s control. This clause ensures that both parties have a clear, agreed-upon process for handling changes, thereby reducing disputes and maintaining project alignment when unexpected events occur.
Change of Contract Price Change of Contract Times. SC-12.01.A Add the following language at the end of the last sentence of Paragraph 12.01A: Changes in the Contract Price or Contract Time, which are agreed to by the parties by an appropriate, duly executed Change Order or written amendment to the Agreement shall constitute a full and final change or amendment to the Contract for any and all changes of which the Contractor is, or should have been, aware as of the date of the executed Change Order. Accordingly, execution of a Change Order or written amendment to the Agreement by the Contractor shall constitute a waiver on the part of the Contractor of any further claims for changes in the Contract Price or Contract Time, which occurred or may have occurred up through the date of any executed Change Order or written amendment to the Agreement, whether such changes were expressly set forth in the executed change Order or not.
Change of Contract Price Change of Contract Times. 11.01 Change of Contract Price
A. The Contract Price may only be changed by a Change Order. Any Claim for an adjustment in the Contract Price shall be based on written notice delivered by the party making the Claim to the other party promptly in accordance with paragraph 9.03.A.
B. The value of any Work covered by a Change Order or of any Claim for an adjustment in the Contract Price will be determined as follows:
1. Where the Work involved is covered by unit prices contained in the Contract Documents, by application of such unit prices to the quantities of the items involved (subject to the provisions of paragraph 10.03); or
2. Where the Work involved is not covered by unit prices contained in the Contract Documents, by a mutually agreed lump sum (which may include an allowance for overhead and profit not necessarily in accordance with paragraph 11.01.C.2); or
3. Where the Work involved is not covered by unit prices contained in the Contract Documents and agreement to a lump sum is not reached under paragraph 11.01.B.2, on the basis of the Cost of the Work (determined as provided in paragraph 10.01) plus a Design/Builder’s Fee for overhead and profit (determined as provided in paragraph 11.01.C).
C. Design/Builder’s Fee: The Design/Builder’s fee for overhead and profit on Change Orders shall be determined as follows:
1. A mutually acceptable fixed fee; or
2. If a fixed fee is not agreed upon, then a fee based on the following percentages of the various portions of the Cost of the Work:
a. For costs incurred under paragraphs 10.01.A.1.a and 10.01.A.2, the Design/Builder’s fee shall be 15 percent;
b. For costs incurred under paragraph 10.01.A.3 10.01.A.4, 10.01.A.5 and 10.01.A.6, the Design/Builder’s fee shall be five percent;
c. Where one or more tiers of subcontracts are on the basis of Cost of the Work plus a fee and no fixed fee is agreed upon, the intent of paragraphs 11.01.C.1 and 11.01.C.2.a is that the Subcontractor who actually performs or furnishes Work, at whatever tier, will be paid a fee of 15 percent of the costs incurred by such Subcontractor under paragraphs 10.01.A.1 and 10.01.A.2 and that any higher tier Subcontractor and Design/Builder will each be paid a fee of five percent of the amount paid to the next lower tier Subcontractor;
d. The amount of credit to be allowed by Design/Builder to Owner for any change which results in a net decrease in cost will be the amount of the actual net decrease in cost plus a deduction in Design/Builder’s ...
Change of Contract Price Change of Contract Times