IGC Clause Samples
The IGC clause, or Independent Government Cost Estimate clause, establishes the requirement for an independent assessment of the expected costs associated with a government contract or project. In practice, this clause mandates that a government agency prepares its own cost estimate before soliciting bids or proposals from contractors, ensuring that the agency has a benchmark for evaluating offers. This process helps prevent overpayment, supports fair competition, and provides a basis for negotiating reasonable prices, ultimately ensuring fiscal responsibility and transparency in government procurement.
IGC. In the event IGC elects not to nominate one or both of the IGC Nominees pursuant to Section 3.1, 3.2(a) (and, as applicable 3.4(a)), IGC may designate one person for each such seat on the Board IGC elects not to fill, which person shall be entitled to attend all meetings of the Board as a nonvoting observer (each such person, an “IGC Observer”). IGC may change either or both IGC Observers at any time immediately upon notice to the Company.
IGC. Lender shall have received (a) a copy, certified to Lender as of the date hereof by the General Partner of IGC, of the Certificate of Limited Partnership, dated as of February 6, 1987, as amended, and filed with the Delaware Secretary of State (the "IGC Certificate of Partnership"), (b) a copy, certified to Lender as true and correct as of the date hereof by the General Partner of IGC, of the Agreement of Limited Partnership, dated as of February 6, 1987, as amended (the "IGC and Partnership Agreement"), (c) a Certificate of Good Standing for IGC issued by the Delaware Secretary of the State, (d) consent of the General Partner of IGC authorizing execution and delivery of this Agreement and the other Financing Documents to which IGC is a party and designating by name the individuals who are authorized to sign this Agreement and such other Financing Documents for and on behalf of IGC and to make the borrowings hereunder.
IGC. IGC is a limited partnership duly organized and in good standing under the laws of the State of Delaware and is qualified to do business in all states where IGC conducts business. IGC has the full power and authority to execute, deliver and perform this Agreement and the other Financing Documents to which IGC is a party. Neither such execution, delivery and performance, nor compliance by IGC with the provisions of this Agreement and of the other Financing Documents to which IGC is a party will conflict with or result in a breach or violation of IGC's Partnership Agreement, or any judgment, order, regulation, ruling or law to which IGC is subject or any contract or agreement to which IGC is a party or to which any of IGC's assets and properties is subject, or constitute a default thereunder. The execution, delivery and performance of this Agreement and all other Financing Documents to which IGC is a party have been duly authorized and approved by all necessary action by IGC and constitute the legal, valid and binding obligations of IGC enforceable in accordance with their terms except as enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors' rights generally.