Reasonable estimates Clause Samples
The "Reasonable estimates" clause establishes that parties may use good faith approximations when precise figures are unavailable or impractical to obtain. In practice, this means that if exact costs, quantities, or timeframes cannot be determined at the outset, the parties can rely on reasonable projections based on available information and industry standards. This clause helps ensure that contractual obligations can proceed without unnecessary delays due to uncertainty, while also providing a fair basis for later adjustments if actual figures differ significantly from the estimates.
Reasonable estimates. If it is not possible to make a precise calculation, or the probable difference between the approximate and the precise restoration of a participant's benefits is insignificant and the administrative cost of determining precise restoration would significantly exceed the probable difference, reasonable estimates may be used in calculating appropriate correction.
Reasonable estimates. If either (i) it is possible to make a precise calculation but the probable difference between the approximate and the precise restoration of a participant's benefits is insignificant and the administrative cost of determining precise restoration would significantly exceed the probable difference or (ii) it is not possible to make a precise calculation (for example, where it is impossible to provide plan data), reasonable estimates may be used in calculating appropriate correction. If it is not feasible to make a reasonable estimate of what the actual investment results would have been, a reasonable interest rate may be used. For this purpose, the interest rate used by the Department of Labor’s Voluntary Fiduciary Correction Program Online Calculator (“VFCP Online Calculator”) is deemed to be a reasonable interest rate. The VFCP Online Calculator can be found on the web at ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇/ebsa/calculator.
Reasonable estimates. The Agency and Developer acknowledge and agree that the first Annual Agency Budget and each Annual Agency Budget thereafter will contain their reasonable estimate of the Agency Costs that will be incurred during the applicable period. The Agency and Developer shall use their respective good faith efforts to cause the Agency Costs not to materially exceed the amounts set forth in each Annual Agency Budget or materially accelerate the period during which such Agency Costs are incurred.
Reasonable estimates. If either, (i) it is possible to make a precise calculation but the probable difference between the approximate and the precise restoration of a participant's benefits is insignificant and the administrative cost of determining precise restoration would significantly exceed the probable difference or
Reasonable estimates. If it is not possible to make a precise calcula- tion, or the probable difference between the approximate and the precise restora- tion of a participant’s benefits is insignifi- cant and the administrative cost of deter- mining precise restoration would significantly exceed the probable differ- ence, reasonable estimates may be used in calculating appropriate correction.
Reasonable estimates. If it is not possible to make a precise calculation, or the probable difference between the ap- proximate and the precise restoration of a participant’s benefits is insignificant and the administrative cost of determining precise restoration would significantly ex- ceed the probable difference, reasonable estimates may be used in calculating ap- propriate correction.