Common use of Over Budget Clause in Contracts

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.