Project Cost Clause Samples

Project Cost. An updated cost spreadsheet reflecting the current forecasted cost vs. the latest approved budget vs. the baseline budget should be included in this section. One way to track project cost is to show: (1) Baseline Budget, (2) Latest Approved Budget, (3) Current Forecasted Cost Estimate, (4) Expenditures or Commitments to Date, and (5) Variance between Current Forecasted Cost and Latest Approved Budget. Line items should include all significant cost centers, such as prior costs, right-of-way, preliminary engineering, environmental mitigation, general engineering consultant, section design contracts, construction administration, utilities, construction packages, force accounts/task orders, wrap-up insurance, construction contingencies, management contingencies, and other contingencies. The line items can be broken-up in enough detail such that specific areas of cost change can be sufficiently tracked and future improvements made to the overall cost estimating methodology. A Program Total line should be included at the bottom of the spreadsheet. Narratives, tables, and/or graphs should accompany the updated cost spreadsheet, basically detailing the current cost status, reasons for cost deviations, impacts of cost overruns, and efforts to mitigate cost overruns. The following information should be provided:

Project Cost. The reasonable cost of the Project is estimated to be $<insert Project Cost>.

Project Cost. An updated cost spreadsheet reflecting the current forecasted cost vs. the latest approved budget vs. the baseline budget should be included in this section. One way to track project cost is to show: (1) Baseline Budget, (2) Latest Approved Budget, (3) Current Forecasted Cost Estimate, (4) Expenditures or Commitments to Date, and (5) Variance between Current Forecasted Cost and Latest Approved Budget. Line items should include all significant cost centers, such as prior costs, right-of-way, preliminary engineering, environmental mitigation, general engineering consultant, section design contracts, construction administration, utilities, construction packages, force accounts/task orders, wrap-up insurance, construction contingencies, management contingencies, and other contingencies. The line items can be broken-up in enough detail such that specific areas of cost change can be sufficiently tracked and future improvements made to the overall cost estimating methodology. A Program Total line should be included at the bottom of the spreadsheet. Narratives, tables, and/or graphs should accompany the updated cost spreadsheet, basically detailing the current cost status, reasons for cost deviations, impacts of cost overruns, and efforts to mitigate cost overruns. The following information should be provided: 1. Reasons for each line item deviation from the approved budget, impacts resulting from the deviations, and initiatives being analyzed or implemented in order to recover any cost overruns. 2. Transfer of costs to and from contingency line items, and reasons supporting the transfers. 3. Speculative cost changes that potentially may develop in the future, a quantified dollar range for each potential cost change, and the current status of the speculative change. Also, a comparison analysis to the available contingency amounts should be included, showing that reasonable and sufficient amounts of contingency remain to keep the project within the latest approved budget. 4. Detailed cost breakdown of the general engineering consultant (GEC) services (if applicable), including such line items as contract amounts, task orders issued (amounts), balance remaining for tasks, and accrued (billable) costs. 5. Federal obligations and/or disbursements for the project, compared to planned obligations and disbursements.

Project Cost a. The estimated total cost of the Project is $ . This amount is based upon Exhibit "B", Schedule of Financial Assistance. The timeline for deliverables and distribution of estimated amounts between deliverables within a grant phase, as outlined in Exhibit "B", Schedule of Financial Assistance, may be modified by mutual written agreement of the Parties and does not require execution of an

Project Cost. The Total Project cost shall not exceed $800,000.00, with said amount broken down as follows: i. MCWI Grant Funds shall not exceed $382,000.00; ii. The LFRF received by SUBRECIPIENT from the U.S. Treasury or the Mississippi Department of Finance and Administration used as matching funds in this Agreement shall not exceed $191,000.00; iii. The LFRF transferred to the SUBRECIPIENT by the County shall not exceed $191,000.00; iv. Any other funds the SUBRECIPIENT obligated to the project that are not eligible for MCWI match shall not exceed $36,000.00.

Project Cost. Total Estimated Project Cost $

Project Cost a. The estimated cost of the Project is $4,879,384.00 (Four Million Eight Hundred Seventy-Nine Thousand Three Hundred Eighty-Four Dollars and No/100). This amount is based upon the Schedule of Financial Assistance in Exhibit "B", Schedule of Financial Assistance, attached and incorporated in this Agreement. The Schedule of Financial Assistance may be modified by execution of an amendment of the Agreement by the Parties. b. The Department agrees to participate in the Project cost up to the maximum amount of $1,218,600.00 (One Million Two Hundred Eighteen Thousand Six Hundred Dollars and No/100) and, additionally the Department’s participation in the Project shall not exceed N/A% of the total cost of the Project, and as more fully described in Exhibit “B". The Department’s participation may be increased or reduced upon a determination of the actual bid amounts of the Project by the execution of an amendment. The Recipient agrees to bear all expenses in excess of the amount of the Department’s participation and any cost overruns or deficits incurred in connection with completion of the Project. c. The Department’s participation in eligible Project costs is subject to, but not limited to: i. Legislative approval of the Department's appropriation request in the work program year that the Project is scheduled to be committed; ii. Approval of all plans, specifications, contracts or other obligating documents and all other terms of this Agreement; and iii. Department approval of the Project scope and budget at the time appropriation authority becomes available.

Project Cost a. The estimated cost of the Project is $ 249,000. This amount is based upon the Schedule of Financial Assistance in Exhibit "B", attached to and incorporated in this Agreement. Exhibit “B” may be modified by mutual execution of an amendment as provided for in paragraph 5.i. b. The Department agrees to participate in the Project cost up to the maximum amount of $249,000 and as more fully described in Exhibit "B". This amount includes Federal-aid funds which are limited to the actual amount of Federal-aid participation. The Department’s participation may be increased or reduced upon determination of the actual bid amounts of the Project by the mutual execution of an amendment. The Recipient agrees to bear all expenses in excess of the total cost of the Project and any deficits incurred in connection with the completion of the Project. c. Project costs eligible for Department participation will be allowed only from the date of this Agreement. It is understood that Department participation in eligible Project costs is subject to: i. Legislative approval of the Department's appropriation request in the work program year that the Project is scheduled to be committed; ii. Availability of funds as stated in paragraphs 5.l. and 5.m. of this Agreement; iii. Approval of all plans, specifications, contracts or other obligating documents and all other terms of this Agreement; and iv. Department approval of the Project scope and budget at the time appropriation authority becomes available.

Project Cost. In accordance with Article 3 of this Agreement, Contractor’s total compensation under this Agreement is detailed below, inclusive of all costs required to complete all work specified in Appendix A. In no event shall the total costs under this Agreement exceed the amount provided in Article 3, Section 3.3, of this Agreement. Deliverable or Description Target Completion Dates Cost Total Cost