Common use of Reconciled Construction Cost Estimates Clause in Contracts

Reconciled Construction Cost Estimates. Provide to the Board reconciled Construction Cost Estimates, consisting of a composite of the separately derived Design Professional's current Statement of Probable Construction Cost and the CMR's Construction Cost Estimate, each based upon the Program and design documents prepared by the Design Professional. Reconciled Construction Cost Estimates shall be prepared at the conclusion of Schematic Design Phase, at the conclusion of the Design Development Phase, when Construction Documents are approximately 50% complete and prior to the submission of the Guaranteed Maximum Price Proposal. If at any time the Design Professional's current Statement of Probable Construction Cost and the Construction Cost Estimate of the CMR are, in the CMR's judgment, not reconcilable or exceed corresponding components of the Project Budget, the Board, the Design Professional and the CMR shall confer to resolve such differences and, if such differences cannot be resolved, the CMR shall make such recommendations to the Board as CMR may deem necessary or appropriate to resolve such differences. If any estimate submitted to Board exceeds previously approved estimates or the Construction Cost Estimate in the Development Budget, CMR shall make appropriate recommendations as to alternatives to reduce the Construction Cost Estimate or other project costs through value engineering without reducing quality, reduction of cost through re-sequencing the job or reducing the construction time, and/or program reduction, or other cost saving recommendations to the Board and Design Professional.