Owner’s Contingency has the meaning set forth in the Common Agreement.
Owner’s Contingency means the amount of funds included in the contract that represents the Owner’s best estimate of funds to provide for unforeseen circumstances or conditions that may arise during the construction of the project.
Owner’s Contingency means a fund to cover cost growth during the Project used at the discretion of the Owner usually for costs that result from Owner directed changes or unforeseen site conditions. The amount of the Owner’s contingency will be set solely by the Owner and will be in addition to the Project costs included in the CM@Risk’s GMP packages. Use and management of the Owner’s Contingency is described in Article 5.
Examples of Owner’s Contingency in a sentence
Any portion of the Owner’s Contingency that remains when the Work is completed belongs to the Owner.
The Owner’s Contingency belongs solely to the Owner for the purpose of being allocated towards stipulated additional work (as itemized in an executed Change Order).
Any portion of the Owner’s Contingency that remains when the Work is completed belongs to the Owner.1.14 THE CONTRACTAll of the Contract Documents form the Contract.
The Owner’s Contingency funds cannot be used in financing the award of the construction contract.
The Owner is under no obligation to increase the value of the Owner’s Contingency beyond the dollar value first established due to adjustments to the Contract Sum by Change Orders.
More Definitions of Owner’s Contingency
Owner’s Contingency means an amount that is included in the Base Proposal for authorizing additional work in connection with the Project. The use of the allowance requires the written approval of the ODR authorizing that the cost of a Change Directive be charged to the allowance. Unless otherwise provided in the Agreement, the Owner will not pay a mark-up for profit and overhead on any Change paid out of the contingency allowance. Any unused amount from the Owner’s Contingency will be returned to the Owner.
Owner’s Contingency means that separate fund which is available for City’s use at its sole discretion to defray additional expenses relative to the design and construction of the Project, as well as additional expenses expressly chargeable to the City or otherwise deemed the responsibility of the City pursuant to the Contract Documents. The City retains exclusive use and control of the Owner’s Contingency. The Contractor has no right or entitlement whatsoever to the Owner’s Contingency, and use of such funds are subject to the Contract Administrator’s or City Manager’s prior written approval and issuance of a Change Order by the Cityat its sole and absolute discretion. Any unused City Contingency remaining at the completion of the Project shall accrue solely to the City.
Owner’s Contingency as used in this Agreement shall refer to funds controlled exclusively by the Owner and which are not a part of the GMP. Such funds shall not be considered to be used or held for the benefit of the CMR and are not accessible to the CMR without:
Owner’s Contingency means a fund to cover cost growth during the Project to be used at the discretion of the City for costs associated with the City’s directed changes, or unforeseen site conditions.
Owner’s Contingency means an amount, if any, that is included in the Base Proposal for authorizing additional work in connection with the Project. The use of the allowance requires the written approval or directive of the ODR by Change Order or Change Directive. Any unused amount from the Owner’s Contingency will be returned to the Owner.
Owner’s Contingency. A Budget Line Item identifying funds to be disbursed -------------------- to Borrower, upon approved request, for the purpose of paying additional, non-required expenses related to the Project. In no event, however, shall Owner's Contingency be available for distribution until Lender is satisfied that the Loan is in balance and sufficient to complete the improvements planned. Payment Guarantor(s): Xxxxxxx X. Xxxxxx, American Leisure Holdings, Inc., a -------------------- Nevada corporation, and TDS Development, LLC, a Florida limited liability company.
Owner’s Contingency means a hard cost contingency in the amount of five percent (5%) of the guaranteed maximum price payable to the General Contractor under the Construction Contract. Until the Total Project Costs are finally determined and any Remaining Contingency is applied as set forth in Section 5(b), the Owner’s Contingency may be used only for the payment of the actual, third-party out-of-pocket hard and soft construction costs incurred by Landlord with respect to the construction of the Base Building Improvements. Upon the final determination of the Total Project Costs and the application of any Remaining Contingency as set forth in Section 5(b), Landlord may retain the amount of any remaining Owner’s Contingency.