Eligible Cost Overruns Sample Clauses

Eligible Cost Overruns. If at any time Development Manager determines that the total aggregate Eligible Costs necessary to complete the Project, including Change Orders (except and to the extent that the costs thereof constitute City Additional Costs or CSERELP Additional Costs), are likely to exceed the Eligible Costs Limit (any such excess, an “Eligible Cost Overrun”), Development Manager shall provide notice of the Eligible Cost Overrun to the Steering Committee, including details regarding the nature and extent of the Eligible Cost Overrun. For greater certainty, Development Manager shall not be liable for any Eligible Cost Overrun.
Sample 1
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Eligible Cost Overruns. If at any time the Development Manager determines that the total aggregate Eligible Costs necessary to complete the Project, including Change Orders (except and to the extent that the costs thereof constitute City Additional Costs or CSERELP Additional Costs), are likely to exceed the Overall Budget Limit (any such excess, an “Eligible Cost Overrun”), the Development Manager shall provide notice of the Eligible Cost Overrun to the Project Committee, including details regarding the nature and extent of the Eligible Cost Overrun. In the event of an Eligible Cost Overrun or likely Eligible Cost Overrun, and at the request and direction of the Project Committee, the Development Manager shall make recommendations, if available, in respect of the following:
Sample 1

Related to Eligible Cost Overruns

  • Eligible Costs II.14.1 Eligible costs of the action are costs actually incurred by a beneficiary, which meet the following criteria: – they are incurred during the duration of the action as specified in Article I.2.2 of the agreement, with the exception of costs relating to final reports and certificates on the action’s financial statements and underlying accounts; – they are connected with the subject of the agreement and they are indicated in the estimated overall budget of the action; – they are necessary for the implementation of the action which is the subject of the grant; – they are identifiable and verifiable, in particular being recorded in the accounting records of a beneficiary and determined according to the applicable accounting standards of the country where the beneficiary is established and according to the usual cost-accounting practices of the beneficiary; – they comply with the requirements of applicable tax and social legislation; – they are reasonable, justified, and comply with the requirements of sound financial management, in particular regarding economy and efficiency. The beneficiaries’ accounting and internal auditing procedures must permit direct reconciliation of the costs and revenue declared in respect of the action with the corresponding accounting statements and supporting documents.

  • Project Cost Overruns In the event that the Recipient determines that the moneys granted pursuant to Section II hereof, together with the Local Subdivision Contribution, are insufficient to pay in full the costs of the Project, the Recipient may make a request for supplemental assistance to its District Committee. The Recipient must demonstrate that such funding is necessary for the completion of the Project and the cost overrun was the result of circumstances beyond the Recipient's control, that it could not have been avoided with the exercise of due care, and that such circumstances could not have been anticipated at the time of the Recipient's initial application. Should the District Committee approve such request the action shall be recorded in the District Committee's official meeting minutes and provided to the OPWC Director for the execution of an amendment to this Agreement.

  • Cost Overruns The Borrower shall ensure that all cost-overruns over the estimated construction costs of the Project as certified by a quantity surveyor or the Architect or as ascertained by the Lender as and when they occur shall be funded by the Borrower’s own equity;

  • Ineligible Costs ‘Ineligible costs’ are:

  • Allowable Costs Allowable Costs are restricted to costs that comply with the Texas Uniform Grant Management Standards (UGMS) and applicable state and federal rules and law. The Parties agree that all the requirements of the UGMS apply to this Contract, including the criteria for Allowable Costs. Additional federal requirements apply if this Contract is funded, in whole or in part, with federal funds.

  • Project Cost a. The estimated cost of the Project is $ 97,740.00. This amount is based upon the Schedule of Financial Assistance in Exhibit "B", attached to and incorporated in this Agreement. Exhibit “B” may be modified by mutual execution of an amendment as provided for in paragraph 5.i.

  • Project Costs Simultaneously with the execution of this Agreement, the Company shall disclose to the Department all of the Project Costs which the Company seeks to include for purposes of determining the limitation of the amount of the Credit pursuant to Section 5-30 of the Act and provide to the Department a Schedule of Project Costs in the form as attached hereto as Exhibit C.

  • Subprojects 1. The Borrower shall make Grants to Beneficiaries (Small Farmers, Municipalities and Organizations) for Subprojects (Farmers’ Business Initiatives, Infrastructure Subprojects and Environmental Subprojects) in accordance with eligibility criteria and procedures acceptable to the Bank as further detailed in the Project Operational Manual.

  • Eligible Expenditures 1. Subject to Article 8.7 of the Regulation, eligible expenditures of this Programme are:

  • Reimbursement of Eligible Costs To be eligible for reimbursement, the Engineer's costs must (1) be incurred in accordance with the terms of a valid work authorization; (2) be in accordance with Attachment E, Fee Schedule; and (3) comply with cost principles set forth at 48 CFR Part 31, Federal Acquisition Regulation (FAR 31). Satisfactory progress of work shall be maintained as a condition of payment.

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