Updated Cost Estimate Sample Clauses

The "Updated Cost Estimate" clause requires one party, typically the contractor or service provider, to periodically provide revised projections of the total costs expected for a project or service. This clause ensures that as work progresses and circumstances change, the client receives timely updates reflecting any adjustments to the original budget, such as increased material prices or unforeseen expenses. Its core function is to promote transparency and allow both parties to manage financial expectations, reducing the risk of disputes over unexpected cost overruns.
Updated Cost Estimate. For each agreed upon specific task or Deliverable, as set forth in the applicable SOW, HNS shall provide to HTI *** written report specifying HNS’s good faith estimate of the remaining Allowable Costs required to complete performance of the tasks or provision of the Deliverable (“Updated Cost Estimate”) contemplated by such SOW. To the extent that any Updated Cost Estimate increases by either (x) *** or (y) ***) over a previous Cost Estimate, such Updated Cost Estimate shall contain a *** reflecting in *** the basis for such revised estimate.
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Updated Cost Estimate. RSA’s design/build partner ▇▇ ▇▇▇▇ will update its estimates of Construction Only Cost (COC) and Total Project Cost (TOC) for the new Municipal Complex and Animal Shelter Expansion/Renovation and submit it to Staff for review and approval.
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Updated Cost Estimate. Immediately upon the execution of this Addendum the Town shall proceed with obtaining an updated engineer’s cost estimate for construction of the Bridge and Connection Road Improvements. If such estimate exceeds $6,500,000, the Town shall with the assistance of its engineer attempt to make modifications to the design to reduce the construction cost estimate to or below such amount. If the Town fails to obtain an updated estimate for construction of the Bridge and Connection Road Improvements in such amount no later than
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Updated Cost Estimate. On or before the date Lessor submits the --------------------- Final Tenant Improvement Plans to the City for approval (or promptly thereafter), Lessor provide Lessee with an updated Cost Estimate based on the Final Tenant Improvement Plans. Within seven (7) days after receipt of the updated Cost Estimate, Lessee shall notify Lessor in writing of either (i) Lessee's approval of the updated Cost Estimate, or (ii) disapproval thereof and specific instructions to Lessor to modify the plans and/or reduce the scope of the Tenant Improvements in a manner that will reduce the TI Costs to an amount less than or equal to the TI Allowance (or the Amortization Amount). If Lessee disapproves the updated Cost Estimate and instructs Lessor to modify the plans or reduce the scope of the Tenant Improvements, then Lessor shall cause the Final Lessee Improvement Plans to be revised in a manner reasonably requested by Lessee and shall deliver a revised Cost Estimate to Lessee for approval in the same manner as described above. Lessee acknowledges and agrees that if the amount of time incurred to modify the Preliminary or Final Tenant Improvement Plans and/or reduce the scope of the Tenant Improvements as directed by Lessee as stated above, results in a delay in the Substantial Completion of the Improvements, then such delay shall constitute a Lessee Delay.
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Updated Cost Estimate. The Consultant shall prepare and submit an updated cost estimate for each respective contract package. The cost estimate will meet the characteristics of a Class 1 estimate in accordance with AACE International Recommended Practice No. 18R-97 (i.e. about +/-5%).
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Related to Updated Cost Estimate

  • Cost Estimate The cost estimate shall set out the estimated costs for the proposed Change Order in such a way that a fair evaluation can be made. It shall include a breakdown for labor, materials, equipment and markups for overhead and profit, unless TxDOT agrees otherwise. If the work is to be performed by Subcontractors and if the work is sufficiently defined to obtain Subcontractor quotes, DB Contractor shall obtain quotes (with breakdowns showing cost of labor, materials, equipment and markups for overhead and profit) on the Subcontractor’s stationery and shall include such quotes as back-up for DB Contractor’s estimate. No markup shall be allowed in excess of the amounts allowed under Section 10.6. DB Contractor shall identify all conditions with respect to prices or other aspects of the cost estimate, such as pricing contingent on firm orders being made by a certain date or the occurrence or non-occurrence of an event.

  • Estimated Cost Estimated costs by construction phases for Specified Roads listed in A7 are stated by segments in the Schedule of Items. Such estimated costs are subject to adjustment under B3.3, B5.2, B5.21, B5.212, B5.25, and B5.26. Appropriately adjusted costs shall be made a part of a revised Schedule of Items and shown as adjustments to Timber Sale Account. The revised Schedule of Items shall supersede any prior Schedule of Items when it is dated and signed by Contracting Officer and a copy is furnished to Purchaser.

  • Cost Estimates If this Agreement pertains to the design of a public works project, CONSULTANT shall submit estimates of probable construction costs at each phase of design submittal. If the total estimated construction cost at any submittal exceeds the CITY’s stated construction budget by ten percent (10%) or more, CONSULTANT shall make recommendations to CITY for aligning the Project design with the budget, incorporate CITY approved recommendations, and revise the design to meet the Project budget, at no additional cost to CITY.

  • Estimated Costs The proposed GMP Change Order shall include separately identified dollar amounts, stated as fixed sums, for Actual Costs as estimated by the Design-Builder for the complete construction of the Project, which amount shall include the all Trade Contract and Subcontract Sums, costs of materials, and any Component Change Order Sums;

  • 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: