HIGHER COST Sample Clauses
The HIGHER COST clause establishes how additional expenses incurred beyond the original agreement are managed between the parties. Typically, this clause outlines the circumstances under which a party may claim reimbursement for increased costs, such as changes in law, material price fluctuations, or unforeseen events impacting project expenses. Its core practical function is to allocate financial risk and provide a clear mechanism for addressing cost overruns, thereby reducing disputes and ensuring both parties understand their obligations if costs rise unexpectedly.
HIGHER COST. If at any time after the Date of First Disbursement any law, decree, resolution or general ruling is approved, becomes effective, enacted or repealed, or its interpretation or application is modified by a governmental agency, whether national, provincial or municipal, or if compliance by the Banks of any general requirement or directive, is modified by a governmental agency, whether national, provincial or municipal (whether they have the validity of the law or not) (the “Governmental Fact”), and its effect implies:
HIGHER COST. The lease rental includes a margin for the lessor as also the cost of risk of obsolescence; it is, thus, regarded as a form of financing at a higher cost.
HIGHER COST. Higher-cost accommodations typically represent less than 3% of RAs. Therefore, when a higher-cost request is approved, the ▇-▇ must contact the NRAC to facilitate Agency coordination of funding. Funding for higher-cost accommodations is the responsibility of the Chief of Staff, Deputy Chief of Staff, Associate Administrators, Assistant Administrators, Inspector General, General Counsel, Chief Financial Officer, and Regional Administrators, who are responsible for providing immediate funding for these kinds of requests. EPA will fund the request or grant/implement the RA within ten (10) business days of approving. If the funded item cannot be provided within the ten (10) business days, the ▇-▇ will work interactively with the employee to identify and provide an effective interim/temporary accommodation until the approved RA is provided. The ▇-▇ will also update the employee of the status on a weekly basis until the approved RA is in place. The higher-cost category does not include building modifications, building access issues or other facilities-related RAs.