We are a GC and commenced work last week at a project for which we have entered into a cost plus agreement with the owner. Since we don't have a specific dollar amount on our contract, are we to use what we believe will be the total based on our initial schedule of values? At this point, it is just a preliminary budget because we don't yet have the building plans and won't until well after our first 20 days since they are still in the works with the architect. If our dollar amount ends up increasing, would we just file an amended notice? And would we do that at the time we know what the revised amount will be, or do we need to wait until we exceed the initial amount by 30 percent? Thank you.
You just need to make a reasonable estimate. If the amount lienable increases by 30% or more from your initial preliminary notice, you must serve an amended preliminary notice.