Overbudget Clause Samples
The Overbudget clause defines the procedures and responsibilities when project costs exceed the agreed-upon budget. Typically, this clause outlines how additional expenses are identified, who must be notified, and what steps must be taken to address the overage, such as seeking approval for extra funds or adjusting the project scope. Its core function is to allocate financial risk and ensure that both parties are aware of and can respond to budget overruns in a structured manner.
Overbudget. ▇▇▇▇▇▇▇ is responsible for performing to completion the entire Scope of Work even if the total actual expenditures exceed the amount of the grant, and Grantee solely assumes any financial risk the Project may come in over budget.
Overbudget. If the apparent lowest responsive and responsible bid on the Project exceeds the Architect's Final Estimate by more than five percent (5%), 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 Architect's Final Estimate. All revisions necessary to bring the lowest responsible and responsive bid within the Architect's Final Estimate, including any omissions, deferrals or alternates, shall be made in consultation with, and subject to the approval of, the DISTRICT.