Over Budget Clause Samples

Over Budget. The cost indicator shall include the total dollar value expended by all participants in the project even though all expenses have not been invoiced. ▪ SCHEDULE: G (green) - Goal Achievement On Time; Y (yellow) - Goal Achievement >1% but < 10% Late; and R (red) - Goal Achievement > 10% Behind Schedule. ▪ PERFORMANCE: G (green) - Goals/Major Objectives Will Be Achieved; Y (yellow) - Goals/Several Major Objectives in Jeopardy; and R (red) - Goals Will Not Be Achieved. • Summary of Tasks 1 through 9 elements per labor categories: ▪ Total budget and remaining budget ▪ Expenditure for the month in focus ▪ Estimated % work complete ▪ Brief list of activities/deliverables completed that month ▪ Brief list of activities anticipated in the next month ▪ Brief list of outstanding issues/comments requiring USDOT attention ▪ Status of each deliverable—including the outline, the draft (or interim) version, and the final version • Risk Management Log • Monthly invoices for work performed and accepted– due each month, beginning with the end of the first month after Contract award. The Contractor shall attend a webinar/teleconference for the project closeout meeting during the last week of the project. The Contractor shall present a summary of work performed under each task, the status of each deliverable, and identify pending or incomplete deliverables, and the total funds expended.

Over Budget. The cost indicator shall include the total dollar value expended by all participants in the project even though all expenses have not been invoiced. ▪ SCHEDULE: G (green) - Goal Achievement On-Time; Y (yellow) - Goal Achievement >1% but < 10% Late; and R (red) - Goal Achievement > 10% Behind Schedule. ▪ PERFORMANCE: G (green) - Goals/Major Objectives Will Be Achieved; Y (yellow) - Goals/Several Major Objectives in Jeopardy; and R (red) - Goals Will Not Be Achieved. • Summary of each active 2nd-level WBS element: ▪ Total budget and remaining budget ▪ Expenditure for the month in focus ▪ Estimated % work complete ▪ Brief list of activities/deliverables completed that month ▪ Brief list of activities anticipated in the next month ▪ Brief list of outstanding issues/comments requiring USDOT attention ▪ Status of each deliverable—including the outline, the draft (or interim) version, and the final version • Risk Management Log • Monthly invoices for work performed – due each month, beginning with the end of the first month after Contract award. The Contractor shall attend a project closeout meeting in the Washington, DC area the last week of the project. The Contractor shall present a summary of work performed under each task, the status of each deliverable, and identify pending or incomplete deliverables, and the total funds expended.

Over Budget. If the apparent lowest responsive and responsible bid on the Project exceeds the District’s stipulated project construction budget by more than five percent (5%) after consideration of any deductive alternate bid items, District may request Architect to amend, at Architect's sole cost and expense, the Final Drawings and Specifications in order to rebid the Project and receive a lowest responsive and responsible bid equal to or less than the stipulated project construction budget. All revisions necessary to bring the lowest responsible and responsive bid within the stipulated project construction budget, including deletions, deferrals or alternates, shall be made in consultation with, and subject to the approval of, the District and shall constitute the limit of Architect’s responsibility under this paragraph.

Over Budget. In the event the total of the lowest responsible construction bids and construction observation costs for the Trunk Sewer Lines collectively exceeds the sum of $11,200,000, then the City and Parcel Owners will meet to determine whether (i) the City should reject the bid(s) and rebid one or both of the Trunk Sewer Lines in hopes that rebidding will cause the collective sum to be equal or less than $11,200,000; (ii) an alternative design can be identified that could meet the public’s interest while reducing costs; or

Over Budget. If the apparent lowest responsive and responsible bid on the Project exceeds the Architect’s Final Estimate by more than ten percent (10%), WestEd may request Architect to amend, at Architect’s sole cost and expense, the Design Development Documents Final Drawings and Specifications other specifications in order to rebid the Project and receive a lowest responsive and responsible bid equal to or less than the Architect’s Updated Project Budget Final Estimate. All revisions necessary to bring the lowest responsible and responsive bid within the Architect’s Updated Project Budget Final Estimate, including any omissions, deferrals or alternates, shall be made in consultation with, and subject to the approval of, WestEd.

Over Budget. Only those Fixed Cost(s) Over Budget which ▇▇▇▇▇ Source receives notice of and approves shall be subject to reimbursement by ▇▇▇▇▇ Source under this Agreement.