Contractor Hard Cost Contingency definition
Contractor Hard Cost Contingency means those certain funds set aside in the “Hard Cost” category of the Budget and labeled “Contractor Contingency”.
Examples of Contractor Hard Cost Contingency in a sentence
Borrower shall be responsible for paying all cost overruns on the Project as they occur, which may be paid from documented line item cost savings in the Budget or from the Contractor Hard Cost Contingency, the Developer Hard Cost Contingency, or the Developer Soft Cost Contingency, but in each instance, only in accordance with the terms and provisions set forth in the subsection below captioned “Line Item Savings” and “Contingency”.
At any time and without the consent of Lender, the Contractor may reallocate amounts in the Contractor Hard Cost Contingency to any line item in the “Hard Costs” section of the Budget.