Cost Estimating and Reporting Sample Clauses

Cost Estimating and Reporting. 15.5.1. Contractor will, when included in its scope of Work, develop cost estimates for each Phase of the project. These cost estimates will be developed using Buyer templates, and conform to the level of detail by ▇▇▇▇▇. 15.5.2. Phase 1 cost estimates, that is, the estimate prepared at the beginning of Phase 1, must capture the entire known engineering and construction scope, with identified contingency for unknowns. Phase 1 estimates will be developed using conservative assumptions for quantities and productivity, but with best information for unit rates. 15.5.3. Phase 2 cost estimates, that is, the estimate prepared at the end of Phase 1 to be used to obtain authorization for Phase 2, will be a definitive estimate for the detailed design (engineering) and project planning scope, and a budgetary estimate for the construction and materials scope. The level of uncertainty of the budgetary construction and materials estimate will be identified by major scope item. Contingency (risk) items must be identified with estimated costs for each, and an indication of the time when the risk will be cleared. 15.5.4. Phase 3 estimates, that is, the estimate prepared at the end of Phase 2 to be used to obtain authorization for Phase 3, will be a definitive estimate for the entire scope of Work. This estimate will be developed using the detailed engineering and labor. Quantities will be based on the detailed engineering drawings produced in Phase 2, and must use known unit rates for material, equipment. Productivity rates will be based on the most recent, comparable data. Appropriate cost escalations will be included in the unit rates. All risks will be included “below the line” as contingency line items, with costs and clear dates estimated for each. Buyer will use the base cost estimate plus contingencies for budgeting. Contractor authorizations will be for the base estimate amounts. Buyer will write scope changes if the identified contingencies occur. 15.5.5. At the start of the project (each Phase), Contractor will prepare a forecast of estimated cost by month, or forecast, for the entire project. During project executions, Contractor will, each month, prepare and submit an updated forecast that includes actual costs from past months and updated estimated costs for each future month through the end of the project. These forecasts will include sufficient line items to communicate the work of each major scope element or subcontractor, or resource type. Contractor will ...
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Cost Estimating and Reporting. 1. The Design Build Contractor shall provide cost estimating throughout Pre- Construction and Construction. The DB will utilize an electronic data-base program to research and store pricing of various construction items. All estimates will built-off and reconciled to the approved Probable Cost of the Work. All Probable Cost of Work estimates shall be open book. 2. The Design Build Contractor will work with the OMT’s cost estimators in reconciling methods and information sources for the pricing of construction elements. As estimates are developed, the DB shall develop a system to manage and organize the various estimates utilizing the Work Breakdown Structure (WBS). 3. The Design Build Contractor shall provide monthly cost estimate reports. The reports shall include the updated Probable Cost of Work, changes, and variances from previous report and/or selected milestone reports, constructability review summary, list of value engineering/lifecycle cost reduction recommendations, and market updates. a. If the (OMT/DB) reconciled cost estimate exceeds the Contract Price. The OMT will arrange a meeting between the Director, DB, to present the cost estimate and to identify areas where the progressed design can be modified to bring the Project within the Agreed Cost of the Work. The presentation shall include an assessment of the impact of potential changes to the progressed design on aesthetics, function, and impact to the maintainability or efficiency of the Project. The intent of the meeting is to obtain acceptance of any design modifications and the Contract Price from the Director. b. The OMT will document decisions reached and any change to the Contract Price resulting from the cost estimate presentation meeting and initiate a Change Order to the Contract. 4. Once construction is authorized, the DB shall provide a monthly budget report/buy- out report with their request for payment summarizing the Work accomplished in the month for which the request is being submitted, the forecast cost to complete, a summary of the pending GMP or CGMP adjustments, Schedule and Work planned for the following month, progress percentage complete of Work deliverables, current status per budget line item, and variances and deviations from the overall total Project Budget.
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Related to Cost Estimating and Reporting

  • Monitoring and Reporting The Programme Operator shall monitor, record and report on progress towards the programme’s outcomes in accordance with the provisions contained in the legal framework. The Programme Operator shall ensure that suitable and sufficient monitoring and reporting arrangements are made with the project promoters in order to enable the Programme Operator and the NFP to meet its obligations to the donors. When reporting on progress achieved in Annual and Final Programme Reports, the Programme Operator shall disaggregate results achieved as appropriate and in accordance with instructions and templates received from the FMO.

  • Accounting and Reporting I. The Agent shall establish separate accounts for the trust assets, the assets obtained as a result of managing and utilizing the trust assets, its own assets, and other trust assets. II. The Agent shall prepare and send monthly an comprehensive statement in writing, via email or text message to the Principal. The comprehensive statement will provide to the Principle in accordance with the law, agreement or on a basis of risk management. The content states the Pinciple’s business dealing with the Agent, including deposits, loans(foreign currency loans、overdue receivables、bad debts and credit card debt excluded), non-discretionary monetary trust, insurance and other business information or activities related to financial products(charitable trusts, individual or corporate trusts, SWIFT, financial, credit card and securities business statements excluded). The Agent may engage a third party to prepare and send comprehensive statements according to the law. The Principal shall check the content upon receiving the comprehensive statement.The Principal understands and agrees that, when constitutions of the transaction and/or trust, completion of changes of conditions and/or other agreements, and/or proportional changes of investment gains and losses, the Agent may send the comprehensive statement and/or text message, email and/or related transaction information to the Principal for his/her understanding using latest contact information retained by the Agent when the Principal applies for any business (including, but not limited to, deposits or credit cards).The Agent will not provide comprehensive statements to the Principle, once private banking department reach the agreement with the Principle to provide exclusive statements. III. When authorized to invest in offshore structured notes, the Agent shall prepare and send a written or electronic transaction confirmation notifications within three business days from the day a subscription, redemption, conversion, or early redemption confirmation notification is received from the issuer or the general agent (excluding distribution of dividends and bonuses) to the Principal. Additionally, the Agent shall prepare and send monthly a written or electronic statement or another document disclosing the most recent reference price to the Principal for his/her reference. IV. If the Principal’s comprehensive statement, transaction notice and transaction confirmation are rejected or returned after being mailed/sent to the address/number specified in the Agreement or the last known address/number of the Principal shall be handled according to the following principles: (I) If the Principal does not make any new transactions before the closing date of the current comprehensive statement, the Agent may send a return notification in a way agreed upon between the Agent and the Principal from the date the mail/text message is rejected or returned to the date the Principal changes the mailing address, e-mail address、phone number in accordance with the Agent's regulations.If the method of sending the comprehensive statement is paper ,the paper comprehensive statement will be stopped and a text message of return notification will be sent when the comprehensive statement should be sent in the next period; If the method of sending the comprehensive statement is e-mail or text message, the electronic comprehensive statement will continue to be sent and a text message or e-mail of return notification will be sent when the comprehensive statement should be sent in the next period.However, when the Principal requests that the Agent resend the comprehensive statement, the Agent may provide the statement to the Principal using a feasible method at the time, and the Principal must change the mailing address, e-mail address or phone number according to the Agent's regulations. (II) If the Principal’s comprehensive statement, transaction notice and transaction confirmation are rejected or returned, the Principal understands and agrees that the Agent may notify the Principal in accordance with the Article 10 aforementioned and implement transaction monitoring measures to protect the Principal's rights in accordance with the Agent’s regulations.

  • PERFORMANCE MONITORING AND REPORTING Performance indicators

  • Record Keeping and Reporting 7.1 The Supplier must ensure that suitably qualified representatives attend progress meetings with the Buyer and provide progress reports when specified in the Order Form. 7.2 The Supplier must keep and maintain full and accurate records and accounts on everything to do with the Contract for 7 years after the date of expiry or termination of the Contract and in accordance with the UK GDPR or the EU GDPR as the context requires. 7.3 The Supplier must allow any auditor appointed by the Buyer access to its premises to verify all contract accounts and records of everything to do with the Contract and provide copies for the Audit. 7.4 During an Audit, the Supplier must provide information to the auditor and reasonable co-operation at their request. 7.5 The Parties will bear their own costs when an Audit is undertaken unless the Audit identifies a material default by the Supplier, in which case the Supplier will repay the Buyer's reasonable costs in connection with the Audit. 7.6 If the Supplier is not providing any of the Deliverables, or is unable to provide them, it must immediately: (a) tell the Buyer and give reasons; (b) propose corrective action; and (c) provide a deadline for completing the corrective action. 7.7 If the Buyer, acting reasonably, is concerned as to the financial stability of the Supplier such that it may impact on the continued performance of the Contract then the Buyer may: (a) require that the Supplier provide to the Buyer (for its approval) a plan setting out how the Supplier will ensure continued performance of the Contract and the Supplier will make changes to such plan as reasonably required by the Buyer and once it is agreed then the Supplier shall act in accordance with such plan and report to the Buyer on demand; and (b) if the Supplier fails to provide a plan or fails to agree any changes which are requested by the Buyer or fails to implement or provide updates on progress with the plan, terminate the Contract immediately for material breach (or on such date as the Buyer notifies). 7.8 If there is a material default, the Supplier must notify the Buyer within 3 Working Days of the Supplier becoming aware of the material default. The Buyer may request that the Supplier provide a Rectification Plan within 10 Working Days of the Buyer’s request alongside any additional documentation that the Buyer requires. Once such Rectification Plan is agreed between the Parties (without the Buyer limiting its rights) the Supplier must immediately start work on the actions in the Rectification Plan at its own cost.

  • Funding, Services and Reporting The HSP represents warrants and covenants that (a) the Funding is, and will continue to be, used only to provide the Services in accordance with the terms of this Agreement; (b) the Services are and will continue to be provided: by persons with the expertise, professional qualifications, licensing and skills necessary to complete their respective tasks; and in compliance with Applicable Law and Applicable Policy; and (c) every Report is accurate and in full compliance with the provisions of this Agreement, including any particular requirements applicable to the Report and any material change to a Report will be communicated to the Funder immediately.