SPECIFIED AMOUNT CHANGES Sample Clauses
The "Specified Amount Changes" clause defines the conditions and procedures under which the agreed-upon monetary amount in a contract may be adjusted. Typically, this clause outlines scenarios such as changes in scope, regulatory requirements, or unforeseen circumstances that could necessitate an increase or decrease in the specified amount. For example, if additional work is required or costs rise due to external factors, the clause would detail how the parties can request and approve such changes. Its core practical function is to provide a clear and agreed-upon mechanism for modifying financial terms, thereby reducing disputes and ensuring both parties understand how adjustments to the contract amount will be handled.
SPECIFIED AMOUNT CHANGES. Subject to approval by the Company, the Owner may change the Specified Amount upon written request. This change will be effective on the first monthly processing date following receipt of the request at the Home Office. The Company reserves the right to charge for more than one Specified Amount change in a policy year. This charge will be deducted from the Policy Value and will not exceed the amount shown on page 4.