Assessment Costs Clause Samples
The Assessment Costs clause defines which party is responsible for paying the expenses associated with evaluating or inspecting a property, asset, or project. Typically, this clause specifies whether the buyer, seller, or another party must cover costs such as environmental assessments, structural surveys, or due diligence investigations. By clearly allocating financial responsibility for these preliminary assessments, the clause helps prevent disputes and ensures that all parties understand their obligations before proceeding further in the transaction.
Assessment Costs. Fire suppression assessment costs on operations covered by surety bond or irrevocable letter of credit or other form of bond shall be paid at the rate specified in Subsection 150.01. (7-1-97) 151. -- 159. (RESERVED).
Assessment Costs. If it becomes necessary during the course of construction to issue change orders which increase the cost of the Project because of the Professional’s errors or omissions, and the total of all Error or Omission change orders exceeds 2.5% of the contract award amount, the Professional will be assessed the following on each Error or Omission Change Order:
1. For omission change orders, the Professional will be assessed 10% of the change order amount which will cover all associated costs owed to the Department due to the omission.
2. For error change orders, the Professional will be assessed the cost of removing and replacing the work to remedy the error, plus an Administrative Cost of 10% of the change order amount, plus any other costs resulting from the error, which may include but not be limited to inefficiencies, acceleration and delay costs.
Assessment Costs. Sample Provision 1: “The Responsible Party shall fund all Reasonable Assessment Costs arising from or related to the Spill including, but not limited to, costs incurred for the following activities: a) Trustee coordination; b) Cooperative Studies pursuant to Section III of this MOA; c) public outreach and information dissemination; d) administrative tasks; 3) oversight and monitoring activities; f) restoration planning and oversight; g) legal costs; h) indirect rates and overhead costs; and i) all other costs identified in Section V.B.4.” (Source: ▇▇▇▇▇▇▇▇ MOA)
Assessment Costs