Contingency Funds Clause Samples
A Contingency Funds clause establishes a reserve of money set aside to cover unexpected costs or unforeseen events during the course of a project or contract. Typically, this clause outlines the amount allocated, the specific circumstances under which the funds may be accessed, and the approval process required for their use. By providing a financial buffer, the clause helps manage risk and ensures that the project can continue smoothly even if unanticipated expenses arise, thereby protecting both parties from potential disputes over additional costs.
Contingency Funds. A Contingency fund is for the sole purpose of unforeseen issues that develop as a result of the proposed scope of work detailed in the lender approved agreements. Therefore, the contingency reserve fund is not to be used for work that is unrelated to the original scope of work approved by the Lender.
Contingency Funds. The GMP shall include a Construction Contingency that is for ▇▇▇▇’▇ exclusive use and may be used by ▇▇▇▇ at its sole discretion.
Contingency Funds. Prior to SCD allowing the District to utilize a portion of the SCD Contingency, the District shall obtain SCD written acknowledgement and approval. SCD shall have a minimum of five (5) days to review the form and determine whether to approve, disapprove or request additional information. If the District authorizes the contractor to utilize a portion of the SCD Contingency without SCD approval, the District shall bear all costs resulting from said action.
Contingency Funds. Any funding secured by the Participant for future, as-needed solution subscriptions and/or professional services. Through the execution of subsequent Amendment(s) to this Participation Agreement, funding augmentations may be incorporated for future purchases and services.
Contingency Funds. Total amount of contingency funding in the amount of three thousand one hundred twenty two dollars ($3, 122), or seven percent (7%) of the contract price, has been allocated to fund additional services as required to complete this Project, as long as the total compensation paid to consultant does not exceed $47,722.There is no obligation of the VILLAGE to remit payment for these funds without submittal of itemized costs with stated reason for the request for these funds.
Contingency Funds. The Operator shall pay all the expenses and investments and carry out the development and production operations in accordance with the programs and Budgets referred to in Clause 11 (Paragraph 11.1), without exceeding the total Budget for each year by ten per cent (10%) , except if so authorized by the Parties in special cases.
Contingency Funds. The Borrower shall not, utilise the Contingency without prior approval of the Facility Agent.
Contingency Funds. A construction contingency reserve (“Construction Contingency”) is a line item on the Sources and Uses of Funding Budget and is intended to provide funds in the event of unforeseen costs or required building code corrections. The Construction Contingency will only be available to Borrower upon compliance with the disbursement procedures set forth in Section 3.3. If at any time prior to completion of Project construction, Lender determines that the unused portion of the Construction Contingency is unreasonably low in relation to the amount of work remaining to complete the Project, Lender may restrict or prohibit the use of the remaining portion of the Construction Contingency or require Borrower to make a cash deposit within a specified time period to bring the Construction Contingency up to a reasonable level, as determined by Lender.
Contingency Funds. Of the Biomet Shares held in the Escrow Account, 295,944 shares (and cash in the amount of $52.36 representing fractional share interests) shall be held in a "Specified Contingency Fund" solely for the purpose of indemnification of the Biomet Persons for any Losses described in subsection (ii) of Article XIII of the Merger Agreement (the "Specified Contingency"), and the remainder of the Escrow Account, consisting of 520,864 Biomet Shares (and cash in the amount of $6.90 representing fractional share interests), shall be held in a "General Contingency Fund." There shall be added to each contingency fund, and held in escrow as herein provided, all dividends paid on Biomet Shares deposited in that fund, all proceeds from the sale of those Biomet Shares and all earnings on those proceeds.
Contingency Funds. The Construction Contingency and Scope Interface Contingency Funds within the Price will be utilized to fund issues consistent with provisions contained in Section 1.3.17.