Additional Project Costs Clause Samples
The "Additional Project Costs" clause defines how expenses beyond the original project budget are identified, approved, and managed. Typically, this clause outlines the process for notifying the other party of unforeseen costs, such as changes in scope, unexpected site conditions, or regulatory requirements, and may require written approval before incurring these extra charges. Its core function is to allocate financial responsibility for unanticipated expenses, ensuring transparency and preventing disputes over who pays for costs that arise after the initial agreement.
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Additional Project Costs. Upon the occurrence of a Material Adverse Change or an Event of Project Termination, Agent shall not, without the prior written consent of Owner and Assignee, incur any Project Costs, or seek reimbursement from Owner pursuant to Section 5, 6 or 7 hereof of any Project Costs incurred after the occurrence of a Material Adverse Change or such Event of Project Termination, as the case may be.
Additional Project Costs. If Holden Hills incurs any additional Project Costs not included in the Progress Payment Notices or Notice of Completion, then Holden Hills may require payment from SPOC for SPOC’s 60% share of such additional Project Costs by delivering written notice to SPOC for payment of such amount with reasonably detailed supporting materials of such additional Project Costs. Within five (5) days after receipt of such written notice of additional Project Costs, SPOC will pay its 60% share of the additional Project Costs to Holden Hills.
Additional Project Costs. The term “Additional Project Costs” shall mean all hard and soft costs when and as first incurred or committed by Landlord and/or the General Contractor (as hereinafter defined) including, without limitation, all design fees and expenses, construction costs, general conditions, insurance, financing costs (actual and imputed), inspection fees, commissions, consultants’ and attorneys’ fees, General Contractor’s fees, architect’s fees, due diligence costs, and other development costs in connection with the Project that are the result of any of the following: (a) changes to the Preliminary Plans or Working Drawings (other than to correct errors); (b) changes in any Applicable Laws (as hereinafter defined); (c) any Change Order; (d) Tenant’s Extra Work; (e) any Excused Delays (as hereinafter defined); (f) Allowance (as hereinafter defined) work that exceeds the applicable Allowance amount attributed to such work; or (g) changes required by governmental authorities due to code interpretations unless Landlord’s code interpretation is not reasonable and consistent with interpretations generally made in the region of the Project. For purposes hereof, Change Orders shall be deemed to include an overhead, profit and building supervision charge of ten percent (10%) of the total cost relating to the applicable Change Order.
Additional Project Costs. 11 (d) Refinancing. . . . . .
Additional Project Costs. The term “Additional Project Costs” shall mean all out-of-pocket, unreimbursed hard and soft costs incurred or committed by Landlord including, without limitation, all design fees and expenses, construction costs, general conditions, insurance, financing costs (actual and imputed), inspection fees, commissions, consultants’ and attorneys’ fees, General Contractor’s fees, architect’s fees, due diligence costs, and other development costs in connection with the Project to the extent that any of the aforementioned costs are the result of any of the following: (a) pursuing or obtaining any entitlements or incentives in connection with the Project, to the extent such are requested by Tenant, or to the extent such will directly benefit Tenant and Tenant has consented to Landlord’s pursuit of such; (b) changes to the Project Scope or Working Drawings pursuant to Section 2.1, 2.2 or Section 4 below, except no Additional Project Cost shall be incurred to the extent such are either (i) necessary to conform to the Preliminary Plans, or (ii) made or requested by Landlord and are not a Required Change Order; (c) changes in any Applicable Laws (as hereinafter defined); (d) any Required Change Order or Change Order requested or necessitated by Tenant; (e) Tenant’s Extra Work; (f) any Excused Delays (as hereinafter defined); or (g) changes required by governmental authorities due to code interpretations, except to the extent such are errors or omissions are the responsibility of General Contractor or Architect. For purposes hereof, Change Orders shall be deemed to include an overhead, profit and building supervision charge of ten percent (10%) of the total cost relating to the applicable Change Order.
Additional Project Costs. The Operator, on behalf of the Company, will use its good faith best efforts to obtain third party financing to cover any Additional Project Costs. If in the opinion of the Operator, such third party financing is unavailable or if additional equity is required, then Circus shall make an Additional Capital Contribution in an amount equal to 20% of such Additional Project Costs (but not to exceed the difference between $140 million and the amounts contributed or to be contributed by Circus pursuant to Section 4.04(a) above), and the balance of such Additional Project Costs will be contributed by Circus and ACG as Additional Capital Contributions to the Company pursuant to Section 5.03, in proportion to their respective Sharing Ratios in the Company. Additional Project Costs (other than Cost Overruns) which would increase the Project Budget to an amount in excess of $700 million and which would require the Members to make Additional Capital Contributions pursuant to Section 5.03, shall require the affirmative vote of both Members pursuant to Section 3.06. Cost Overruns shall only require the approval of the Operator. Any other Additional Project Costs shall require the Approval of the Management Committee.