Common use of NTE Amount Clause in Contracts

NTE Amount. The NTE Amount shall represent the Design-Builder’s reasonable, good faith estimate of the cost of the Preconstruction Work needed to complete the Design Documents to a level consistent with Section 7(b) of this Design-Build Term Sheet, which shall be based on: (a) Fully Loaded Hourly Rates for each type and level of personnel performing such Preconstruction Work, which shall be agreed to by the parties and incorporated in an exhibit to the DBA (which exhibit shall also include a breakdown of the components of the Fully Loaded Hourly Rates); (b) A list of reimbursable out-of-pocket expenses likely to be incurred in performing such Preconstruction Work (such as for authorized overnight travel, work-related vehicle mileage, document production, and other miscellaneous direct costs), which shall be agreed to by the parties and attached as an exhibit to the DBA; and (c) A list of reimbursable out-of-pocket expenses incurred in establishing and maintaining a Project office at a location determined by the Design-Builder at which the Authority personnel and consultants will be co-located. The NTE Amount shall be agreed to be the parties prior to executing the DBA and shall be in compliance with FHWA’s policies and Federal Acquisition Regulation (“FAR”) cost principles (including FAR-compliant audited indirect cost rates for engineering and design-related services). As part of such negotiation, the Design-Builder shall also provide the Authority with its then-current estimate of the costs of the Construction Work for the Project.

NTE Amount. The NTE Amount shall represent the Design-Builder’s reasonable, good faith estimate of the cost of the Preconstruction Work needed to complete the Design Documents to a level consistent with Section 7(b) of this Design-Build Term Sheet, which shall be based on: (a) Fully Loaded Hourly Rates for each type and level of personnel performing such Preconstruction Work, which shall be agreed to by the parties and incorporated in an exhibit to the DBA (which exhibit shall also include a breakdown of the components of the Fully Loaded Hourly Rates); (b) A list of reimbursable out-of-pocket expenses likely to be incurred in performing such Preconstruction Work (such as for authorized overnight travel, work-related vehicle mileage, document production, and other miscellaneous direct costs), which shall be agreed to by the parties and attached as an exhibit to the DBA; and (c) A list of reimbursable out-of-pocket expenses incurred in establishing and maintaining a Project office at a location determined by the Design-Builder at which the Authority personnel and consultants will be co-located. The NTE Amount shall be agreed to be the parties prior to executing the DBA and shall be in compliance with FHWA’s policies and Federal Acquisition Regulation (“FAR”) cost principles (including FAR-compliant audited indirect cost rates for engineering and design-related services)DBA. As part of such negotiation, the Design-Builder shall also provide the Authority with its then-current estimate of the costs of the Construction Work for the Project. More detailed information regarding the scope and the negotiation process for the NTE Amount will be provided by Addendum during the Procurement Process.