Common use of Schematic Budget Estimate Update Clause in Contracts

Schematic Budget Estimate Update. Concurrent with submission of the schematic design, the Design-Builder shall submit a budget update (the “Schematic Design Budget Estimate”). The budget update shall be submitted in the same format as the Preliminary Budget Estimate and shall show variations from Preliminary Budget Estimate. To the extent the budget update shows an overrun from the approved budget, the Design-Builder shall submit Value Engineering suggestions that would return the Project to budget. Only the Department shall have the authority to increase the Project budget, and absent such direction, the Deign-Builder shall proceed on the assumption that the budget remains as originally directed by the Department.

Schematic Budget Estimate Update. Concurrent with submission of the schematic design, the Design-Builder shall submit a budget update (the “Schematic Design Budget Estimate”). The budget update shall be submitted in the same format as the Preliminary Budget Estimate and shall show variations from Preliminary Budget Estimate. To the extent the budget update shows an overrun from the approved budget, the Design-Builder shall submit Value Engineering suggestions that would return the Project to budget. Only the Department shall have the authority to increase the Project budget, and absent such direction, the Deign-Design- Builder shall proceed on the assumption that the budget remains as originally directed by the Department.

Schematic Budget Estimate Update. Concurrent with submission of the schematic design, the Design-Builder shall submit a budget update (the “Schematic Design Budget Estimate”). The budget update shall be submitted in the same format as the Preliminary Budget Estimate and shall show variations from Preliminary Budget Estimate. To the extent the budget update shows an overrun from the approved budget, the Design-Builder shall submit Value Engineering suggestions that would return the Project to budget. Only the Department shall have the authority to increase the Project budget, and absent such direction, the DeignDesign-Builder shall proceed on the assumption that the budget remains as originally directed by the Department.