Budget Sum definition

Budget Sum means the value of the Works as agreed in writing between the Client and the Consulting Engineer prior to the ratification of this Agreement or as amended in writing at a later stage, but not later than the receipt of the Detailed Design Cost Estimate, by mutual Agreement between the Client and the Consulting Engineer.
View Source

Examples of Budget Sum in a sentence

  • Where the remuneration of the Consulting Engineer for the Design and Supervision services has been calculated separately on a percentage of the Budget Sum then, if the Accepted Tender Sum is less than the Budget Sum, the fees of the Consulting Engineer shall be reduced proportionately in accordance with Clause 9.1 hereof.

  • The allowance to be included in the Tender Documents for Contingencies for Works of a Building nature shall not exceed five percent of the Budget Sum and that for Civil Engineering Works ten percent of same.

  • Landlord and Tenant agree that in the event that such permanent financing rate is other than 8.10%, the annual Base Rent shall be adjusted downwards for any decrease in such rate and upwards for any increase in such rate by an amount equal to the product of (i) that portion of Landlord's Total Cost, not to exceed the Budget Sum, financed by Landlord and (ii) the difference in the number of basis points between 8.10% and such rate actually obtained.

  • In the event that ▇▇▇▇▇▇▇▇'s Total Cost certified to Tenant is more than the Budget Sum, Tenant shall pay to Landlord within fifteen (15) days after certification, in immediately available United States funds, an amount equal to the Lump Sum Adjustment, up to a maximum of $600,000 for Landlord- or Contractor-initiated changes that have been approved in writing by Tenant.

  • In the event that Landlord's Total Cost certified to Tenant is less than Sixteen Million Three Hundred Eighteen Thousand Eight Hundred Ninety Seven Dollars ($16,318,897) (the "Budget Sum"), Landlord shall pay to Tenant within fifteen (15) days after certification, in immediately available United States funds, an amount equal to the difference between the Budget Sum and the actual amount of Landlord's Total Cost (the "Lump Sum Adjustment"), up to a maximum of $300,000.