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<br />. <br /> <br />recommends a separate consultant for estimating. The MAG design <br />team includes an experienced construction cost estimator, Russ Morris <br />of RTM Estimating (RTM). Given the vast changes in market <br />conditions during the past two years, cost estimating has become a full <br />time and specialized effort that requires bids rather than estimates. In <br />less volatile times, historical unit prices and labor rates, such as those <br />found in Means' Building Construction Cost Data, allowed architects to <br />calculate construction costs to a high level of accuracy (and MAG <br />proiects usually were within 3% of MAG's estimates). This approach <br />does not work in today's market, particularly in South Florida, and <br />especially during the past two years. RTM keeps a file of the latest <br />construction cost data, and where possible, obtains direct cost input <br />from material suppliers and subcontractors for major items contained in <br />the project. RTM's input during the production of drawings acts as a <br />quality control measure. If RTM has questions about the project's <br />requirements, RTM advises the design team accordingly, and <br />corrections, additions, or clarifications are made to the drawings and <br />specification well in advance of the bidding period. <br /> <br />c. The firm's compliance with budgets for the last two years. Most of <br />MAG's projects during the past two years did not have tiqht budqets. <br />Most were built with Cost Plus or Construction Management contracts. <br />Schedule compliance was more important that cost control. In all <br />cases, MAG recommends Owners to carry a Contingency Allowance <br />and to avoid under-funded projects because market conditions <br />determine costs, and costs are beyond the control of any architect or <br />engineer. <br /> <br />d. The firm's compliance with schedules for the last two years. Most <br />of MAG's projects during the past two years have had strict schedules, <br />and all of MAG projects with such schedules were completed on time. <br />This is particularly true for retail clients with expensive grand openings <br />campaigns, merchandise delivery, personnel training, and advertising <br />commitments that must be coordinated with the Certificate of <br />Occupancy. With MAG's theater project, the building must be <br />complete on time as stage productions and ticket sales demand a <br />timely project completion. So far, everything is on schedule for a <br />December opening. <br /> <br />. <br /> <br />. <br /> <br />Page 13 of 13 <br />