Common use of Statements of Probable Construction Cost Clause in Contracts

Statements of Probable Construction Cost. ‌ A. Design Professional shall prepare all Statements of Probable Construction Cost in accordance with guidelines stated herein and Paragraph 5.02 below. All Statements of Probable Construction Cost shall represent the facts existing as of the date of execution of the statement and shall represent the true state of the Design Professional's opinion. At various stages of the design as detailed in Exhibit A, the Design Professional shall submit in writing to the Owner Statements of Probable Construction Cost. The Design Professional shall keep the Owner informed of any adjustments to previous Statements of Probable Construction Cost necessitated by changes in scope, requirements, or market conditions. All Statements of Probable Construction Cost prepared by the Design Professional shall contain such provisions for inflation or deflation as may be reasonably anticipated within the construction industry. The inflation or deflation factor shall be applied based upon the anticipated date of receipt of a contract bid for the Project construction.

Statements of Probable Construction Cost. ‌ A. Design Professional shall prepare all Statements of Probable Construction Cost in accordance with guidelines stated herein and Paragraph 5.02 below. All such Statements of Probable Construction Cost shall represent the facts existing as of the date of execution of the statement and shall represent the true state of the Design Professional's opinion. At various stages of the design as detailed in Exhibit A, the Design Professional shall submit in writing to the Owner Statements of Probable Construction Cost. The Design Professional shall keep the Owner informed of any adjustments to previous Statements of Probable Construction Cost necessitated by changes in scope, requirements, or market conditions. All Statements of Probable Construction Cost prepared by the Design Professional shall contain such provisions for inflation or deflation as may be reasonably anticipated within the construction industry. The inflation or deflation factor shall be applied based upon the anticipated date of receipt of a contract bid bids for the Project constructionProject.