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<br />. <br /> <br />. <br /> <br />. <br /> <br />3. Include a "SUMMARY OF ESTIMATED PROJECT COSTS." A <br /> <br /> <br />format of an example may be supplied by the Colorado <br /> <br /> <br />Water Conservation Board upon request. <br /> <br />4. Discuss the allowance for contingencies that was <br /> <br /> <br />included in this cost estimate. The contingency factor <br /> <br /> <br />is based on a judgment of the unknowns involved. A <br /> <br /> <br />minimum contingency factor of 20 percent is recommended <br /> <br /> <br />for most features. However, if the majority of the cost <br /> <br /> <br />of a particular feature is for furnishing and installing <br /> <br /> <br />machinery or equipment, a contingency factor of 15 <br /> <br /> <br />percent is suitable. Also, for pipelines, where the <br /> <br /> <br />excavation conditions have been firmly established and <br /> <br /> <br />pipeline lengths have been determined with reasonable <br /> <br /> <br />accuracy, a contingency allowance of 15 percent may be <br />acceptable. <br /> <br />5. Discuss the allowance for future cost escalations that <br /> <br /> <br />are expected to occur between the date of the estimate <br /> <br /> <br />and the award of the construction contract. This <br /> <br /> <br />allowance should be specifically identified in the cost <br />summary as "projected price increase." <br /> <br />-5- <br />