Front End Costs definition
Examples of Front End Costs in a sentence
Upon completion of the engineering design and plans, the Municipality shall obtain from the Engineer an estimate of the Front End Costs which shall be provided to the Owner.
The Owner shall thereafter obtain and post with the Municipality a Letter of Credit (or other form of security acceptable to the Municipality) for one hundred percent (100%) of such estimated Front End Costs as security for the payment of the Front End Costs by the Owner.
If requested by the Municipality, upon completion of the tender process contemplated in Article 4 and the acceptance of a bid by the Municipality, the Owner shall provide additional security in the amount equal to the difference between the estimated Front End Costs as defined herein and the accepted bid where such accepted bid exceeds the estimate Front End Costs.
Therefore in consideration of the payment of the Front End Costs in relation to the Works by the Owner, the Municipality shall allocate eighty percent (80%) of the additional Sewage Unit Capacity achieved through the works to the Owner.