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Construction & Technology
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Q 2. The original contract bid is $1,000,000. An extra $61,000 was previously approved by Ad Board. Current contract price is now $1,061,000. Does another extra $1,000 have to be submitted to Ad Board since the total is below 6% of contract price?
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Answer:
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Ad Board and Commission review criteria is always based on the original contract amount. Six percent of the original $1,000,000 is $60,000; therefore, if your total extras are over $60,000, they must be submitted for review.
Remember: All extras (after you initially exceed the 6 percent or $48,000), no matter how small, must go to the Ad Board for review. You do not get another 6 percent once the first has been approved.
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