Common use of Preliminary Cost and Schedule Estimates Clause in Contracts

Preliminary Cost and Schedule Estimates. Upon completion of the Schematic Design Phase for each phase of the PROJECT or appropriate portion thereof, the CM shall, with the assistance of the A/E, prepare and submit a Statement of Probable Construction Cost based on current area volume and other unit costs and a Preliminary Project Schedule, which shall incorporate the Design Schedule, for approval of the COUNTY. The CM and the A/E shall review any difference between the Construction Budget and the Statement of Probable Construction Cost, identity reasons for any difference and recommend means to eliminate the difference, if necessary. The CM, the A/E and the COUNTY shall agree upon the means to eliminate any difference between the Construction Budget and the Statement of Probable Construction Cost, and the CM shall prepare a report describing the agreed upon means.