Contingency Funds definition

Contingency Funds if applicable, means the moneys of the Political Subdivision not included in the Fixed Limit of Construction Cost and budgeted, appropriated and encumbered for Project contingency purposes in order that the Political Subdivision may use such moneys to pay to the Contractor, any other contractor through a Separate Contract constituting a portion of the Project Work as determined and authorized by the Governing Body, or any Third-Party Lessor. Contingency Funds could be used in the event of construction cost budget overage, if the Principal Representative, upon the authorization of the Governing Body, determines to add to or change the Contractor’s Scope of Work, hire a contractor for special services (example-environmental remediation) or reduce the Political Subdivision’s obligation to any Third-Party Lessor, all pursuant to Article 6(C) and Article 6(J). All contingency item requests that are under $10,000 will be Contractor controlled and will not require approval from the Political Subdivision. All contingency item requests above $10,000 will be Political Subdivision-approved and controlled up to the total contingency amount defined in the contract.

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Contingency Funds means [●];

Contingency Funds. , if applicable, shall mean Principal Representative funds not included in the Fixed Limit of Design and Construction Cost and set aside for the Principal Representative to release to Contractor, any Principal Representation contractor through a Separate Contract (Schedule A, Article 18), or any Third-Party Lessor. Contingency Funds could be used in the event of construction cost budget overage, if the Principal Representative desires to add to, or change the Contractor’s Scope of Work, hire a contractor for special services (example-environmental remediation), or reduce the Principal Representative’s obligation to any Third-Party Lessor, pursuant to §6(C) and §6(J).

Examples of Contingency Funds in a sentence

• If Contingency Funds are used for such purpose, and if the defaulted Trade Contractor provided a performance bond, then CM/GC shall attempt to recover such increase in costs from the Trade Contractor’s surety.

• Contingency Funds can be used to pay any costs of interfacing omissions between the scopes of work of Trade Contracts which a prudent CM/GC could not have reasonably detected.

• If a Trade Contractor defaults under a written Trade Contract, then CM/GC can use Contingency Funds to pay any increase in the Trade Contractor Costs for a replacement Trade Contractor.

• CM/GC shall submit a Contingency Log with each Payment Application that shall document each use of Contingency Funds and shall list the provision of the Contract authorizing same.

• Additionally, as the Work progresses and the Cost of the Work becomes more certain, CM/GC shall negotiate with Owner for the release of any anticipated surplus Contingency Funds so that Owner may use those remaining funds to pay for enhancements to the Project.

• If a Trade Contract is over the amount stated in the GMP Cost Category or CCO Cost Category, then CM/GC can use Contingency Funds to pay the difference in cost.

• Contingency Funds cannot be used to pay for any General Conditions Costs.

• If an invoice includes expenditures of contingency funds, the Cooperator shall complete and submit the Contingency Funds Justification Form exhibit to explain the basis of each line item expenditure.

• Any recovery shall be forwarded to Owner to the extent Contingency Funds were used under this Section.

• CM/GC can use Contingency Funds to pay for any other cost approved in writing and in advance by Owner in Owner’s sole discretion.

More Definitions of Contingency Funds

Contingency Funds means the Welsh Language Education (Contingency) Fund; Jobs and Skills (Contingency) Fund; Accommodation (Contingency) Fund; Education (Contingency) Fund; Health (Contingency) Fund;

Contingency Funds means all payments made by the Company to the Trustee and held by the Trustee, plus earnings on amounts held, and less Allocable Expenses.

Contingency Funds means funds that have been accumulated but not expended;

Contingency Funds means allocated and unallocated contingency funds.

Contingency Funds means the funds set out in Schedule 20;