Owner Contingency Sample Clauses

Owner Contingency. The Owner Contingency shall be the sole property of the Owner established by multiplying the Cost of the Work, as first established within this Agreement, including General Conditions, XXXX contractor fee and XXXX contractor Site Office and Staffing costs by four percent (4.0%) or the sum of TBD Dollars ($ TBD .00). The Owner is under no obligation to increase the value of the Owner’s Contingency beyond the dollar value first established due to adjustments to the Contract Sum by Change Orders. With the prior written consent of the Owner, said Owner’s Contingency may be used to compensate the XXXX contractor for additional costs which are the results of:
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Owner Contingency. The Guaranteed Maximum Price includes an Owner contingency in the amount of Three Million Twelve Thousand Eight Hundred Twenty-One United States Dollars (US$3,012,821) (“Owner Contingency”). To allocate a portion of the Owner Contingency to a portion of the Work for any purpose, Owner shall submit a Construction Change Directive to Contractor with respect to such allocation. Contractor and Owner will then follow the procedure described in Article 18 of this Agreement. Each allocation of the Owner Contingency shall be reflected on the respective Application for Progress Payment for the period during which Owner makes such approved allocation. Any portion of the Owner Contingency remaining unallocated at Final Completion shall be allocated as provided for in Section 3.2. Contractor shall have the right to propose to Owner at any time an allocation of the Owner’s Contingency, setting forth in reasonable detail why Contractor considers such an allocation to be appropriate, but Owner may in its sole discretion agree or disagree to such use or allocation of the Owner’s Contingency.
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Owner Contingency. 1. Any Owner’s Contingency is held outside the GMP. Owner’s Contingency may include, but is not limited to items such as:
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Owner Contingency. The Guaranteed Maximum Price includes an Owner contingency in the amount of $7,565,200.00 ("Owner Contingency"). To allocate a portion of the Owner Contingency to a portion of the Work for any purpose, Contractor shall submit a Change Proposal (as defined in Section 18.3.1 of this Agreement) to Owner setting forth in reasonable detail why the allocation is required. Contractor and Owner will then follow the procedure described in Article 18 of this Agreement. Each allocation of the Owner Contingency by Contractor and approved by Owner shall be reflected on the respective Application for Progress Payment for the period during which Contractor makes such approved allocation. Any portion of the Owner Contingency remaining unallocated at Final Completion shall be a credit against and reduce the Guaranteed Maximum Price.
Sample 1
Owner Contingency. The GMP shall include the Owner's Contingency, a sum established to cover the cost of modifications or additions of scope and unforeseen conditions. The Owner's Contingency shall not exceed 10%. The Owner s Contingency may not be used without the Owner's prior written approval. At the end of the Project, any unspent Owner's Contingency will be deducted from the GMP for benefit of the Owner. shall accrue to the City.
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Owner Contingency. PART 1 -
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Owner Contingency. 3.1.7.1 The Original Project Guaranteed Maximum Price includes an Owner contingency in the amount of Three Million Twelve Thousand Eight Hundred Twenty-One United States Dollars (US$3,012,821) (“Original Project Owner Contingency”).
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Owner Contingency. The Contract Sum includes Owner Contingency, which shall be controlled by the Owner and available to defray expenses attributable to unforeseen circumstances relating to the construction and for added scope by the Owner. The Design-Builder will be required to obtain the Owner’s approval and to furnish documentation evidencing expenditures charged to the Owner’s Contingency prior to seeking the release of contingency funds from the Owner. Documentation for use of the Owner’s Contingency shall be determined by the Project Team, included in the Project Manual and reported monthly by the Design- Builder. Any funds which remain in the Owner’s Contingency at the conclusion of the Project shall belong to the Owner.
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Related to Owner Contingency

  • Funding Contingency If Congress makes any change in law that will affect the amount of funds authorized to be paid under this Agreement, the affected provisions in this Agreement will be automatically revised to reflect such change in funding. Under no circumstance may a payment be made under this Agreement that is in excess of the amount authorized by law at the time such amount may be owed.

  • Contingency If Buyer does not reveal a fact of contingency to the lender and this purchase does not record because of such nondisclosure after initial application, the Buyer shall be in default;

  • Financing Contingency The Buyer’s obligations herein are contingent on the Buyer’s obtaining financing to pay the balance on the Purchase Price. The Buyer must present to the Seller a binding commitment for financing the purchase of the Property within days from the Effective date. The terms of the financing must be acceptable to and approved by the Buyer who shall not unreasonably withhold such approval. In the event that the Buyer fails to obtain financing within the time allotted, this Agreement shall automatically terminated and all funds paid by the Buyer shall be returned to the Buyer after deducting all reasonable costs incurred by the Seller in good faith in relation this Agreement.

  • No Financing Contingency Purchaser understands and agrees that this Agreement is not contingent upon Purchaser obtaining financing for Closing. Purchaser shall be solely responsible for making Purchaser’s own financial arrangements to enable Purchaser to pay Seller for the Unit and Purchaser acknowledges that the satisfaction of any condition imposed by a lender is solely at Purchaser’s risk, including, without limitation, the risk of any downward fluctuation in the value of the Unit.

  • Operational Control Directing the operation of the Transmission Facilities Under ISO Operational Control to maintain these facilities in a reliable state, as defined by the Reliability Rules. The ISO shall approve operational decisions concerning these facilities, made by each Transmission Owner before the Transmission Owner implements those decisions. In accordance with ISO Procedures, the ISO shall direct each Transmission Owner to take certain actions to restore the system to the Normal State. Operational Control includes security monitoring, adjustment of generation and transmission resources, coordination and approval of changes in transmission status for maintenance, determination of changes in transmission status for reliability, coordination with other Control Areas, voltage reductions and Load Shedding, except that each Transmission Owner continues to physically operate and maintain its facilities.

  • Budget Contingency Clause A. It is mutually agreed that if the Budget Act of the current year and/or any subsequent years covered under this Agreement does not appropriate sufficient funds for the program, this Agreement shall be of no further force and effect. In this event, the State shall have no liability to pay any funds whatsoever to Contractor or to furnish any other considerations under this Agreement and Contractor shall not be obligated to perform any provisions of this Agreement.

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